About: After the introduction of section 44AD of the Income Tax Act, section 44ADA was introduced from Financial Year 2016-17 to give relief to small professionals as well. Under this section, an assessee is neither required to main books of accounts U/S 44AA nor the audit of accounts U/S 44AB o…
As per the latest circular on IEC, as enclosed, the importer/exporters need NOT apply for separate IEC code for import/Export in India. As per the latest trade circular by the DGFT, the PAN shall be construed as new IEC code for the purpose of import and export and the DGFT department shall also is…
With the recent amendment under Section 143 (1)(a) of the Income Tax Act, the Department has limited the scope of taxpayers in showing less income than the Form 16 which is issued. The recent escalation of the taxpayers taking credit of House Rent Allowances, Medical Allowances, Leave Travel Allowan…
On the historic midnight of 30th June, when India’s labyrinth of taxes was replaced by GST, all sectors – wholesellers, retailers and consumers, et al, have been more or less affected by this fiscal reform.
Gold industry was not left behind. Even as consumers will face a slightly higher tax r…
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.
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 …
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 …
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 …
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?
…
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…
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…
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'…
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,…
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…
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…
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…
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: …
