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Deductions are allowed to tax payer for reducing their tax liability. With the help of deductions assesse can avail benefit of low tax payment in a legal manner. For the betterment of taxpayer government has introduced multiple sections in act and amends or inserts new sections on timely manner. In spite of chapter VI A […]
Read MoreThe term Dormant itself defines an inactive, non-functional or suspended state. Keeping in line, the Section 455 of The Companies Act, 2013 also describes a Dormant Company as a company which has no significant accounting transaction. The term Significant Accounting Transaction indicates transaction other than:- The payment of fees to Registrar, The payment made to […]
Read More*MAJOR TAX PROPOSALS* *TAXPAYERs’ CHARTER* in various Acts like Companies Act, for removing *harassment* of and protecting Taxpayers. 1. *VIVAD SE VISHWAS SCHEME IN INCOME TAX* – No interest & penalty if tax paid by 31st March 2020. Some additional amt. By 30th June. 2. Option to Individual without around 70 exemptions/ Deductions (With 1.5L […]
Read MoreITR6 :- For companies other than companies claiming exemption under section 11 (Means Companies Registered under Section 8 Company) ITR 7 :- For Persons including companies required to furnish return under sections 139(4A) – Charitable or Religious institution 139 (4B) – Political Party OR 139(4C) –Scientific research institution, News agency or association 139(4D)-other Institution 139(4E)- […]
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Difference Between ITR 3 and ITR 4 ANYALSIS OF ALL SOURCES OF INCOME WITH SOME LIMITATIONS SPECIALLY COVERING BUSNIESSES WHO HAS NOT FILED ITR 1 AND ITR 2 :- INDIVUAL/ HUF AND FIRM INCOME :- ITR 4- simple return for Business. (Sahaj) For Individuals, HUFs and Firms (other than LLP) being a Resident having Total […]
Read MoreFor Individuals, HUFs and Firms (other than LLP) being a Resident having Total Income upto Rs.50 lakhs and having income from Business and Profession which is computed under sections 44AD, 44ADA or 44AE Note :-ITR 4 Can not be filed by the following person:- This return cannot be filed for an Individual who is either […]
Read MoreFor Individuals and HUFs not having income from profits and gains of business or profession . Note 2:- Who will have to file ITR 2 instead on ITR 1 :- Income more than 50 L . Agricultural Income more than Rs.5000/-. Income from capital Gains (Sales of share , property and other movable assets). Income […]
Read MoreITR 1 –Simple Return for Salary For Individuals being a Resident (other than Not Ordinarily Resident) having Total Income upto Rs.50 lakhs, having Income from Salaries, One House Property, Other Sources (Interest etc.), and Agricultural Income upto Rs.5 thousand. Note 1 :- (Not for an Individual who is either Director in a company or has […]
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