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Income Tax Filing

21

Jul

TDS AND ITS RETURNS

Tax deducted at source is a part of income tax paid at the time of making any payments like salary, fees, rent etc by that person who is making such a payment

06

May

MAY COMPLIANCE CALENDAR 2020

Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana or Andhra Pradesh or the Union territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands and Lakshadweep

04

May

Minimum Alternate Tax Eligibility Rates and Applicability

its shareholders but do not pay any minimum tax and claiming deductions and exemptions allowed under the IT Act. By introduced MAT, the companies have to pay fixed percentage tax at the profit as MAT.

26

Apr

ADVANCE TAX ELIGIBILITY AND APPLICABILITY

Advance tax defines as income tax should be paid in advance instead of lump sum payment at the end of the year. It is also called as pay as you earn tax. The payments have to be made in instalments as per due dates provided by the IT department.

22

Apr

Coronavirus Impact Donation made to PM Cares Fund is liable for 100% Tax deduction

. This amended added to the provisions of the Income Tax Act attracts the same tax treatment to the PM CARES Fund as available to the Prime Minister’s National Relief Fund.

08

Apr

Coronavirus Impact : Government to release all pending Income Tax Refunds upto Rs 5 Lakhs

The objective of such an announcement is crystal clear that the government is providing support to the business entities and individuals as soon as possible. According to the official statement it is supposed to benefit around 14 Lakh taxpayers.

05

Apr

How to claim Income Tax Refund?

Income Tax Refund arises when taxes paid amount is more than your actual tax liability (including interest). It could be in the form of advance tax, tax deducted at source, foreign tax credit etc.

31

Mar

Sec 80D: Deduction for Medical Insurance and Expenditure

Deduction u/s 80D is available up to Rs. 25,000 to an assessee of premium paid for Medical insurance of self, spouse and dependent children. If assessee or spouse is 60 years old or more

30

Mar

No more false entry in Income Tax and GST

to curb issuance of fake invoices, New penalty section 271AAD has been proposed to be inserted in the Income Tax Act through Finance Bill, 2020. The amendment will take effect from 1st April 2020.

28

Mar

Maintenance of Books of Accounts under Various Laws

Books of accounts including bills and receipts and that is required to be maintained under different statutory laws – Income Tax Act, Companies Act 2013 and GST Act.

27

Mar

Sec 194I of Income Tax Act - TDS on Rent

Sec 194I of the Income Tax Act 1961 is related to the TDS deduction on payment of rent. The provisions explain the applicability, rate, time of deduction, and payment of TDS on rent

27

Mar

IND AS – 38: Intangible Assets

For example Patent, Trade Mark, Goodwill, copyright, Customer details etc

26

Mar

Equalisation Levy: Features, Applicability, Penalty

Equalisation Levy” of 6% on consideration received against services provided to Indian Resident or a Non-resident person who has permanent establishment in India by a Non-resident person without any permanent establishment in India.

26

Mar

Benefits of filing ITR Even if your Income is below exemption limit

having annual income is in excess of the basic exemption limit of Rs 2,50,000. It is mandatory to file even when there is no tax liability, an income tax return (ITR) must be filed if the total income exceeds the above-mentioned limit.

25

Mar

Benefits of registration Under Section 12AA of Income Tax Act 1961

For this purpose all these entities have to satisfy certain conditions so that they can avail ‘Benefits of Registration u/s 12A of the Income Tax Act’1961’

25

Mar

TDS Compliances

Every registered assesse who is liable to deduct TDS or TCS shall collect/deduct tax and same will be deposited within the prescribed time limit as per Government.