According to section 269SS of Income Tax Act, while transacting Immovable Property, 100% penalty will be levied if seller has accepted an amount of Rs. 20,000 or more in cash from the buyer. e.g. if for selling an immovable property ‘A’ has received an amount of Rs.1 lakh in cash from ‘B’ then ‘A’ has to pay 100% penalty of Rs. 1 lakh.
CA Umesh Sharma Arjuna (Fictional Character): Krishna, Income Tax Department has introduced the provision of TDS deduction on the Interest of Fixed Deposits of Co-Operative Banks in the Financial Budget of 2015-16. What are its effects and who will they affect? It seems that a lot many people will be in trouble on rural India!
CA Umesh Sharma Arjuna (Fictional Character): Krishna, expenditure incurred in relation to exempt income is a controversial issue and matter of discussion in these days. But what is exempt income, deduction of expenditure incurred on exempt income. What should taxpayer learn at the time of calculating tax or filling of return from this?
Krishna, The whole world has trembled due to the earthquake in Nepal. Due to this earthquake Nepal has suffered terrible financial losses. To come out of this disaster at every level everyone is contributing something or the other. If Indian Citizens help Nepal from India in any manner then will they get any benefits in Income Tax?
Financial year 2014-15 is over. Now Income Tax Return will have to be filed for that year. The Department has notified some of the modified forms for filing Income Tax Return. Which forms have been notified, what are the changes made in it and what is its impact on Taxpayers?
Krishna, Nowadays PAN card is generally used for many things. Finance Minister Mr. Arun Jaitly is insisting the usage of PAN in many financial transactions, to curb black money. People even use PAN card as Identity Proof, is it correct?
Arjuna, ss per the various conditions and financial situations in the state, the Maharashtra Government makes changes in VAT Law time to time. Changes are implemented through Notification, Circulars, etc after the Finance bill is passed and accordingly taxpayer has to follow laws.
Arjuna, Hanumanji has been bestowed with a variety of names such as Ram Bhakt, Pawan Putra, Anjani Putra, Maruti, etc. On the 1st of April the new financial year will begin. On this auspicious occasion of Hanuman Jayanti if one learns the principles of Hanumanji and changes are made in life and in following the tax laws then progress is going to happen in all aspects of life of a Taxpayer.
Everyone is in haste due to March end financial and tax planning. Krishna, Please explain what all should a Taxpayer do before 31st March, so that he will not become an ‘April Fool’? Arjuna, the month of March is very important for all Taxpayers. In our Country, the Financial Year April to March is applicable for all Tax Laws.
Mumbai High Court on 3rd March, 2015 has ordered to assess and grant MVAT refund on the basis of Returns, what is it? In Maharashtra the Taxpayer has to pay Tax on the difference between Sales and Purchases value. In this if there is less VAT payable on sales and more VAT setoff on Purchases then the refund arises.
