"18 December 2019" Archive - Page 4

How to save more tax by Creating a HUF?

The Income Tax Act 1961 provides that a HUF (Hindu Undivided Family) is separate unit like an individual and is too assessed accordingly. A HUF is eligible for those exemptions that are available to a resident Indian who is not a senior citizen. It can own property and also have its own business....

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Posted Under: Income Tax |

National Savings Recurring Deposit Scheme, 2019- Detailed Analysis

Government has notified new National Savings Recurring Deposit Scheme, 2019 w.e.f. 12th December, 2019 vide notification No. G.S.R. 918(E). Article explains  Categories of accounts under National Savings Time Deposit Scheme, 2019,  Type of Accounts, Deposit and repayment under National Savings Time Deposit Scheme, 2019, Extension of Acc...

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Posted Under: Income Tax |

Analysis of Section 54, 54EC and 54F- Exemption from Long Term Capital Gains

The persons having long-term capital gain can avail exemption under various sections by making prescribed investments. The long-term capital gains are usually taxed @ 20%. This tax can be saved by making investments as per section 54, 54EC and 54F. Section 54: Profit on sale of property used for residence: Capital gain arising on transfe...

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Posted Under: Income Tax |

All you wanted to know about Senior Citizen Saving Scheme

Senior citizens do not have any active income and ability to earn post their retirement, they thus depend on the interest income and cannot  take any risk with their money. Senior Citizen Saving Scheme (SCSS) is one of the avenue which gives better returns than other products and is perfectly safe. Let us discuss. Who […]...

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Posted Under: Income Tax |

31st March, 2020: Warning Bell for filing of Income Tax Return!

Yes, you heard it right. This is a warning bell, It’s time to check whether your income tax return is filed or not for Assessment Year 2019-2020. 31st March’2020: The last date for Income Tax return u/s 139(4) for Financial Year 2018-19. So, this will be last chance to file the Income Tax return else […]...

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Posted Under: Income Tax |

File your Income Tax Returns on time for current Financial Year 2019-20

Income Tax Department has identified a large number of persons who have not filed Income Tax Returns for A.Y. 2016-17 and 2017-18, although, they have made high value transactions / deposited large amount of cash in bank accounts....

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Posted Under: Income Tax |

Consequences of Non or Late Filing of the Income Tax Return

Many people came up with a query that what will happen if we do not file the Income Tax Return by 31st March. Here we are discussing only the adverse consequences of Non-Filing of the Income Tax Return....

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Posted Under: Income Tax |

Section 36(1)(vii) in case money was unrecoverable due to inability or insolvency of debtors

Altus Group (India) Pvt. Ltd. Vs DCIT (ITAT Delhi)

Deduction under section 36(1)(vii) was allowable in case money was unable to be recovered due to inability or insolvency of the debtor to pay. In all other cases, the claim for allowance should have to be sustained under Section 37(1) which required that the expenditure (not being of a capital nature) should have been wholly and exclusive...

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GST Portal Updates related to GSTR 1, Form ITC 04 & Payment

Returns Taxpayers can now make amendments in Form GSTR 1, of advance tax and adjustment of advance tax of various tax periods, in the same month in Form GSTR 1. Form ITC 04 Taxpayers can now delete challan in Table 4 of Form ITC 04. Payment Now preferred bank will be shown in the list […]...

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Posted Under: Income Tax |

Residential Status under Income Tax Act,1961 – Revisited !

Determination of Residential Status of an Assessee under the Income Tax Act Residence in India – is determined by Section 6 of the Income Tax Act 1961 the Act Residence in India – is determined by Section 6 of the Income Tax Act 1961 the Act To determine the residential status of an individual, section 6(1) prescribes two tests....

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Posted Under: Income Tax |

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