"20 July 2018" Archive

CBDT Amends Format of Form No. 3CD wef 20th August, 2018

Notification No. 33/2018-Income Tax [G.S.R. 666(E)] (20/07/2018)

CBDT has vide Notification No. 33/2018, Dated: July 20, 2018 Amended Income Tax Audit Form No. 3CD with effect from 20th August, 2018 to incorporate further reporting requirement related to Goods and Service Tax (GST) , Transfer pricing, Statement of Financial Transactions, Section 32AD, Income from other sources as referred to in clause ...

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Clubbing Provisions of Income of Minor

Nowadays, it is observed that a lot of young talented kids are being hired in different fields like acting, singing, choreographing, etc., and they are paid handsome amount for their skill and talent. The question arises is whether the income earned by these children are taxable and if yes, in whose hands, will it be taxable....

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Posted Under: Income Tax | ,

Extend due date of ITR to 30.09.2018 & 30.11.2018 respectively

Central Gujarat Chamber of Tax Consultants has submitted a letter to Hon’ Finance Minister of India on 19th July 2018 requesting Extension of Due Date in respect of filing ITR by to 2 Months i.e. 30.09.2018 and 30.11.2018 respectively. Earlier a letter was also written by  Karnataka State Chartered Accountants Association to Extend Inc...

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Posted Under: Income Tax | ,

Why & for whom Income Tax return Filing before 31st July is mandatory?

Arjuna (Fictional Character): Krishna, 31st July 2014 is near and many taxpayers are hurrying up for filing income tax returns. What are the points to be considered before filing income tax returns?...

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Posted Under: Income Tax | ,

Who is required to file ITR

Based on my conversation with my friends who are salaried I gather the impression that majority of the employees are under the impression that they are not required to file any ITR if appropriate income tax has been deducted from their salaries. Most of them take deduction of tax at source as filing of the ITR by the employer....

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Posted Under: Income Tax |

GST on Wet Baby Wipes/ Face Wipes, Bed / Bath / Shampoo Towels

In re Ginni Filaments Limited (GST AAR Uttarakhand)

In re Ginni Filaments Limited (GST AAR Uttarakhand) In this case applicant sought Classification of goods namely Wet Baby Wipes, Wet Face Wipes, Bed and Bath towels, Shampoo Towels and AAR held that Wet Baby Wipes,  Wet Face Wipes,Bed and Bath Towels and Shampoo Towels are taxable at rate of 18% GST under HSN 3307. […]...

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Interest on Tax Payable u/s 234A, 234B, 234C

Discipline in Income tax return is very important. Failing which, you will be liable to file additional penalties on the amount due. However, there are plenty of issues that can result in failure of tax deposits. These issues can be related to individuals or companies. For companies, it can occur due to failure to deposit advance tax or p...

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Posted Under: Income Tax |

TDS – Rate Chart, Provisions, Penalty, Return Due Date

Tax Deducted at Source (TDS) is one of the modes of collecting income tax in India at the very source of income, governed under Indian Income Tax Act of 1961. ...

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Form 26AS with respect to TDS: Knowhow

Form 26AS is, in essence, an acknowledgement of sorts when it comes to Tax Deducted at Source (TDS). Which is to say that Form 26AS shows the amount of TDS, which has been deducted and is available as credit against our Income Tax liability, if any. To understand this concept and in order to make it work in ones favour, one needs to under...

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Posted Under: Income Tax |

Time to rethink your retirement plans

Financial independence is important when you are planning for retirement. But, you should also plan for the free time that you will get. Many people have no idea what life's going to be like once they retire. It can be the most rewarding experience or the most disastrous one. You need to think about the financial side of retirement, but m...

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Posted Under: Income Tax |