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Benefit of Basic Custom Duty exemption on import of ‘GoPro HERO5 Black’ Action Camera Allowed

July 17, 2020 3456 Views 0 comment Print

whether assessing officer is correct in rejecting the benefit of Basic Customs Duty exemption claimed by the appellant on the import of ‘GoPro HERO5 Black’ Action Camera?

Municipality or Panchayat cannot Increase Terminal Tax Rate of transportation of Coal

July 17, 2020 1947 Views 0 comment Print

whether Municipal Corporation/Municipal Council or the Nagar Panchayat are empowered to increasing the rate of Terminal Tax imposed upon the transportation of coal?

Gold Investment- Pros & Cons in Indian Market

July 16, 2020 9279 Views 4 comments Print

investor’s monetary goals in a way. The most singular and valid reason that places gold in the upper region is the fact that in the market, gold’s value never faces a drawback. The prices always go up on a rollercoaster that does not come down. This is the sole reason that has attracted millions of […]

Common mistakes in filling of Income Tax Return

July 16, 2020 229957 Views 25 comments Print

Avoid common mistakes while filling your Income Tax Return (ITR) form. Ensure accuracy in PAN details, name, date of birth, and address to prevent computation errors.

How to Reset Password on Income tax Website

July 16, 2020 48299 Views 29 comments Print

Registered user can reset the password using one of the following options: 1. Answer Secret Question. 2. Upload Digital Signature Certificate 3. Using OTP (PINs)

Analysis of NPS, ELSS, PPF Investment u/s. 80C of Income Tax

July 16, 2020 12238 Views 5 comments Print

Individuals who are employed and contributing to NPS would enjoy tax benefits on their own contributions as well as their employer’s contribution as under

Mandatory Filing of Form 26QB by Buyer of Immovable Property

July 16, 2020 107629 Views 15 comments Print

As per the information received in Annual Information return (AIR) through Registrar/Sub-registrar, you have executed transaction for Purchase of Immovable Property exceeding Rs. 50 Lakhs (Rupees Fifty Lakhs) during Financial Year. However TDS Statement in Form 26QB has not yet been filed by you. In this regard, your urgent attention is invited to the following, […]

Pivotal Calculation of Interest u/s 234A of Income Tax Act, 1961

July 16, 2020 39226 Views 4 comments Print

In this article we will discuss pivotal calculation of interest u/s 234A for delay in furnishing or non-furnishing return of income u/s 139(1) of Income Tax Act, 1961

All about Foreign Tax Credit and its Indian Context

July 16, 2020 66547 Views 1 comment Print

Corporate India today serves global needs and brings in overseas income which is chargeable to Indian tax net as a resident of India. Flip side of this paves way for claim for taxes paid at foreign jurisdiction based on the source of income.

Income Tax software not allowing Full & proper interest

July 15, 2020 6429 Views 0 comment Print

Problem in software issue in allowing Full and proper interest allowable u/s 244-A of Income TAx Act, 1961 while processing Income Tax returns for AY 2019-20

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