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Finance : CA Sandeep Kanoi I just came to know about one very interesting investor education initiative called “Plan F- your financial fit...
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Income Tax : If you are sitting on unrealised losses on equity investments made less than a year ago, here is some consolation. Those unrealise...
Those who are working and fall under a tax slab as per their annual income get TDS deducted by their employers on a monthly basis, whereas small business owners are often seen escaping the tax demon by hiding their actual annual income. Correspondingly, they save thousands on taxes, which is not a very good idea to save the taxes because these people are going to get a tax notice sooner or later. These transgressions can invite penalties and the person has to pay up to 300% of the unpaid amount as the tax.
Do you want to keep an Arm’s Length Distance from the Income Tax Department? Obviously the Answer is YES!!! But the question here is HOW??? Here are a list of expenses/ investments, which at any point of time performed by you may invite undue attention from the Income tax Personnel.
Dont miss the deadline! Link your Aadhar Card with PAN before 30th June 2020 to avoid penalties and keep your PAN active.
Learn how to file your income tax return without using any software. Follow these step-by-step instructions to file directly on the income tax department website.
Question: How to file income tax return in case of profit/loss from F&O trading? Do we get our accounts audited in case of loss from F&O Trading? I will try to answer all questions relating to F&O Trading through this article so that it can be of help to people in filing income tax returns.
What are the steps in brief to upload the tax returns on this website? I have forgotten my password. What is to be done to retrieve it ? What to do if there is an INTERNAL ERROR at the time of registration? In case, taxpayer has entered the wrong email-id during registration and taxpayer is not able to activate its user id, what is to be done by taxpayer to activate the account ? Can a LEGAL HEIR file the return of the deceased assessee for compulsory DSC cases ? y Challan of payment of Advance Tax or Self Assessment Tax does not contain correct PAN or Assessment Year. Will the claim be allowed? The last date of filing falls on Saturday or Sunday. Can I file my e-return on subsequent Monday?
How to Reset Income tax Account Password – For password reset, please send login credentials to validate@incometaxindia.gov.in. Password reset mails will not be entertained at any other mail id.
1. Under the Income Tax Act, an HUF is a separate entity for the purpose of income tax return. 2. The same tax slabs are applicable to HUF as to individual assessee. 3. You can not transfer your own assets/money into HUF. 4. If you have ancestral property and earning some income from this property, then it is better to transfer this asset to HUF and save tax up to exemption limit applicable to individual.
Everything you need to know about Leave Travel Concession (LTA) and the mandatory supporting documents for claiming LTA.
Though as a Company or a Firm you are required to file a return irrespective of whether you have income or losses. In cases where a person (an individual) has Loss under the head ‘Income from House Property’ or loss under the head ‘ Profits & Gains of Business or Profession’ ‘Capital Gains’ or losses from ‘Income from Other Sources’. Such losses may be allowed to be carried forward and set off (upon fulfillment of certain conditions) provided a Return has been submitted by you in time.
