Am I required to keep a copy of the Income Tax Return filed as proof and for how long ? Yes, since legal proceedings under the Income-tax Act can be initiated up to 4 or 6 years (as the case may be) prior to the current financial year, you must maintain such documents at least […]
The Income-tax Act 1961 does not prescribe any specific books of account for a person engaged in business or in non-specified profession. However, such a person is expected to keep and maintain such book of account and other documents as may enable the Income Tax Assessing Officer (ITO) to compute his total income in accordance […]
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 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 […]
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? 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 If you are not satisfied with the order passed by your Income Tax Assessing Officer then you can file an appeal to the […]
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 […]
What are the provisions framed under the Income tax law/Act in relation to carry forward and set off of business loss other than loss from speculative business? Set off of business loss– The set off of loss from house property against income from any other source is restricted to 2 lakh rupees per annum. [w.e.f. […]
Whether goods sent by a taxable GST person to a job worker be treated as supply and will they be liable to Pay GST? No, the goods sent by a GST registered person to a job worker is not a supply, as there is no transfer of title and no consideration for the goods is […]
