As it is not possible to discuss all the perquisites in one article, let us discuss the taxability of a perquisite which is always in question – taxability of prepaid coupons say for example Sodexo coupons which are very famous. These days many employers are giving sodexo coupons to the employees. The value of the coupons varies from employer to employer.
Many times we file application for obtaining lower deduction or nil deduction certificate u/s 197. But while obtaining this certificate we might miss out on some important factors due to which incorrect reporting under section 197 will occur and hence assessee will be consider as assessee in default. Incorrect reporting of 197 Certificates: Please refer […]
MHA orders to exempt all shops under Shops & Establishment Act of States/UTs, including shops in residential complexes and market complexes, except shops in multi-brand & single-brand malls, outside limits of Municipal Corporations from revised consolidated lockdown restrictions with 50% strength of workers with wearing of masks and social distancing being mandatory. No. 40-3/2020-DM-I(A) Government […]
Budget 2013 proposal requires buyers to deduct tax at 1% on the sale consideration payable to resident sellers. However, there is no obligation on the buyer to deduct tax when the immovable property is an agricultural land. In order to avoid the compliance hassles for small tax payers this requirement will not apply if the total consideration is less than fifty lakh rupees.
Centralized Processing Cell (TDS) has observed from its records that though you have reported deductees with more than Rs. 50,000 of TDS in your Quarterly TDS statements, but the PANs are either ‘Not Available’ or ‘Invalid’. The ‘Invalid’ PANs appear structurally valid, however, they are actually incorrect, as they are not available in the PAN Master records.
Learn how to file your income tax return without using any software. Follow these step-by-step instructions to file directly on the income tax department website.
Understanding the intricacies of making additions on account of low GP in tax assessments. Learn about the power of the Assessing Officer and burden of proof.
Entities (both corporate and non-corporate deductors) making payments (specified under Income Tax Act) to third parties (deductees) are required to deduct tax at source (Tax Deducted at Source -TDS) from these payments and deposit the same at any of the designated branches of banks authorised to collect taxes on behalf of Government of India. They […]
Learn how to access your Income Tax Department e-Filing account from your bank account using the net-banking facility.
While filing your income tax return within due date is important, it does not mean that if for any reason you missed the dead line than you wouldn’t be able to file your income tax returns. But the clock turns on, which means as you have missed the dead line you might receive a notice from the income tax department any time.
