The GST Council held it’s 28th meeting recently and Shri Piyush Goyal, acting Finance Minister was the Chairman of this meeting. The Council took many decisions which are beneficial to the industry and business and which may serve as Diwali gifts to the consumers if the businessmen pass on the benefits of reduction in the rate of tax or increase in set off to them.
To bring Uniformity and to give deductors sufficient time in filing of TDS Statement CBDT has vide Notification No. 30/2016 Dated: 29.04.2016 has revised due date for filing above referred TDS statements for Government and non-governemnt deductors wef 01.06.2016 to as follows :-
Tax is a financial burden on any person. One cannot do financial planning without considering the tax liability. Every person devotes his time and energy to plan his tax liability but still he doesn’t able to save much as he like’s too. The main reason is because mostly financial planning is done conventionally.
Analysis of the amendments made in Form 3CD by Notification No. 33/2018-Income Tax dated 20 July 2018 w.e.f. 20th August 2018. As effective date of amended Tax Audit Report From 3CD is 20th August 2018. Hence, it appears that Tax Audit Reports in From 3CD furnished prior to 20 August 2018 need not include enhanced […]
Vide its representation requested CBDT that the due date of filing return of income be extended by at least a month from the prescribed date of 31stJuly, 2018 for AY 2018-19.
Section 80TTA is introduced with effect from April 01, 2013 and will apply from AY 2013-14 and onwards. Section is introduced to provide deduction to an individual or a Hindu undivided family in respect of interest received on deposits (not being time deposits) in a savings account held with banks, cooperative banks and post office.
Ques: How is the income tax return of a deceased person filed? Ans: The Income Tax return of a deceased person is filed on his/her behalf by the legal heir of the assessee under the provisions of the Income Tax Act’1961. The income tax return of the deceased assessee will be signed on behalf of the deceased assessee by his legal heir.
Comprehensive list of problems and their solutions relating to short TDS payment & short TDS deduction defaults issued in the intimation U/s 200A
CONSEQUENCES OF SUBMISSION OF RETURN AFTER DUE DATE- If a return is submitted after the due date, the following consequences will be applicable: 1. The assessee will be liable for penal interest under section 234A.
Inclusion of others Incomes in the income of the asses see is called Clubbing of Income and the income which is so included is called Deemed Income. It is as per the provisions contained in Sections 60 to 64 of the Income Tax Act.
