Income Tax : Unraveling the anomaly in section 140B of the Income Tax Act, 1961 by CBDT - ITR-U. Delve into the complexities when an updated re...
Income Tax : Article explains Why it seems impossible to report accurate / reliable details in clause no. 44 of Form No. 3CD (Tax Audit Report)...
Income Tax : Debate over ITR date extensions: Is it justified? Explore the reasons behind the annual controversy and possible solutions....
Income Tax : The Common Error of Logic – Section 112 vs Section 111A vs Section 112A of Income Tax Act, 1961. One may consider the follow...
Income Tax : New Income Tax portal had been launched in first week of June-2021. Since then, many stakeholders are facing certain technical iss...
After demonetization, usage of plastic money (like Debit Card, Credit Card etc.) is increased manyfold. But do you know that by using these cards, you might be getting some free points or free money?
It Is An Easy To Use Tax Computing Program Designed By Ca. Tejas K. Andharia (Bhavnagar, Gujarat). Which Is Specifically Designed For Computing Tax On The Income Of Individuals And HUFs Only.(Excluding NRIs.)
Income Tax slabs are not changed, but the tax rate for first taxable slab of income from Rs. 2,50,001/Rs. 3,00,001 to Rs. 5,00,000 is decreased from 10% to 5%. So, now there will be directly a slab of 20% after the slab of 5% tax. As in the case of very senior citizens
In this article, taking three provisions of Finance bill 2017, taxation effect is studied under different scenarios with hint of tax planning. Further, controversial provision of surcharge under one of the scenarios with its suggested solution is also given.
Even after demonetization, buyer of real estate will be tempted to withdraw money from bank account and to pay nearly 50% purchase price in unaccounted way. Buyer will be tempted to do such a malpractice because, it can save stamp duty and registration fees in this way. On the other hand, seller will also not take any objection to this modus operandi because it will save income tax and VAT/GST by this practice.
Nowadays, many articles are published on various websites, YouTube videos are being uploaded and news channels are showing footages regarding fake coins of Rs. 10. I have studied this aspect in detail and by this article, I want to bring to your kind attention the true story of fake Rs. 10 coin.
Section 115BBE seems to be the biggest loophole in the Income Tax Act, 1961 whereby, any person can evade tax on concealed income of previous years by declaring such accumulated income as income of current financial year and paying tax @ 30%+surcharge+cess thereon (without causing any penalty, interest and prosecution).
1. Just open https://translate.google.co.in/ 2. In left side box, type the URL of your desired website (For Example icai.org) 3. Now in right side box, you will see the same URL but with the hyperlink. Now click on that hyperlink. 4. Now the new webpage will be loaded with options of languages ‘From’ and ‘To’. […]
Rebate under section 87A is increased to Rs. 5,000/- from Rs. 2000/-. [This rebate is available to individual resident in India whose taxable income does not exceed five lakh rupees.] [Applicable from A. Y. 2017-18]
Income Tax rates are not changed but surcharge in almost all categories of tax payers is increased from 10% of income tax to 12% of income tax. [Not to worry situation for most of the tax payers as surcharge is applicable to so called super rich persons only. e.g., individuals with taxable income exceeding Rs. 1 crore.] [From A. Y. 2016-17]
