Income Tax Return Deadline For F.Y 2019-20 Extended Extended due date for tax Audit:- In view of constraints being faced by taxpayers due to COVID-19,CBDT (Central Board of Direct Taxation) further extends due dates for various Income tax compliances for Financial year 2019-20: The due date of furnishing Income Tax Returns(ITRs)for taxpayers whose accounts require […]
Tag: Income tax india
Penalty on receipt of an amount of Rs. 2 lakh or more in cash
Penalty on receipt of an amount of Rs. 2 lakh or more in cash Section 269ST of Income Tax Act (as inserted by the Finance Act, 2017 with effect from 1/4/2017) provides that no person shall receive an amount of 2,00,000 Rupees or more, — 1.in aggregate amount from a person in a day; [As […]
Article “INCOME FROM HOUSE PROPERTY” ||Rental income from sub-letting||Composite rent
INCOME FROM HOUSE PROPERTY Income From House Property:– Taxable Income under the head “house property” Rental income from a property being land or building appurtenant there to of which the person (taxpayer) is owner is charged to tax under the head “Income from house property”. Rental income from sub-letting Rental income in the hands of […]
Eligible Business under section 44AD ||Who is eligible and not eligible to take advantage of the presumptive taxation scheme of section 44AD?
Eligible Business under section 44AD The presumptive taxation scheme of section 44AD of income tax Act 1961 can be adopted by following persons: Resident Individual Resident Hindu Undivided Family (HUF) Resident Partnership Firm (not LLP (Limited Liability Partnership Firm) Section 44ADA of Income Tax Act for AY 2018-19 {Section 44AD in Hindi} In other words, […]