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Some Income tax provisions to know, to avoid service of I-T notice at your door

CPC for electronic tax returns in Bangalore and CPC (Vaishali in Ghaziabad) for tax deducted at source (TDS) are working as the right hands of Government for detecting cases of incorrect income reported by tax payers knowingly or unknowingly.  It was published by leading news paper that some of Assessee received notices for filing incorr...

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Capital Gain Exemption & Capital Gain Account Scheme

The amount of the capital gain which is not appropriated by the assessee towards the purchase of the new asset made within one year before the date on which the transfer of the original asset took place, or which is not utilised by him for the purchase or construction of the new asset before the date of furnishing the return of income und...

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Posted Under: Income Tax | ,

Check TDS/TCS tax credit in form 26AS & reason for mismatch

If you are a taxpayers, you need to check your Form 26AS to ensure the tax deducted at source (TDS) is reflected correctly in the income tax records. Form 26AS is a consolidated tax statement issued under Rule 31AB of the Income Tax Rules to PAN holders. This statement will include details of:...

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Posted Under: Income Tax | ,

How to download online TDS Certificates in Form No. 16A

As you are aware that at present, the activity of issuance of Form No.16A is distinct and independent of filing of e- TDS statement on quarterly basis and therefore the chances of mismatch, in certain cases, between TDS Certificate in Form No.16A and Form No, 26AS cannot be completely ruled out. To overcome the challenge of mismatch, the...

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Posted Under: Income Tax | ,

Valuation of rent-free accommodation and comparison with HRA

Valuation of Rent Free Accommodation has been specified under Rule 3 of the Income Tax Rules. Mentioned below are the few merit points from the specified rule. Unfurnished accommodation :-In case of central and state government employees, the perquisite value is to be determined as per the licence fee specified by the government. For gove...

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Posted Under: Income Tax | ,

All about Taxation of Partnership Firms / LLP

Article explains Taxation of Partnership Firms /LLP which includes Income Tax Rate applicable, Provisions related to Interest and Remuneration to Partners/Designated Partners, Conditions for assessment as a firm, Partners’ assessments, Losses of the firm, Due dates for filing return of firm, Allowability of remuneration and interest vis...

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Posted Under: Income Tax | ,

Income tax Refund Re-issue for change in Address & Bank Details

For the change in Address and all address related issues. Taxpayer has to Login to http://incometaxindiaefiling.gov.in. a. Login to the above website, where in the login id will be the PAN Number and Password is which is created when logging in for the first time. b. Now Go to ‘My Account’. In the drop down click on ‘Service Request...

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Posted Under: Income Tax | ,

Take all, leave none – while filling your Income tax return!

Here I have covered items of incomes which are taxable, but unknowingly we tend to ignore, thus remain unaccountable in our return of income due to sheer ignorance. But it is important to take these into account to make your life easier....

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Posted Under: Income Tax | ,

Tedious (TDS) Deduction Scheme- Practical Issues

In business parlance these days, the word ‘TDS’ has become synonymous with ‘tedious’. The deductor and the deductees who are the affected parties in these transactions are having a tough time. They not only have to ensure their role and play it well, they also have to take care that the other party (deductor/deductee ) have play...

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Posted Under: Income Tax | ,

Interest & Remuneration to Partners: Section 40(b)

Section 40(b) of Income Tax Act places some restrictions and conditions on the deductions of expenses available to an assessee assessable as a partnership firm in relation to the remuneration and interest payable to the partners of such firm. The deductions regarding salary to partners and any payment of interest to partners cannot exceed...

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Posted Under: Income Tax | ,
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