Blog posts : "Income Tax"

GST on Health Care services

Health Care means the maintenance and improvement of physical and mental health, especially through the provision of medical services.


Health Care services include diagnosis or treatment or care for illness, injury, deformity, abnormality or pregnancy in any recognized system of medicines i…

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Trade Mark Application to protect your brand name

A trademark is a symbol, design, word, or phrase that identifies one’s business goods or services from those of another. A company may come up with a design that is unique, to stand as a symbol of the company, or a product. Trademark protects them from being used by others to promote their own agen…

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Taxation of Freelancers

There is no age limit for freelancing. A plethora of work opportunities, and the favourable tax rules, ensure that freelancing is now more fruitful than before, for those who wish to make a living out of it, or who do it part time.

The term "Freelancing" relates to self employment and consultancy…

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As per Section 149(1)of the Companies Act, 2013, every company shall have a board of directors consisting of individual directors. In case of a public company a minimum of 3 directors are needed and in case of a private company, a minimum of 2 directors are needed to ensure smooth functioning of the…

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Filing Appeal against the assessment order

Filing of Appeal

An appeal is a procedure by which an assessee/tax payer can fight against the assessment order and/or notice of demand given by the Income tax department.

It may so happen that in an assessment, the data given in the Income tax return is not accepted by the Income Tax departme…

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Section 68 & section 69 of Income Tax Act

Unexplained money, Deposits & Investments

Section 68 - Cash credits: Where any sum is found credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion o…

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Residential Status



Section -5 of Income Tax Act, 1961 provides Scope of total Income in case of a person who is a resident, not ordinarily residents and non residents. However, it is important to firstly determine the residential status of the assessee because the scope of total  income var…

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PPF for minors

PPF investment benefits for minor

One of the benefits of the PPF account is its 15-year lock-in period. Therefore, if you open a PPF account for your kid at an early stage in his/her life, then by the time he starts working or becomes adult (i.e., turns 18 years of age), the account would hav…

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Registration and taxation of Alumni Association


An alumni association is an association of graduates or, more broadly, of former students (alumni).


The purpose of an association is to foster a spirit of loyalty and to promote the general welfare of the organization.Alumni associations exist to support the parent organization's…

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Udyog Aadhar

What Is Udyog Aadhar?

The question that attracts every entrepreneurs attention is “what is UdyogAadhar?”. Udyog Aadhar is the government registration of any business entity for a 12 Digit unique number along with a recognition certificate in order to certify small/medium business…

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Comparison between Real Estate (Regulation and Development) Act, 2016 RERA) and West Bengal Housing Industry Regulation Act, 2017 (WB HIRA)


Abstract: Earlier there was no law specifically guiding the Real Estate Industry in India, which resulted to some discrepancies in respect to both the consumer body and the Industry body.

Thereafter, RERA, 2016 was enacted nationwide.

The essential goal of RERA is making a straightforwar…

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INTRODUCTION: The erstwhile VAT/Service Tax regime in India was cumberome due to multiple taxes, innumerable compliance obligations and tax cascading effect. Under the GST regime, it is quite simpler especially for IT sector.

TAX RATES UNDER VAT/EXCISE/SERVICE TAX: Under the erstwhile tax regime…

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Sale of Flat in URBANA - Income Tax matters

Presently, URBANA is the tallest residential complex ever built in Kolkata and in the entire Eastern India. Currently, it has five towers of 45 storeys and two towers of 40 storeys. Eco-friendliness is the key feature of the complex, making it the city’s first green residential area. With its ow…

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Things to remember for rights issue - Shortest note


What is Right Issue

A Right issue is an invitation to existing members to purchase additional shares of the Company.The shares are offered in proportion of their existing shareholding through letter of offer.The Company sets the time limit for the shareho…

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Greetings from Fundscoop Advisors!!

We must be aware that the Government has issued a Notification No 51/2018 CGST dated September 13, 2018, thereby enforcing the provisions under Section 52 of the Central Goods and Services Tax Act, 2017 (CGST Act') related to tax collection at source ('TCS'…

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Claiming TDS for Income under clubbing provisions

Claiming TDS under rule 37BA

Assessment Year 2018-19 has brought up new ITR forms with some major changes which were the pressing need of the hour. One of them is claiming TDS by the assessee other than the deductee himself.

According to rule 37 BA(2), income on which tax has been deducte…

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Deduction under section 80TTA | Applicability for Residents and Non-Resident Indian (NRI)

About: Section 80TTA provides deduction on interest income from savings bank account to individuals and HUF.

Deduction u/s 80TTA: Any individual, being a resident or a Non-Resident Indian (NRI) or a Hindu Undivided Family (HUF) having interest income on deposits in savings bank account in India …

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Not able to download Form 26AS due to its large size

Sometimes, you may not be able to download Form 26AS from the Income Tax portal due to its large size. You will get an error message of “Due to large size of Form 26AS, this request can only be processed on-demand. Please log-in to TRACES and submit download request for Form 26AS which would be made…

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Claiming Foreign Tax credit in Form-67

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…

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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…

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20 blog posts