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.
Understanding of Notice, Penalty, Late fees and Interest on TDS for Purchase of Immovable Property- As per Finance Act of 2013, TDS is applicable on transfer of Immovable property, wherein the consideration of the property exceeds or is equal to ₹ 50 Lakhs. Sec 194 IA of the Income Tax Act, 1961 read with Rule 30, 31 and 31A of Income Tax Rules states that:
In this Article we have discussed Mode of Refund, How to Know Status of Refund, What to in case of expired refund/ Return of Refund, non-receipt of Refund dispatch, Mistake on Refund Cheque, ECS Failure, Refund Paid but Taxpayer account not credited, Ajustment of Refund Against Demand and whom to contact in case help required.
In this Article we have discussed 28 Most Common Reason for Failure / Return or non-issuance of Income Tax Refund and Solutions for the same. Some of the common issues are Expired Cheque, Incorrect A/C No , House Locked, Party Shifted,Incorrect MICR code/unavailable etc.
1. Prosecution etc. : U/s. 276B If a person deducts tax at source etc. but fails to pay the same to the credit of Central Government as prescribed, he can be sentenced to rigorous imprisonment for a term not less than 3 months and extendable upon 7 years with fine as well. Moreover, u/s 276BB, similar punishment is provided for a person who fails to pay to the credit of Central Government taxes collected at source u/s. 206C being a seller of alcoholic liquor for human consumption, Tendu leaves, timber merchant, dealer in forest produce and dealer in scrap etc.
W.e.f. 1-4-2008, if an employer providing such facility to his employee is not liable to pay fringe benefit tax, the value of such perquisite shall be : a) Nil, if the motor car is used by the employee wholly and exclusively in the performance of his official duties. b) Actual expenditure incurred by the employer on the running and maintenance of motor car, including remuneration to chauffeur as increased by the amount representing normal wear and tear of the motor car and as reduced by any amount charged from the employee for such use (in case the motor car is exclusively for private or personal purposes of the employee or any member of his household).
The income tax department has asked all deductors to register their TAN on NSDL web site. Once registered, the deductors will be provided User ID and password for authenticated access. Benefit of registration- The access will result in the following benefits to the deductors. View of status of all statements filed;
It is proposed to amend this section 80D to include any payment made by an assessee on account of preventive health check-up of self, spouse, dependant children or parents(s) during the previous year as eligible for deduction within the overall limits prescribed in the section. However, the proposed deduction on account of expenditure on preventive health check-up (for self, spouse, dependant children and parents) shall not exceed in the aggregate Rs.5,000.
A person is required to get his accounts audited u/s 44AB if turnover of business exceeds Rs 100 Lakhs , or In case of Profession Gross Receipts exceed Rs 50 Lakhs. In case of business what should be the meaning of turnover/sales? Should it be Gross sales or net sales? Should it include GST? The meaning of turnover/sales for the purpose of tax audit is discussed as follows:
Interest 8.6% w.e.f 01.12.2011 (subject to change as per GOI/RBI directives) to be applied annually. (1) This Scheme may be called the Public Provident Fund (Amendment) Scheme, 2011 2) It shall come into force on the 1st day of December 2011. (3) The Public Provident Fund scheme is a statutory scheme of the Central Government framed under the provisions of the Public Provident Fund Act, 1968.
