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Very Short Notice is not fair but used as a new tool to harass Assessee & Tax Professionals

Reasonable time for preparation of case by taxpayer must be kept in mind while issuing any notice. While fixing time interval between date of notice and date of hearing at least the following factors must be considered by the authority issuing the notice:...

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Posted Under: Income Tax |

Tax Deduction on Purchase of Immoveable Property

This provision is applicable on transfer of immoveable property of Rs. 50 lacs or more. It requires TDS to be deducted at 1% of the price being paid by the purchaser of an immoveable property, irrespective of quantum of capital gains. If the seller does not have/provide a PAN, the rate of TDS would be 20%. The property may be in the natur...

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Quick Insight on sec 44AA, 44AB, 44AD – Presumptive Taxation

CA Tarannum Khatri Section 44AA: Maintenance of Books of AccountsContentsSection 44AA: Maintenance of Books of AccountsSection 44AB : Audit of Accounts Section 44AD : Presumptive Taxation for BusinessSection 44ADA – Presumptive Taxation for ProfessionalsFAQs on Maintenance of accounts by certain persons carrying on profession or busines...

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Posted Under: Income Tax |

Want to use the money in your PPF account? Know the rules

Public Provident Fund (PPF) account is an excellent tool for tax planning as well as for accumulating funds for retirement. The money in PPF account is not supposed to be used any other purpose except under exceptional circumstances. PPF rules allow you to use the money before its maturity. Let us discuss how one can […]...

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PPT on Presumptive Taxation under Income Tax Act

PRESUMPTIVE TAX INTRODUCTION Sections 44AD, 44ADA & 44AE Introduced to help small business men, Traders and Professionals i. Section 44AD – Small Business/Traders for Turnover up to Rs. 2 Crores ii. Section 44ADA – Professionals – Gross receipts up to Rs. 50 Lakhs iii. Section 44AE – Truck owners owning not more than 10 trucks...

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An Understanding of TDS on Purchase of Property

Introduction of TDS on Purchase of Property ContentsIntroduction of TDS on Purchase of Property Provisions under Income Tax Act, 1961What is FORM 26QB?What is FORM 16B?Penalty/Interest for non-compliance?Points to note;Documents Required for making TDS Payment on Immovable Property: TDS or tax deducted at source refers to the process of c...

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“Mutuality’ – Doctrine of- A Critical Study

The point of issue chosen for a study herein is the applicability of the common law’- (as opposed to legislation, also dubbed as man-made law)- Principle, in legal parlance known as the Doctrine Of Mutuality (the DoM), to any entity , being an Association of Persons; such as, social clubs in general, and so called housing associations i...

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4 Expenditures Under Section 80C That Can Help You Save Tax

Most of us want to save our money. Now, there are many plans and policies that help us save for our future as well as for the rainy days. Careful planning can help us save in our taxable income as well. Various schemes and expenditures fall under Section 80C and by putting your money in […]...

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Assessment U/s 143(3) rws 144C(13) when objections is filed before DRP beyond 30 days

CBDT through its notification no. 84/2009 dated 20.11.2009 formed Dispute Resolution Panel (DRP). Assessee whose case, there is variation in the income or loss returned which is arises as a consequence of the order of the Transfer Pricing Officer (TPO) passed under 92CA(3) or any foreign company. ...

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Permanent Account Number (PAN)

In this article we have covered Meaning of Permanent Account Number (PAN), Its Utility,Procedure to Obtain PAN, Transaction in Which PAN is Mandatory,How to correct any mistake in PAN card or intimate any change in data pertaining to PAN...

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