Mr. Sanghai had sold a commercial property, which was a long term asset and invested the same in purchase and construction of a flat in a apartment in Mumbai, within the one year of sale of asset and claimed deduction u/s 54F of income tax act, but later the builder has not completed the possession of the apartment within 3 years and the apartment remained under construction even after 3 years. The period of 3 years is lapsed without any mistake of Mr. Sanghai Now?
The consolidated annual tax statement in Form 26AS is now available to PAN holders. The endeavour is to streamline and synchronise the tax paid/deposited under each PAN and identify and resolve discrepancies, if any, at an early stage. Discrepancies could arise due to reasons like incorrectly quoted PAN/non-filing of TDS returns/non-deposit/lower deposit of taxes by the deductor, and can be identified and resolved at an early stage.Income tax department has put in place a facility to enable taxpayers to view their tax credits online or through the internet.
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?
Who is Non Resident Indian (NRI) as per Income Tax Act and as Fema Provisions? TDS will be deducted only on those incomes of Non Resident Indians (NRIs) which are liable to tax in India. If the income is tax free in India like long term capital gains from equity shares, there would be no TDS. Another important thing to remember is that you should be an NRI at the time of receiving the income. For instance, you may have purchased a long term debenture of a company while you were a resident Indian. But any interest that you receive during the period after becoming an NRI will be subject to TDS.
It is obvious that the TDS provisions are going to be expanded day by day even in the direct Tax Code era. In the process to recover more and more tax through this mode of recovery, in many cases tax is also deducted from incomes which are expressly exempt. Many cases are wandering the corridors of various courts of law on this ground. This is also reflected in the decided cases. It seems that the issue gets complicated with the increase of TDS coverage. It will be interesting to go through the law and the judge-made law on the issue.
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We often talk about having the power to shop without restrictions. Shop as much as we want without worrying about money. And yet we don’t do it when there are easy financial options available at our fingertips. One such great service that the fintech boom in India has given us is instant line of credit. […]
As per section 10 (1), any agricultural income earned by the person during any previous year is exempted from tax. Under the present article, we would understand the provisions of section 10 (1) of the Income Tax Act. The article covers the definition of the term ‘Agricultural Income’ and treatment of agricultural income’.
Article compiles due date Under Income Tax , GST and Custom before and after Comprehensive Announcement on relief for Statutory Compliance Regulations due to COVID 19 by Hon’ble Finance Minister dated 24/03/2020. Comprehensive Announcement on relief for Statutory Compliance Regulations due to COVID 19 by Hon’ble Finance Minister dated 24/03/2020 Direct Tax Subject Matter Before Announcement […]
MCA has issued General Circular No. 11/2020 dated 24th March, 2020 on Special Measures under Companies Act, 2013 (CA-2013) and Limited Liability Partnership Act, 2008 in view of COVID-19 outbreak which includes measures related to waiving Additional Fees on delayed submission of e-forms and relaxation related to Maximum GAP between two Board Meetings. Language of […]
