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Amendment Booklet for CA-IPCC Income Tax (May 2018 Attempt)

In case of every Individual (resident or non-resident) or HUF or Association of Persons or Body of Individuals or any other artificial juridical person...

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Posted Under: Income Tax |

ITR season- Due Date / Last Date of filling of Return- Recent Changes

ITR due date  As 31st March is approaching many individuals will now wake up and will rush to the CA’s office. Due Date of Income Tax Return  Due date of filing return Person 31st July of every Assessment year Individual / HUF 30th September of every Assessment year Company or other than company assessee who is […]...

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Posted Under: Income Tax |

Relief to salaried employees in Union Budget 2018 & computation

The existing provision of clause (ii) sub-section (14) of Section 10 of the Act, provides the exemption of conveyance or transport allowance of Rs. 1,600 p.m. will be provided to an employee to meet his expenditure for the purpose of commuting between the place of his residence and the place of office....

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Posted Under: Income Tax |

Rs 2 Lakh Cash Transaction Limit w.e.f 01-Apr-2017 Details & Examples

In Budget 2017-18, a ban on cash transaction of more than Rs 3 lakh has been proposed. The same has been mentioned in the Finance Bill 2017. But, the Govt of India has made amendment in Finance bill and has reduced the Cash transaction limit to Rs 2 Lakh. This amendment has been passed through Finance […]...

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Posted Under: Income Tax |

Annual income below Rs. 5000: Guidelines for Online Submission of Trust’s Accounts

Now we will understand the procedure for online submission of Trust's Accounts whose annual income is below Rs.5000/-...

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Posted Under: Income Tax |

Residential Status under Income Tax Act,1961 – Revisited !

Determination of Residential Status of an Assessee under the Income Tax Act Residence in India – is determined by Section 6 of the Income Tax Act 1961 the Act Residence in India – is determined by Section 6 of the Income Tax Act 1961 the Act To determine the residential status of an individual, section 6(1) prescribes two tests....

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Posted Under: Income Tax |

Budget Excerpts 2018 – A brief Analysis !

No change in the in the slab rates of income tax for FY 2018-19. However, Education Cess on income-tax and Secondary and Higher Education Cess on income-tax of 3% shall be discontinued. New Cess Health and Education Cess is introduced levied at the rate of 4% of the income tax including surcharge (wherever applicable)...

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Posted Under: Income Tax |

How to save income tax (For Salaried Individuals)

This article mainly deals with the understanding of some common ways to save income tax of a salaried individual...

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Posted Under: Income Tax |

Guidelines for Online Submission of A/cs of Trusts whose annual income is above Rs. 5000

Now we will understand the procedure for online submission of Trust's Accounts whose annual income is Above Rs. 5000/-...

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Posted Under: Income Tax |

Importance of 31st January, 2018 for the Share Market!

Arjuna, This year the Budget suggests certain changes relating to Income tax. One of the important changes among that is Long Term Capital Gain on equity shars or equity oriented mutual funds. ...

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Posted Under: Income Tax |
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