"29 July 2018" Archive

How to get form 26AS Errors & Omissions rectified

What are the conditions under which advance tax/self assessment tax paid in the bank may not reflected in Part C of Form 26AS. What if amount of advance/self assessment tax paid in the bank is incorrectly reflected in Part C of Form 26AS?...

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Posted Under: Income Tax | ,

What if Employer refuses to issue TDS Certificate / Form 16

The employee has a right to obtain the TDS certificate in form 16 from his employer. The certificate details should be filled in return of income, since no credit for TDS can be given without it. In case your employer fails to issue the TDS certificate, he shall be liable to a penalty of Rs. 100/- for each day of default u/s 272A(2)g). T...

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Posted Under: Income Tax | ,

Creation and Taxation of Private Trusts

A trust is said to be an instrument of safeguarding the interests of beneficiaries especially when the beneficiaries are minor and not capable of protecting their interest. Any person who is a major and is competent to enter into a contract can be a settlor or the person intending to form a trust. Why to create a private trust? How to reg...

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Posted Under: Income Tax |

Income Tax Benefits for Assesses taking Home loan

So, here we are talking about the various tax benefits provided by the Income Tax Act, 1961 to the taxpayers who have taken housing loan. There are various deductions available under the Act for the payment of loan amount (principal) as well as the interest component the same includes home loan interest deduction under section 24, Section...

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Posted Under: Income Tax |

How to register as a Legal Heir on Income Tax e-filing website

In this article we have discussed the procedure to Register as Legal Heir on Income Tax e-filing website, Process of Approval of Legal Heir by department, Documents Required for Registration as legal Heir, Services which Legal Heir can perform on e-filing website and Registration as Temporary and Permanent Legal Heir. ...

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Posted Under: Income Tax | ,

Opening Of Liaison Office In India By Foreign Entity

Liaison Office: Foreign Investor or Foreign companies can open a liaison office in India for promoting and facilitating the parent company business activities and can act as best communication channel between the foreign parent company and Indian company. With the liaison office, the foreign parent company will get help in entering into I...

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Posted Under: Income Tax |

Key Changes: Insolvency and Bankruptcy Code (Amendment) 2018

The Insolvency and Bankruptcy Code, 2016 (IBC) is the bankruptcy law of India which seeks to consolidate the existing framework by creating a single law for insolvency and bankruptcy. The bankruptcy code is a one stop solution for resolving insolvencies which at present is a long process and does not offer an economically viable arrangeme...

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Posted Under: Income Tax |

What does not attract GST?

Article Explains What do not constitute supply under GST Law, What is non-taxable supply, What is exempt supply And What is zero rated supply. Zero rated supply i) export of goods or services or both, or ii) supply of goods or services or both to SEZ developer or SEZ unit...

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Posted Under: Income Tax |

Insolvency Code Series – The Turn Around Artist

In this article we look at the new profession which is an institution in the making, as it institutionalizes the legacy of the Turn Around Artist, the Insolvency Professional....

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Posted Under: Income Tax |

Procedure to take Foreign Tax credit (FTC) in India

Below Procedure to take Foreign Tax credit (FTC) in India is Governed by Rule 128 of Income Tax Rules and Applicable form 01.04.2017. a. A resident assessee will be eligible to claim FTC if any tax has been paid by him in a country or specified territory outside India. b. Grant of FTC shall be […]...

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Posted Under: Income Tax |

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