In this Article we have dealth with Some of the FAQ related to ITR -V i.e. 1. What date should be provided in case ‘Ancestral Date’ is written on PAN Card ? 2. Can I send the ITR-V to CPC by Registered Post? 3. What are other formalities to be done after I print ITR-V? 4. I have not received a copy of ITR-V in my mail id or the ITR-V received in my mail id is not opening, since it is a corrupt file. What should I do? 5. Can more than one ITR-V be sent in one envelope? 6. What is the password to open ITR-V
Tax Residency Certificate (TRC) For Indian Resident Assessee From 01.4.2013 the India Residents who earns Income from Countries with which India have a DTAA can obtain a Tax Residency Certificate from Income Tax Department. The same may be submitted to the Payer to claim DTAA Benefit.An assessee, being a resident in India, shall, for obtaining a certificate of residence for the purposes of an agreement referred to in section 90 and section 90A, make an application in Form No. 10FA to the Assessing Officer.
The provisions of Section 40(a)(ia) of the Act were brought on Statute by Finance Act 2004, w.e.f. 01.04.2005, i.e the same is applicable for assessment year 2005-06 and subsequent assessment years.
When we refer to an entry of loan transaction as ‘fake loan’ received from a ‘paper company’, it invariably means that such entry represents unaccounted money of the person in whose books of account the money has been credited as loan and the lender company is only a conduit for routing the money back to the books of account of that person. However, despite having knowledge of this fact and knowing the techniques and methods used by the assessees for this purpose, it remains a huge challenge for the tax authorities to bring all material facts and evidences on record so as to prove which in his opinion is a fact beyond doubt.
Generally person is liable to pay tax only on the income which is earned by him. However provisions of Section 60 to 64 of Income Tax Act 1961 may make you liable to pay tax on income which is not earned by you.Inclusion of others income in the income of assessee is called“Clubbing of income” and such clubbed income is termed as “Deemed Income”.
Tax Planning is most important part of Finance Planning for Tax Payers In India especially for Individual and Salaried tax Payers. In this Article we are discussing some Tax Planning Tips mainly for Individual and Salaried tax payers by which they can minimise their tax burden for Financial Year 2018-19 or Assessment year 2019-20
The system of Advance Rulings in the matters of taxation was introduced in India under the Income Tax Act of 1961. The idea was to provide taxable entities a facility that helped them ascertain their tax liabilities without having to enter a long-drawn litigation or an expensive tussle with the Income Tax department. In 1993, […]
Article discusses Whether Form ‘C’ should be made available to an assessee even after implementation of the goods and services tax?
Often debts include clauses in which either borrower or an issuer can prepay the debt amount earlier than its contractually agreed period or extension of term can be requested. As per the classification of Assets rules defined under as per Ind-As 109 – Financial Instruments which states that after the initial recognition of such financial Assets i.e. on Fair value, its subsequent classification would be based on Business Modal for managing such financial asset & contractual cash flow characteristic associated with these Financial Assets.
Sec 10 of CGST Act 2017 explains the composition levy under Goods and Services Tax, according to which, a registered person, whose aggregate turnover in the preceding financial year did not exceed* may opt to pay, in lieu of the tax payable by him, an amount calculated at such rate as may be prescribed, but not exceeding,
