Solutions to errors while doing E-TDS Return

Invalid File Header Record Length. Invalid File Creation Date. Invalid File Sequence Number. Invalid TAN/TFC Id. Invalid TAN of Deductor / Employer / Collector. Invalid PAN of Employer /Deductor/Collector ...

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Posted Under: Income Tax |

How to file Online Income Tax Rectification application u/s 154

Article explains Procedure for Filing Online Request for Rectification of Mistake U/s. 154 of the Income Tax, Prerequisites for Filing Such Application, Common mistakes while filing Rectification, Important Notes before e-Filing Rectification, Tips on filling Income Tax Return to avoid mistakes....

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FAQs on TDS on Rent U/s. 194-I of Income tax Act, 1961

Section 194I was inserted vide the Finance Act, 1994. The present article covers the important Frequently Asked Questioned regarding section 194-I of the Income Tax Act, 1961, which deals with the provisions of TDS on Rent. Q.1 Who is liable to deduct TDS on Rent under Section 194I of Income tax Act, 1961?Page ContentsQ.1 Who […]...

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Raise Tax Audit Limit for Business Rs. 2 Crore & for Profession Rs. 1 Crore

It is recommended that the threshold limit may be revised from the present one crore rupees to two crore rupees for assessees carrying on business and from the present twenty-five lakhs rupees to rupees one crore for assessees exercising a profession....

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Posted Under: Income Tax |

Tax benefit under section 54EC on long term capital gain

The benefit under section 54EC can be availed of only if there is an income from a capital asset, being  long-term in nature. Long-term capital gains are the profit that a person makes when he sells any capital asset (wef A.Y 2019-20, the said long term capital asset shall be land or building or both) which he has held for a period excee...

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Taxable services & extent of service tax payable thereon

Notification No. 30/2012-Service Tax (20/06/2012)

Notification No. 30/2012-Service Tax ,Central Government hereby notifies the following taxable services and the extent of service tax payable thereon by the person liable to pay service tax for the purposes of the said sub-section, namely:— ...

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Reverse Charge Mechanism on Goods and Services under GST

Generally, the supplier of goods or services is liable to pay GST. However, in specified cases like imports and other notified supplies, the liability may be cast on the recipient under the reverse charge mechanism....

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Tax Audit Limit for Professionals Increased to 50 Lakhs

Increase in threshold limit for audit for persons having income from profession Under the existing provisions of section 44AB of the Act every person carrying on a profession is required to get his accounts audited if the total gross receipts in a previous year exceed twenty five lakh rupees. In order to reduce the compliance […]...

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No Tax audit for Turnover less than 1 crore & net profit less than 8%

Due to amendment in Finance Act, 2016, applicability of Tax audit in cases where turnover is less than 1 crore and net profit less than 8%, tax audit will not be required to be conducted....

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Posted Under: Income Tax |

All about Section 44AD of Income Tax Act, 1961

To give relief to small assesses, the Income-tax Law has incorporated a simple scheme commonly known as Presumptive Taxation Scheme. There are two schemes, viz., the scheme of section 44AD and the scheme of section 44AE. An assesses adopting these provisions is not required to maintain the regular books of account and is also exempt [&hel...

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