INCOME TAX CATEGORY
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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 […]
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 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 […]
Article on Gifts Received by an individual or (HUF) Hindu Undivided Family Income Tax on Gift Received– Taxability on Gifts Received by an individual or HUF is very common and frequent question running in the mind of person. in this Article, you can gain knowledge about various provisions relating to Income taxability of gift received […]
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 […]
When relief under section 89 of the Income Tax Act 1961 is available? Section 89– Relief under section 89 of Income tax act is available to an individual if he has received Received Salary or family pension in arrears or in advance [Rule 21A (2)] Received Gratuity in excess of exemption under section 10(10)(ii)/(iii) […]
