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Articles deals with Income Tax Audit Provisions in India. It explains What is tax audit, objective of tax audit, who is compulsorily required to get his accounts audited, What are Form Nos. 3CA/3CB and 3CD, Due Date for Tax Audit, penalty for not getting the accounts audited as required by section 44AB.
To keep a watch on high value transactions undertaken by the taxpayer, the Income-tax Law has framed the concept of statement of financial transaction or reportable account (previously called as Annual Information Return (AIR).
A person becomes senior citizen under Income Tax Act in any year after attaining the age of 60 even for one day. Once he attains 60 years, his status as senior citizen in that financial year, gives him some relief .There are not many income tax exemptions available for senior citizens.
Every year the residential status of the taxpayer is to be determined by applying the provisions of the Income-tax Law designed in this regard (discussed later) and, hence, it may so happen that in one year the individual would be a resident and ordinarily resident and in the next year he may become
Every taxpayer has to furnish the details of his income to the Income-tax Department. These details are to be furnished by filing his return of income. Once the return of income is filed by the taxpayer
What incomes are charged to tax under the head Capital Gains? Ans: Any profit or gain arising from transfer of a capital asset during the year is charged to tax under the head Capital Gains.
A special operation by CGST Delhi West Commissionerate results in the unmasking of a nexus of over 30 counterfeit firms and the subsequent arrest of the orchestrator.
No change in rate of TCS for all purposes under LRS and for overseas travel tour packages, regardless of mode of payment, for amounts up to Rs. 7 lakh per individual per annum. Government gives more time for implementation of revised TCS rates and for inclusion of credit card payments in LRS. Increased TCS rates to apply from 1st October, 2023
Is rental income from sub-letting chargeable to tax under the head Income from house property? Ans: Rental income in the hands of owner is charged to tax under the head Income from house property. Rental income of a person other than the owner cannot be charged to tax under the head Income from house property.
