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Blog posts : "Income Tax"

Section 80EE: Deduction in respect of interest on loan taken for residential house property

June 28, 2017

Section 80EE: Deduction in respect of interest on loan taken for residential house property


CBDT has introduced section 80EE of Income Tax Act, 1961 w.e.f. 01.04.2017 i.e., deduction under this section is available from A.Y. 2017-18 and also available for subsequent Assessment years. 

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Can a Karta pay rent to his HUF

June 12, 2017

 

Our valuable client asked us:-

Question. I am a salaried employee and want to purchase a flat for my residence. From the taxation point of view, will it be advisable to purchase the same in my name or in my HUF’s name. My further query is whether the HUF can charge any rent from me? If …

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Benefit of Section 54F in case of sale of shares of a Private Limited Company

June 11, 2017

Benefit of Section 54F in case of sale of shares of a Private Limited Company

Section 54F of the Income Tax act deals with exemption from Capital gains tax arising on transfer of certain capital assets and subsequent investment in a residential house.

 If an assessee has sold a capital asset …

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New ITR Forms by CBDT for A.Y. 2017-18 (F.Y. 2016-17)

June 8, 2017

The ongoing months – June to September is the harbinger of income tax filing season. Taxpayer needs to furnish the particulars of their income to IT Authority.

This time CBDT has revamped the ITR Forms. Board has also showed up with comparatively lesser number of ITR Forms. Some key points are …

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Taxation on sale of Co-operative Flat

May 30, 2017
Date of possession of the co-operative flat is not relevant for determining whether it is a Long term capital asset or not.
 
The words "held" and "possessed" were not synonymous. Both the words are having different meanings. According to us, the word used by the Legislature is "held" and, t…

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Section 44ADA for professionals

May 20, 2017

PRESUMPTIVE TAXATION FOR PROFESSIONAL SERVICE PROVIDERS

 

Introduction:

 

With the start-up boom and globalization, lots of working professionals are getting into full time profession or on part-time basis.

 

Then the logical question arises, how the income will be taxed?

 

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Aadhaar Card mandatory for Income Tax filing

April 9, 2017

From 1st of July 2017, Aadhaar number becomes a mandate for tax filings in India. As per the Finance Act 2017, tax payers have to put in their Aadhaar ID or enrolment number for filing income tax returns (ITR). It has also been made mandatory for all new PAN applications with effect from 1st July’17…

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File your Income Tax return within 31st March 2017

March 21, 2017

Queries related to Income Tax Refund

January 29, 2017

Queries related to Income Tax Refund

Any queries related to the Income Tax refunds should be addressed to the Aayakar Sampark Kendra, 0124-2438000 or email at refunds@incometaxindia.gov.in.

As for the returns filed from Centralized processing Centre (CPC), Bangalore, CPC should only be contact…

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Final Opportunity: Deadline for clearing pending ITR is 31st August 2016

May 11, 2016

Final opportunity has been given to the Income tax Assessee's whose returns are pending for processing and issuance of refund is also pending due to non-filing of ITR-V acknowledgment to CPC Bengaluru. The opportunity has been given for 6 Financial Years i.e. FY 2008-09 to FY 2013-14. 

Assessee'…

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How to check Income Tax refund status??

June 9, 2015

We have filed the Income Tax returns for any Assessment year (AY) and have claimed a refund. But neither did we receive the refund nor we have any news on the same.

Don't worry!! just click on the this link and enter your PAN number and relevant Assessment Year.

If there is no results found,…

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INCOME TAX ON STIPEND

February 18, 2015

Many a times, we have been asked by our clients, whether income tax is chargeable on stipend income and whether they should file their income tax returns for the stipend they have earned?

Let’s discuss it in details:-

Taxability of stipend is a matter of debate as Income Tax Act doesn’t spec…

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NRI selling the property in India should take advantage of lower TDS permission

February 18, 2015

NRI selling the property in India should take advantage of lower TDS permission

Our Flat or house in India is considered as a Capital asset and when we sell this capital asset we need to pay capital gains Tax. If the property is sold within 3 years of purchase, then the assessee incurs short term…

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OTP by Income Tax Department

December 29, 2014

Spread of awareness amongst taxpayers

The various modifications and up gradations of Income Tax Website has mandated the tax payers to update their contact details in the Income Tax Website.  This method was implemented to create awareness and consciousness amongst the tax payers. Formerly the in…

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Income Tax Exemption on Car Allowances

December 29, 2014

Income Tax Exemption on Car Allowances

Organization gives car expenses repayment to its workers if these costs are brought about for official obligations. When the car is owned by the employee, then income tax liability obligation claimed by the employee is focused around the reason for use: …

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Do you know why you can expect an income tax scrutiny notice?

November 22, 2014

Do you know why you can expect an income tax scrutiny notice?

 Income Tax Department has officially recognized 12 lakh citizens who have not recorded their returns, more than 20 Crores high esteem transactions are consistently investigated and Notices/letters to more than 1.5 lakh individuals hav…

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Salary Components which Can save your Income Tax

November 22, 2014

As per the Income tax Act, 1961 salary is one of the 5 heads of income. Salary comprises of basic salary, bonus, wages, commission, gratuity, encashment of leave salary, advances and arrears, profits in lieu of salary, allowances and perquisites. Salary income is the compensation that an employee is…

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ITR V mandatory in case of E-fling

July 5, 2013

When we file our Income tax return, we receive an acknowledgment email from the Income Tax Department in our inbox. This acknowledgment comes in ITR-V (ITR Verification). We have to sign this ITR-V and send by normal post or speed post only, courier is not accepted) to ‘Income Tax Department – CPC, …

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18 blog posts