9330560978, 7604033348,

Blog posts : "Income Tax"

TDS on cash withdrawal of more than Rs. 1 cr



The Finance (No. 2) Act, 2019 has inserted a new  section 194N, with effect from 01 September, 2019, provides that every person, being-

  • a banking company to which the Banking Regulation Act, 1949 applies (including any bank or ban…

Read more

India- Hong Kong Income Tax Agreement

Taxation In Hong Kong for Individuals

  • Hong Kong follows a territorial principle of taxation. Individuals are taxed only on income that has been earned in Hong Kong.
  • There is no Double taxation avoidance agreement between India and Hong Kong for the year 2018.
  • Assessment year : A year o…

Read more

More disclosures in the Income Tax return

More disclosures are required in the Income tax returns which are recently notified in the new ITR Forms. This underlines the Government's stated objective of increasing the tax net and reducing the possibility of tax evasion.

The highlights are as follows:-

  1. More disclosures for shareho…

Read more

Income Tax Forms - Which Form applicable for whom?

Form No.:ITR-1 SAHAJ - For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income upto Rs. 5,000/-.


This Form is not applicable –

Read more

Tax on sitting fees and commission received by directors

Section 194J is for Fees for professional or technical services.

(ba) Any person, not being an individual or a Hindu undivided family, who is responsible for paying to a resident any sum by way of any remuneration or fees or commission by whatever name called, other than those on which tax is…

Read more

Certain LTCG & STCG cannot be set off against basic exemption limit for NRI’s

For NRIs, certain special tax rate short term or long term capital gains from sale of investments or assets are taxed even if the total income is below the basic exemption limit. These include short term capital gains on equity shares and equity mutual funds where tax rate is 15% and long term capit…

Read more

Tax deduction at source is not applicable from payment made to foreign shipping companies

Various representations have been received regarding the scope of sections 172, 194C and 195 of the Income-tax Act, 1961, in connection with tax deduction at source from payments made to the foreign shipping companies or their agents.

The clarification is as follows:-

Section 172 deals wit…

Read more

Applicability of Section 234F in case of AOP or BOI

The provisions of Section 234F (Fees for default in furnishing return of income) of the Income Tax Act,1961 are:-

Where a person required to furnish a return of income under section 139, fails to do so within due date, he shall pay:-

(a)Rs. 5,000/- if the return is furnished…

Read more

Section 234F - Fee (Penalty) for delay in filing Income-tax return

1. What is Section 234F?

With reference to Section 234F of Income Tax Act, if it is mandatory for an individual/entity to file Income Tax Return (ITR forms i.e. ITR-1,2,3,4,5,6,7) as per the provisions of Income Tax Law [section 139(1)] but does not file it within the prescribed time limit, then …

Read more

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…

Read more

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…

Read more

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…

Read more


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…

Read more

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…

Read more

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…

Read more

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…

Read more

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…

Read more

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…

Read more

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…

Read more

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…

Read more

20 blog posts