Under the provisions of Indian Income Tax Laws, if the income of a person exceeds the basic exemption limit, filing of Income Tax Return (ITR) is required. However, In those cases where a person have an asset or financial interest in an entity located outside India or he/she is signing authority in a foreign bank account, then filing of Income Tax Return (ITR) is mandatory even if income is below exemption limit.
Q.1 What is Income Tax ? Ans: It is a tax levied by the Government of India on the income of every person. The provisions governing the Income-tax Law are given in the Income-tax Act, 1961.
CA Brijesh Baranwal > There are a number of financial and legal advantages by operating an organization in corporate form. Organizing a business in corporate form allows a company to function independently from the owners of the business and one or more people may operate a company in corporate form in many places. > Organizing a business […]
CA Brijesh Baranwal 1. As per the provisions of section 44AB/44AD of the Income Tax Act, 1961, every person carrying a business whose turnover exceeds Rs.1Cr./ 2 Cr. (as the case may be) or carrying a profession whose receipts exceeds Rs. 50 Lakhs in the financial year 2017-2018, must get his accounts audited before filing […]
There is an existing provision for deduction of TDS (deduction of tax at source) under section 194-I in the Income Tax Act, 1961 for individuals/HUFs, wherever tax audit is applicable.
Income Tax Return filing season for certain class of assessees including individuals not falling under tax audit provisions has just been over and by now the Income Tax Department (the Department) has already started processing of these returns. In fact, return filing and processing thereof are an ongoing process for different class of assessees.
One of the biggest worries of income tax payers is getting notice from Income Tax Department. The Department issues notices under various provisions of Income Tax Act. The purpose of the same is to ensure greater tax compliance.
CA Brijesh Baranwal Article explains Meaning of Professionals, GST Exemption Limit for Professionals, GST Rate for Professionals, Documents Required For GST Registration of Professionals, Return Filings Under GST and Period For Which Records To Be Maintained. Meaning of Professionals Professionals for the tax purposes in India include Architects, Chartered Accountants, Company Secretaries, Cost Accountants, Doctors, […]
Government has not proposed any changes in tax slabs for the salaried class this year. So the effective tax rates will be same as last year, as follows;
Section 139 (4) further provides that “Any person who has not furnished a return within the time allowed to him under sub-section (1), or within the time allowed under a notice issued under sub-section (1) of section 142, may furnish the return for any previous year at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
