1. Introduction: Amidst various changes brought about in the Finance Bill, 2020, introduction of Section 206C(1H) is a welcome step to curb and track usage of unaccounted money. The Section requires the seller to collect tax at source on sale of certain goods, details of which shall act as data centres for the Government to […]
Tax deducted at source or TDS is a tax deducted by a person or company before making a payment over certain threshold limits to any other person. It is to be deducted at the rates prescribed by the tax department and remit the amount into the account of the Central Government. A deductor is a […]
Provisions of section 10(2A) of the Income Tax Act exempts share of profit received by a partner in the total income of the partnership firm/LLP. The main objective of granting the exemption,under section 10(2A) to the share of profit received by the partner, is the avoidance of double taxation. The present article meticulously explains the […]
Learn how to track your income tax refund status online. Find out when and how your refund will be credited. Get answers to refund-related questions
Ideally when you deal in Futures and Options, the transaction size is big but profits are too small. Therefore confusion prevails that whether these transactions can be termed speculative transaction or they are business losses or profits.
There may be some cases under Income Tax Assessment proceedings where there are a large number of unexplained credit and debit enteries of a person standing in books of account of an assessee. In such case the AO may tend to add all the aggregate enteries as unexplained income. However, in such case if the assessee does not have any explanation for every credit or debit entry of a person, standing in his books of account then one of the most commonest defences which an assessee may take is that, the enteries should be so arranged in serial order, that a credit following a debit entry should be treated as referable to the latter to the extent possible and that, not the aggregate but only the ‘peak’ of the credits should be treated as unexplained.
If you have forgotten your password for the Login ID that you had created for efiling of Income tax return and to view Tds Credited ( 26AS) in your account. There is a control that you can create only single account with one PAN No. So if you want to activate your account, the only option is to reset the password
1. As per Section 192 of the IT Act, any person responsible for paying any amount under the head salaries is required to deduct tax at source at the time of payment. This section unlike some other provisions, does not distinguish between payment of salary, to a resident, non resident or expatriate. Thus all payments which are taxable under the head salaries, are also covered by the provisions of TDS, irrespective of the residential status of the recipient.
The process of request for re-sending of CC-Intimation u/s 143(1)/154 and refund is now available in ‘Services’ option. 1. The option is available once you login into you account on https://incometaxindiaefiling.gov.in/portal/index.do 2. After login click on the main menu Services and sub menu ‘CPC intimation Services as shown in picture below:-
Every finance professional are making estimated accounts of the company and based on that you can also prepare the estimated computation of total income assuming same adjustments as done for the previous year. Determine the expected tax liability of the company. Determine the TDS deducted and advance tax paid till date and also determine the expected TDS on the revenue for the balance period of the financial year.
