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Residential Status under Income Tax

Are u Resident Indian ? Do you have a Citizen of India ? or your Parents are born in Undivided India ?  You thought what is this silly questions you have asked? But after reading of this article you will definitely reversed your previous question and in a definite mood to either think or preserve […]...

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Posted Under: Income Tax |

Analysis of Section115BAC & Form 10-IE

In this Article we will understand mainly about Section 115BAC & Form 10-IE. Finance Act,2020 introduce NEW TAX REGIME. The Finance Minister announced new tax slab for Individuals, HUF and Co-operative societies. Therefore, for inserting new tax slab Ministry has inserted two sections: ♦ Section 115BAC: New Tax Rate for income of In...

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Posted Under: Income Tax |

ITR 1 and ITR-2 for A.Y 2021-22

ITR 1 and ITR 2 filing for A.Y 2021-22 : Hello readers, my friends requested to write an article on ITR 1 and ITR 2 filing as we all know we have to file our Income tax returns till 30.09.2021- It is very important to choose correct form based on our income, exemptions, residential status […]...

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Posted Under: Income Tax |

ITR Forms Guide, Income Tax Act, 1961

What is ITR and why one should file ITR? Income Tax Return (ITR) is notified form by CBDT, in which the taxpayers file their information about his income earned and investment details to the income tax department. Till now the department has notified 7 various forms i.e. ITR 1, ITR 2, ITR 3, ITR 4, […]...

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Posted Under: Income Tax |

Reconstitution/Dissolution of firm? Transfer of Assets to partner? | Tax implications

Reconstitution/Dissolution of firm? Transfer of Assets to partner? Wait…..!! Here are the tax implications… Finance Act 2021 has made amendments to the provisions  of the Income Tax Act, pertaining to the tax liability arising on distribution of assets by the firm to its partners on its reconstitution or dissolution.(Note: The words ...

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Posted Under: Income Tax |

Charitable Trust -Income Tax Exemptions, Registration & Return Filing

Exemptions to Charitable Trust under Income Tax Act, 1961 Income of a charitable and religious trust is exempt from tax subject to certain conditions. The exemptions are provided to the trusts under various provisions, inter-alia, Section 10, Section 11, etc. Some of the exemptions allowed to a trust are as under: Section 11 provides exem...

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Posted Under: Income Tax |

Income Tax Benefits available on Home loan

Taking a home loan can help you save tax as per the provisions of the Income Tax Act, 1961. Take a look at the tax benefits available under the act. The repayment of Home Loan comprises of 2 components: 1. Repayment of Principal and 2. Repayment of Interest As the repayment comprises of two different […]...

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Posted Under: Income Tax |

Why PAN of Foreign Companies having investment in India is mandatory & their ITR filing requirement?

In this Article, we will understand why PAN of Foreign Companies are must and why the consultant & Indian Companies having foreign investment often insist Investors to apply PAN in India. Whenever a foreign company or non-resident invests in Indian Company or LLP, maximum compliances are related to RBI, FEMA or MCA (ROC) where PAN [&h...

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Posted Under: Income Tax |

Section 143(1)(a)(i) intimation not required on commencement of regular Section 143(2) assessment

On commencement of regular assessment proceedings u/s 143(2) of Act , there is no need for intimation u/s 143(1)(a)(i) Where the summary procedure under section 143(1)(a)(i) has been adopted, there is scope available for the revenue to make assessment u/s 143(3) of the Act. But the converse is not available. A regular assessment proceedin...

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Posted Under: Income Tax |

Interplay of Section 194O, Section 194Q & Section 206C(1H)

Circular No.13 dated 30th June 2021 issued by Central Board of Direct Taxes gave the Guidelines under Section 194Q of Income Tax Act, 1961. The CBDT Circular also covers the linkage between Sections 194Q, 194-O and 206C(1H). 194-O is tax deduction at source by ecommerce operator, the rate is 1.0% and it has come into […]...

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Posted Under: Income Tax |