What is Foreign Tax Credit?
If we have earned income from any other country, some tax must have been paid or deducted by the payer as per the provisions of that country. A resident individual of India is taxed in India for the income earned globally. It also includes the income we have earned…
What is notice u/s 143(1)(a) of Income Tax Act?
In the AY 2017-18, several taxpayers have received this notice. The Income Tax department sends this notice seeking a response to the errors/ incorrect claims which attract adjustment(s) under Section 143(1)(a) of the I-T Act regarding mismatch bet…
CLAIMING EXEMPTION U/S 11- NECESSARY PRE-REQUISITES FOR ACCURATE PROCESSING OF ITR
1. Return of income in prescribed form ITR-7 needs to be filed on or before the due date mentioned u/s 139(1).
Section 139(1) applies to-
a) Every person who has a total income that exceeds the exemption …