Hindu Undivided Family (HUF) ♠ Hindu Undivided Family (‘HUF’) is treated as a ‘person’ under section 2(31) of the Income-tax Act, 1961 (Act). HUF is a separate entity for the purpose of assessment under the Act. ♠ Under Hindu Law, an HUF is a family which consists of all persons lineally descended from a common […]
CBDT prescribed form No. 15G & 15H for Declaration under section 197A (1)(1A), for an individual or a person (not being a company or a firm) claiming certain receipts without deduction of TDS.
Rectification has become easy since switchover to online but it has its own limitation. In this article I will be covering almost every point related to rectification in terms of: 1. Online request for rectification. 2. Required information before filing a rectification application. 3. Mistakes committed while filing a rectification. 4. Need for a proper system at your office place to avoid mistakes at each level of filing
Krishna, Currently the T-20 Cricket World Cup is on. Dhoni’s stumping in the India v/s Bangladesh match is all over the news. The Financial Year’s end, i.e. March end has arrived. Keeping this in mind, what should the taxpayers do, so that he will not get stumped?
Treatment of expenditures incurred by an assessee in excess of Rs. 20000/- (wef A.Y. 2018-19 Rs 10000/-) in cash or bearer cheque under section 40(A)(3) of the Income Tax Act, 1961
How to Reset Income tax Account Password – For password reset, please send login credentials to [email protected]. Password reset mails will not be entertained at any other mail id.
That we are in receipt of the advisory for inadmissibility of Input tax credit availed to the tune of Rs. ………….. We understand that the said advisory is inter-alia founded on the strength of a condition / restriction laid under sub section 4 of Section 16 of the CGST Act, 2017 that any registered person shall not be entitled to take any credit in respect of any invoice or a debit note, if the said registered person has filed the GSTR 3B return in respect of the tax periods July 2017 to March 2018 after 30.04.2019 and/ or the tax periods April 2018 to March 2019 after 20.10.2019 respectively.
Krishna, just a few days are left for the end of due date of filing returns for financial year 2018-19 i.e AY 2019-20 . Some lethargic tax payers are in hurry for filing their Income tax return for Financial Year 2018-19, but the due date of filing the return is July or September. How many previous years’ Income Tax returns can be filed?
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.
Corporate Assessee:- In case you have to deposit appellate fees, copying charges or other miscellaneous payments, tick box 0020, thereafter tick box ‘300 Self Assessment Tax’ under ‘Type of Payment’ and fill up the amount to be paid in ‘Others’ column under ‘Details of Payment’.
