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Deduction of tax at source from payment on transfer of certain immovable property 1 Provisions of Section 194-IA: (1) Any person, being a transferee, responsible for paying (other than the person referred to in section 194LA) to a resident transferor any sum by way of consideration for transfer of any immovable property (other than agricultural land), shall, […]
Read More Effective date This levy shall come into force on June 1, 2016. Charge of equalisation levy Following persons a) a person resident in India and carrying on business or profession; or b) a non-resident having a permanent establishment in India. have to charge/deduct at the rate of 6% of the amount of consideration […]
Read MoreCRUX of Sec.44AB:-In A/Y 16-17 There was the concept that Assesssee claiming less that 8% of income than he must do the Audit of accounts…but now the person who show there income less than 8%/6% in 44AD …in these cases person need not to go for audit until the limit of turnover not reaches the […]
Read More1. Why we should file Income Tax return :- To Take Loan. Credit card. To carry forward and set off losses. Visa processing. Buying Insurance policies or High life cover. Government tender. Self employed. Claim TDS refund. Appointment in Judicial and Class One Jobs Accidental claim in third party Insurance To save the penalty. 2. […]
Read MoreTAX DEDUCTION/COLLECTION ACCOUNT NUMBER Meaning of TAN Tax Deduction Account Number or Tax Collection Account Number is a 10-digit alphanumeric number issued by the Income-tax Department (we will refer to it as TAN). TAN […]
Read MoreTo give relief to small taxpayers from the tedious job of maintenance of books of account and from getting the accounts audited, the Income-tax Act has framed the presumptive taxation scheme under sections 44AD, section 44ADA and section 44AE. In this part you can gain knowledge about various provisions of the presumptive taxation scheme of […]
Read MoreIncome tax act, 1961 provides us a various relief , in these one is exemption from the Tax on the in the business completely or partly , here we detailed out few:- Agricultural Income [Section 10(1)] As per section 10(1), agricultural income earned by the taxpayer in India is exempt from tax. Agricultural income is […]
Read MorePAN is a ten-digit unique alphanumeric number issued by the Income Tax Department. PAN is issued in the form of a laminated plastic card as given below (commonly known as PAN card). Out of the first five characters, the first three characters represent the alphabetic series running from AAA to ZZZ. BLGS XXXX D The […]
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