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Budget 2018 LTCG Tax of 10% on Stocks and Mutual Funds

After Budget 2018 LTCG TAX has raised a lot of question in the minds of an equity investor, an Existing investor who has been able to invest in equities for a long time is still not aware of the actual calculations in LTCG TAX on their investments. Investor assuming that they will have to pay 10% tax on the actual capital gain on sale of ...

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Posted Under: Income Tax |

Due dates for Filing Income Tax Return for F.Y. 2017-18 (A.Y. 2018-19)

Income Tax Forms for e-filling and Due Dates for FY 2017-18 (AY 2018-19) There are the different category of taxpayer viz. Individual, HUF, Firm, LLP, Company, Trust and AOP/BOI. Due Date is different according to audit or non-audit case of such categories as defined in section 139(1) Last Date of Filing Income Tax Return for […]...

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Posted Under: Income Tax |

Taxation Aspects of Charitable Trusts

Charitable Trust is meant for public service and not for profit. Hence the Honorable Government has given exemptions in the form section 11 and 12. It will bring lot of tax benefits to the trusts and it can utilize the funds for its objectives. From the assessment year 2018-19 onwards, filing of return is to be done within the due date to...

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Posted Under: Income Tax |

Decoded Rule 46A- The Shreds of Evidence

Rule 46 A of the Income Tax Act is the rule related to production of additional evidence before the first appellate authority after an assessment being made by the Assessing officer....

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Posted Under: Income Tax |

Key changes and guide to file ITR 1 for AY 2018-19

Almost after 55days of commencement of FY, Income Tax department made ITR forms available for filing Income Tax Returns for the AY 2018-19. There are key changes and points, where a Taxpayer should be aware of while filing ITR 1 for the AY 2018-19...

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Posted Under: Income Tax |

31st March 2018: deadline for filing belated returns….Really!!!!!!!

Income Tax Department declared March 31, 2018 as deadline for filing belated returns for the financial year 2015-16 and 2016-17. In case you haven't filed your ITR for FYs 2015-16 and 2016-17, you cannot file a belated return anymore....

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Posted Under: Income Tax |

Measurement of Distance Aerially After A.Y. 2014-15, Is it a Right Decision by CBDT?

CBDT issued Circular No. 17/2015-Income Tax dated 06.10.2015 regarding Measurement of the distance for the purpose of section 2(14)(iii)(b) of the Income-Tax Act for the period prior to the Assessment Year 2014-15....

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Posted Under: Income Tax |

Taxability of Domain Name registration services

Now, taxability of fees from domain name registration services has come under tax scanner. Recently, ITAT Delhi held that domain name registration fees received by Godaddy are taxable as royalty under Indian tax laws. ...

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Posted Under: Income Tax |

Cost Inflation Index (CII) for FY 2018-19/ AY 2019-20 Notified by CBDT at 280 (Base Year 2001-02)

Cost Inflation Index (CII) for FY 2018-19/ AY 2019-20 Notified by CBDT at 280 (Base Year 2001-02) In the case of transfer of short term capital asset, the amount of capital gains can be arrived at by deducting the cost of acquisition/ improvement from the sale consideration. However, in the case of transfer of long […]...

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Posted Under: Income Tax |

Types of Notices under Income Tax Act, 1961

Notice under Section 142(1) is usually served to call upon documents and details from the tax payers, and to take a particular case under assessment. The basic purpose is to inquire the details of the assessee before making assessment under the Act. It can be related to ‘Preliminary Investigation’ before starting the assessment....

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Posted Under: Income Tax |
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