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Taxation of Partnership Firms

Remuneration to Partners -1. Payment to a non-working partner will not be allowed as a deduction. 2. A 'working partner’ is an individual who is actively engaged in conducting the affairs of the business or profession of the firm. 3. Quantum of allowance is to be determined with reference to ‘book profit’ which is defined to mean an...

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Posted Under: Income Tax |

Valuation of Perquisite of Motor Car provided by employer

W.e.f. 1-4-2008, if an employer providing such facility to his employee is not liable to pay fringe benefit tax, the value of such perquisite shall be : a) Nil, if the motor car is used by the employee wholly and exclusively in the performance of his official duties. b) Actual expenditure incurred by the employer on ...

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Posted Under: Income Tax | ,

Procedure for Online Registration of TAN

The income tax department has asked all deductors to register their TAN on NSDL web site. Once registered, the deductors will be provided User ID and password for authenticated access. Benefit of registration- The access will result in the following benefits to the deductors. View of status of all statements filed;...

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Posted Under: Income Tax | ,

Section 80D Deduction for health insurance premium

It is proposed to amend this section 80D to include any payment made by an assessee on account of preventive health check-up of self, spouse, dependant children or parents(s) during the previous year as eligible for deduction within the overall limits prescribed in the section. However, the proposed deduction on account of expenditure on...

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Posted Under: Income Tax | ,

Meaning of Turnover or sales for Section 44AB Tax Audit

A person is required to get his accounts audited u/s 44AB if  turnover of  business exceeds Rs 100 Lakhs , or In case of Profession Gross Receipts  exceed Rs 50 Lakhs. In case of business what should be the meaning of turnover/sales? Should it be Gross sales or net sales? Should it include GST? The meaning of turnover/sales for the pu...

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Posted Under: Income Tax | ,

Download FUV file from TRACES Website to revise e-TDS return

How To download FUV file from NSDL Website 1. To revise the return , now you have to download the FVU file from website 2. Open the website. www.tin.nsdl.com 3. Choose the Option TAN Registration 4. Type your login details. 5. Select TDS/TCS and then / View Consolidated file...

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Posted Under: Income Tax |

Revised Public Provident Fund (PPF) Scheme w.e.f 12.12.2019

Interest 8.6% w.e.f 01.12.2011 (subject to change as per GOI/RBI directives) to be applied annually. (1) This Scheme may be called the Public Provident Fund (Amendment) Scheme, 2011 2) It shall come into force on the 1st day of December 2011. (3) The Public Provident Fund scheme is a statutory scheme of the Central Government framed und...

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Posted Under: Income Tax | ,

Income Tax Password Recovery if we forget Registered email ID

Taxpayer who are registered on E-filing portal of Income Tax department i.e. https://incometaxindiaefiling.gov.in/portal/index.do may sometime forget the password which is required to login on to website. In that case one of the option to retrieve password is that taxpayer opt for send of new password on his Registered Email ID which he s...

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Posted Under: Income Tax | ,

Meaning, Formation, Taxation, Membership & Partition of HUF

The Hindu Undivided Family can best be defined as a family that consists of a common ancestor and all his lineal male descendants and their wives and unmarried daughters. The Hindu Undivided Family (HUF) cannot be created by acts of any party. The only exceptions are in the case of an adoption or a marriage when a stranger may become a HU...

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Posted Under: Income Tax |

Japan Income Tax, 2019 – New Revelations

Japan is in the process of shifting its goal post for Olympic Games 2020 to 2021. But its income tax details for 2019 are already out and helping millions to understand, and implement by filing tax returns at point of need. Yes, let us understand Japan Income Tax, 2019 in details for a common man. […]...

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Posted Under: Income Tax |