Jairam G Kimmane Vs DCIT (ITAT Bangalore) In the present case, the claim of the Assessee that agricultural operations were carried out over the property and the property was actually used for agricultural purpose was sought to be established by relying on the classification of the property in revenue records. The Revenue contends that there […]
Forget to verify your previous year tax returns? Don’t worry because CBDT has come up with a Golden Opportunity for those taxpayers who have filed their income tax return well within the time frame but afterwards forget to verify ITR V acknowledgement within 120 days. Some Important Points Related to this One Time Opportunity: 1. […]
Income Tax Refund cheque issued by CPC Bangalore Returned undelivered or not been credited due to wrong account info, expired cheque etc? Now days Assessee who file their Income tax Return online gets their refund cheque issued by CPC Bangalore. Refunds are issued by two modes:-
It is essential to note that in case of purchase of property, the buyer is responsible for deducting the applicable tax at source (i.e. TDS) and deposit the same with the Government. Since the buyer is required to deduct the TDS, he would obviously be required to fulfil all the relevant compliance like TDS payment; […]
Download Revised Form No. 49A in for Application for Allotment of Permanent Account Number for residents, Revised Form No. 49AA Application for Allotment of Permanent Account Number for Foreign Companies, Citizens and Foreign Entities as applicable from 16.05.2014.
Deduction under Section 80CCD for National Pension Scheme Contribution is one of the most popular deduction. Many users take advantages of this deduction at the time of filing of their Income tax Return.
Gifts received: Gifts received from specified relatives are exempt from income tax, and there is no upper limit also. Similarly, gifts of any amount and from anyone received during your marriage are totally tax-free. Similar is the case with the gifts received under a Will or by way of an inheritance, or from a registered charitable or education organisation or in contemplation of death of the donor. Also, in case an individual receives any gift from any local authority as specified under the Act, the same would not be taxable.
Specified Business under section 35AD of the Income Tax Act: Section 35AD of the Income Tax Act provides for an investment-linked incentive to the assessee carrying on the specified business. Section 35AD provides deduction to the extent of 100% to assessee carrying on “Specified Business” as specified under the act. Set off and carry forward […]
In recent times, blogging has become one of the trending professions in the market. One of the major reasons behind it is income generating capacity of this profession. Bloggers can earn lakhs of rupees per month but most of the time they are unaware about the tax implications on their income. Hence today we are […]
Section 269SU has been introduced by the government under Income Tax Act with an intention to promote cashless economy and digital mode of accepting payment. Section 269SU prescribes for accepting payment through certain electronic modes as prescribed in addition to other electronic modes. This article is a detailed discussion on Section 269SU alongwith various practical […]
