Sponsored
    Follow Us:

Changes In Budget 2022 For Salaried Person

February 1, 2022 5415 Views 0 comment Print

DISHEARTNING BUDGET FOR SALARIED PERSONS BUT ROADMAP FOR FUTURE OF COUNTRY Budget for the year 2022 was presented by Hon’ble Finance Minister Smt. Nirmala Sitaraman which has not fulfilled expectations of salaried persons . The budget is technology driven which mainly focuses on infrastructural development. The key takeaways of budget are-    UPDATES FOR SALARIED […]

Advance Tax Payment based on High Value Transactions

March 13, 2021 54666 Views 13 comments Print

Income tax department is sending messages to pay advance tax on the basis of High Value Transactions shown in Form 26AS. The message says ‘Attention XYZ COMPANY (PAN XXXXX—–X), Income Tax Department has received information about certain high value financial transactions relating to FY 2020-21. Please view transactions under e-Campaign tab on Compliance Portal (CP) […]

Tax on Purchase of Property-Some Points to Keep in Mind while Buying Property

March 9, 2021 147060 Views 15 comments Print

Buying property is dream come true for buyers. Every person wants to earn and purchase property which he or she can own in his or his family members and loved one name. Buyers invests his hard-earned money in buying property and many a times land up in difficult situation because everyone knows that tax is […]

Roles & Responsibilities of Banks Increased by Income Tax Departments

March 1, 2021 8640 Views 2 comments Print

MAJOR INCOME TAX COMPLIANCE LIABILITIES ON BANKS- 1. REPORTING OF HIGH VALUE TRANSACTIONS- High Value transactions are transactions which are incurred in high denominations. Banks are required to intimate about following high value transactions to Director of Income-tax (Intelligence and Criminal Investigation) by filing Form 61A called Statement of Financial Transaction-

Relief To Senior Citizen From Filing Income Tax Return

February 25, 2021 10428 Views 5 comments Print

Conditions for Relaxations in Return Filing for Senior Citizens 1. He is of 75 years or more during the year. 2. He is Resident in India. 3. He has only pension income and can derive bank interest from same bank in which pension is received. Therefore if he receives bank interest from any other bank then he cannot enjoy this relaxation.

Tax on Online Gambling

February 23, 2021 36594 Views 2 comments Print

Understand the taxation of online gambling in India. Learn about the flat tax rate and the absence of minimum exemption limits for online gamblers.

Tax on Interest on EPF

February 23, 2021 8841 Views 0 comment Print

In order to rationalize tax exemption for income earned by High income employees, Budget 2021 has proposed to tax interest earned on contributions made to Provident fund above 2.5lakhs by employee in a year from 01/04/2021.

Dispute Resolution Scheme For Small & Medium Tax Payers-Section 245MA

February 22, 2021 3339 Views 2 comments Print

INTRODUCTION According to a Survey India records highest rate of bribery in Asia i.e.39% and highest rate of citizens using personal connections (46%). Worries grew as inflation rate rose from 3.7% to 12.1% over 2001-2010. Bigger scams involving lakhs crores of rupees were into pockets of officials and ministers. Corruption became great hindrance in development […]

Presumptive Taxation Scheme For Professionals – Section 44ADA

February 20, 2021 10815 Views 0 comment Print

Article explains Concept of Presumptive Taxation For Professionals, Applicability of Presumptive Taxation For Professionals, Presumptive income from Profession under Section 44ADA, Expenses not allowed against Income deemed as Presumptive under Section 44ADA, Maintenance of books of account for professionals Opting for Presumptive Taxation, Audit Requirements under Section 44AB for Professionals. Payment of Advance tax by […]

TDS on Purchase of Goods- Section 194Q- Easy Explanation

February 20, 2021 25905 Views 0 comment Print

Article explains Concept Of TDS Under Section 194Q, 11 Rules for Deduction of TDS under Section 194Q, Examples on TDS under Section 194Q, Practical Difficulty Faced in Deduction of TDS under Section 194Q and Authors Comment on deduction of TDS under Section 194Q. ♦ Concept of TDS Under Section 194Q Budget 2021 introduced section 194Q […]

Sponsored
Sponsored
Search Post by Date
December 2024
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
3031