9330560978, 7604033348,

Blog posts : "Income Tax"


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…

Read more

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…

Read more

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…

Read more


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'…

Read more

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…

Read more

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 …

Read more

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…

Read more

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…

Read more


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…

Read more



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 …

Read more

TDS on Rent by Individuals

Section 194IB in the Income-Tax Act - 

In the section 194-IB of the Income Tax Act, 1961, it has been said that all the transactions which will be effected from June 1, 2017, a tax will be deducted by the Tenant of the property at the time of making payment of rent to Landlord. This tax shou…

Read more

How to File Income Tax return without Form-16

How to File Income Tax return without Form-16

Paying income tax is the duty of each earning citizen of the country. It’s quite simple. To break it down, a certain percentage of your salary is deducted, and this amount is deposited with the central government. The tricky part is filling your inco…

Read more

File your Income tax returns in Saltlake Sector-V Kolkata

Valuable Tips about Income Tax Consultancy

Income Tax is the tax which the government takes from income on income of the people. Income tax applies to the financial income generated by all institutions located within the jurisdiction of governments. According to the law, every business and in…

Read more

All you need to know about a Nidhi Company

Nidhi Definition:Nidhi company is a non-banking Finance company which is approved by the Central Government by notification in official gazette. As per section 406 of the Companies Act 2013, “Nidhi” means a company which has been incorporated as a Nidhi with the object of cultivating the habit of th…

Read more

Regarding Dormant Status of companies

The Companies Act, 2013 has given an opportunity of dormant status to future oriented company or inactive company to remain in existence without being wound up and / or liquidated.

  • According to Section 455 of the said Act, where a company is formed for a future project or to hold an asset or i…

Read more

PPF A/c’s will be deemed to be closed on the day the investor becomes a non-resident

PPF A/c’s will be deemed to be closed on the day the investor becomes a non-resident

Under the rules of the Government, NRI’s cannot open a new PPF account in India. But they were allowed to keep contributing to their existing PPF accounts as per a 2003 notification. This was for the PPF ac…

Read more

Income Tax filing of Non Profit Organizations

Which NPOs/ Trusts needs to file their Income Tax Returns:-

  • All NPOs having their income during the previous year exceeding the maximum amount which is not chargeable to income tax are required to file their Income tax returns. Currently Rs. 2.5 Lakhs per year is the maximum amount which is no…

Read more

Which is better as a start-up: LLP or Private Limited Company or Partnership?

An entrepreneur planning a start-up usually have a common question : which is better for a start-up? LLP, Private Limited Company or partnership firm? So here’s a comparison chart to make it easier for you to decide the same for yourself.


Limited Liabil…

Read more

Can HUF become a partner in LLP

What is LLP?

A Limited Liability Partnership (LLP) is a contract or agreement made between the partners of a LLP to establish a fair relationship between them and to protect their investment for carrying on any such business. A Limited Liability Partnership (LLP) is like a body corporate, wit…

Read more

ICDS and it's implications

There are 5 heads of income under which the whole income of an assessee have to be reported under the Income Tax Act, 1961. The disclosure and computation of income under various heads of income, and in particular, under the head “Profits and Gains of Business or Profession” was the subject to numer…

Read more

20 blog posts