Income Tax : In this Article we have discussed briefly Different Provisions Applicable to Income from Business and Profession at one place. In ...
Income Tax : Article contain all benefit available to Small Businessmen for AY 2020-21 including provisions for Presumptive Taxation Scheme, Va...
Income Tax : Income Tax Benefits are available to Individual/HUFs for AY 2024-25. Claim reliefs & rebates of up to Rs. 2.5 lakhs. Senior & Supe...
Income Tax : A person becomes senior citizen under Income Tax Act in any year after attaining the age of 60 even for one day. Once he attains 6...
Income Tax : Every year the residential status of the taxpayer is to be determined by applying the provisions of the Income-tax Law designed in...
Finance : CA Sandeep Kanoi I just came to know about one very interesting investor education initiative called “Plan F- your financial fit...
Income Tax : India Infrastructure Finance Company Limited Issue Period: 26 Dec 2012 to 11 Jan 2013 Key Benefits: Credit Ratings: AAA by CARE, A...
Income Tax : If you are sitting on unrealised losses on equity investments made less than a year ago, here is some consolation. Those unrealise...
Ever since income tax became a reality, people have been trying to find ways to reduce their tax liability. But with so many tax-deductible expenses and exemptions, it can be hard to know which deductions to use and which ones to leave out.
To give relief to small taxpayers from the tedious job of maintenance of books of account and from getting the accounts audited, the Income-tax Act has framed the presumptive taxation scheme under sections 44AD, section 44ADA and section 44AE. In this part you can gain knowledge about various provisions of the presumptive taxation scheme of section 44AD, section 44ADA and section 44AE.
Discover seven smart income tax planning tips to reduce your tax liabilities legally and effectively.
Important income tax points to consider when buying or selling a property. Learn how Section 50C can affect the calculation of capital gains.
Effective income tax savings tips to help in tax planning. Learn how to efficiently reduce tax outgo and make informed decisions between the old and new tax regimes.
There has been a spike in the number of tax notices to Assessees because the Income tax department is now equipped with an integrated database on taxpayers which allows them to track almost all financial transactions by analyzing information through Annual Information Return (AIR), Statement of Financial Transactions (SFT), Centralized Information Branch (CIB), TDS/TCS Statement, Securities Transaction Tax (STT), exchange of information with various entities having MOU with CBDT etc.
Do not forget these Incomes generally omitted while filling income tax return Since significant number of salaried people file their income tax return themselves and thus may some commit some omissions not with any intention but due to sheer ignorance of the law. Based on my experience of practicing as a Chartered Accountant, I wish […]
Generally employee submits Rent receipt and rent deed to his employer to claim exemption of tax on account of HRA however recently CBDT vide circular :08/2013 dated 10 Oct 2013 has made mandatory that If annual rent paid by the employee to his/her land lord exceeds Rs 1,00,000 per annum
Forget to verify your previous year tax returns? Don’t worry because CBDT has come up with a Golden Opportunity for those taxpayers who have filed their income tax return well within the time frame but afterwards forget to verify ITR V acknowledgement within 120 days. Some Important Points Related to this One Time Opportunity: 1. […]
If the return could not have been filed within the above due dates even then the same can be filed validly as a belated return within the time limit prescribed U/s. 139(4) of the Act. Under section 139(4) a belated return can be filed before the expiry of one year from the end of relevant assessment year or before the completion of assessment whichever is earlier.
