Tax audit turnover threshold limit increased to 5 crores Rupees for business (Amendment of section 44AB of the Act). (A) in clause (a),–– (i) the word “or” occurring at the end shall be omitted; (ii) the following proviso shall be inserted, namely:–– Tax audit turnover threshold limit increased to 5 crores rupees for business. ‘Provided […]
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What are the specified financial transactions in which quoting of PAN (Permanent Account Number) is mandatory?
What are the specified financial transactions in which quoting of PAN is mandatory? Rule 114B of Income tax rule – , following are the transactions in which quoting of PAN (Permanent Account Number) is mandatory by every person except the Central Government, the State Governments and the Consular Offices: Sale or purchase of a motor […]
Key Highlights of Budget 2020 (Announcements) with copy of Union Budget
Key Highlights of Budget 2020 (Announcements) Budget Income Tax Announcements Income Tax Rate 10% income tax rate for Income between 5,00,000.00 -7,50,000 Rupees 15% income tax rate for Income between 7,50,000 -10,00,000.00 Rupees 20% income tax rate for Income between 10,00,000.00 -12,50,000.00 Rupees 25% income tax rate for Income e between 12,50,000.00-15,00,000.00 Rupees Incomes above […]
What are the circumstances under which assessment under section 147 of Income Tax Act i.e. income escaping assessment can be carried out? || What is the time limit for making the assessment under section 147 i.e. income escaping assessment?
What are the circumstances under which assessment under section 147 of Income Tax Act i.e. income escaping assessment can be carried out? In the following cases, it will be deemed that income chargeable to Income tax has escaped assessment: Where no Income tax return has been furnished by the taxpayer, although his total income or […]
Due Dates for the month of January-2020// Return Due date of filing of Income tax Return and other General F & Q Related to ITR Filling //PAN with Aadhaar linking
Due Dates for the month of January-2020 7th January 2020 Due date for deposit of (TDS and TCS) Tax deducted/collected for the month of December-2019. However,all the sum (TDS or TCS) deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax […]
What incomes are deemed to have accrue or arise in India as per Income Tax Act? ||Income deemed to accrue or arise in India
Income deemed to accrue or arise in India As per section 9 of Income tax Act 1961 the following incomes are treated as incomes deemed to have accrued or arisen in India:- Income Received from Capital gain arising on transfer of property situated in India. Income Received from business connection in India. Income from salary […]
When Income Tax Assessing Officer is liable to determine the Advance tax liability? || Section 210 of Income Tax Act
When Income Tax Assessing Officer is liable to determine the Advance tax liability? If a Income taxpayer who has a legal obligation to pay advance tax fails to make payment for advance tax or advance tax is lower than the correct amount Assessing Officer may pass an order asking the taxpayer to pay tax on […]
What recourse is available to me if I am not satisfied with the order passed by my Income Tax Assessing Officer/ Commissioner (Appeals)/ITAT ? || Income Tax Appeal Form/ Fees/ Time limit
What recourse is available to me if I am not satisfied with the order passed by my Income Tax Assessing Officer/ Commissioner (Appeals)/ITAT ? || Income Tax Appeal Form/ Fees/ Time limit If you are not satisfied with the order passed by your Income Tax Assessing Officer then you can file an appeal to the […]
Are any Capital Gains Exempt Under Section 10 ?
Capital Gains Exempt Under Section 10 Section 10 of Income Tax law provides list of incomes which are exempt from tax amongst those the major exemptions relating to capital gain are as follows: Section 10(33) of Income tax act: Long-term or short-term capital gain arising on transfer of units of Unit Scheme, 1964 (US 64) […]
Can remuneration received by spouse of an individual be clubbed with his/her Income/ income tax return?
Can remuneration received by spouse of an individual be clubbed with his/her Income CLUBBING OF INCOME IN INCOME TAX ACT– Under certain circumstances as given in section 64(1)(ii) of Income tax law, remuneration /salary received by the spouse of an individual from a concern in which the individual is having substantial interest is clubbed with […]