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Common Mistakes that You can Make While Filing Income Tax Return
Income Tax Return Season of income tax returns has commenced. You need to show your Income to Income Tax Authorities on or before 31st July. By now, you must have received Form-16 and an instruction to file the returns as soon as possible from HR
hardiklashkariWhen 269ST will be applicable in Hindi
Lets have a glimpse of sec 269ST 1. किस पर लगेगा: अगर कोई व्यक्ति किसी अन्य व्यक्ति से 2 lakh से ज़्यादा पैसे प्राप्त करता है i.e. Cash a. एक दिन में एक person से b. एक transaction के लिए c. एक event या
Key changes in new ITR forms for AY 2017-18
The CBDT has notified new income-tax return forms (ITR forms) for the assessment year 2017-18. It has prescribed simplified version of ITR-1 with fewer columns. A new column has been inserted in ITR Forms to report cash deposits in banks above 2 lakhs during the
Income tax provisions in budget 2017
A basic question before we go in details of budget 2017 Let’s suppose in a section it is written that this section is applicable from 01/04/2012, then what does it mean? The answer is that this section is applicable from assessment year: 2012-13 and not
Rate of income tax for AY 2017-18
Individual, Hindu undivided family, association of persons, body of individuals, artificial juridical person. (i) The rates of income-tax in the case of every individual The tax rates for individuals and Hindu undivided family or every association of persons or body of individuals, whether incorporated or not,
Budget 2017:Clarity on Indirect transfer provisions
Background why clarity on Indirect transfer provisions required: Section 9 of the Act deals with cases of income which are deemed to accrue or arise in India. Sub-section (1) of the said section creates a legal fiction that certain incomes shall be deemed to accrue
Circular 41 of CBDT: Indirect Transfer provisions
Circular 41 of CBDT: Indirect Transfer provisions Clarifications on Indirect Transfer provisions under the lncome Tax Act. 1961 Under the indirect transfer provisions contained in section 9(1)(i) of the Income Tax Act, 1961 (.Act’), all income accruing or arising, whether directly or indirectly, -through or
Place of Effective Management of a Company
Relevance of Place of Effective Management of a Company (POEM) This article is based on circular issued by ministry of finance on 24/01/2017. The copy of circular is also attached at the end of this article. Section 6(3) of the Income-tax Act, 1961 (the Act), prior
Income Tax ConsultancyBenefit in 44AD for sale through banking channel
What is the benefit in 44AD available for sale via banking/digital means This benefit will be available to the taxpayers paying tax availing the benefit in 44AD of Income Tax Act. As per the current provisions they pay tax on 8% of total turnover. But
CA Shafaly Girdharwal11 things to know for disclosure of black money
Taxation Second Amendment Bill, 2016: 11 things to know for disclosure of black money The Government announced demonetization of existing currency of Rs 500/1000 as a step forward to curb black money with effect from the 9th November, 2016. However, concerns have been raised that
BENAMI TRANSACTIONS (PROHIBITION) Amendment Act, 2016
•In its efforts to trace the black money in India government has introduced the Benami Transactions (Prohibition) Amendment Act, 2016. It will help to catch the benami transactions in properties which are mostly used to hide the black money. The Benami Transactions (Prohibition) Amendment Act, 2016
Tax and penalty on Cash Deposit due to Demonetization
The Union Finance Minister Arun Jaitley yesterday introduced the Taxation Laws (Second Amendment) Bill, 2016 with a view to tax unaccounted black money deposited in bank accounts pursuant to demonetisation. The government has introduced Chapter IXA: ‘Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016′ (PMGKY) consisting of