TDS from amount paid from Recognized Provident Fund – Section 192A
This section is applicable from 1st june 2015. Notwithstanding anything contained in this Act, the trustees of the Employees’ Provident Fund Scheme, 1952, framed under section 5 of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 or any person authorised under the scheme to make payment of accumulated balance due to employees, shall, in […]
Section 44ADA – Presumptive Taxation Scheme for Professionals
From financial year 2016-17, a new Section 44ADA is introduced for presumptive income for professionals. This section is similar to section 44AD for traders. Under this section professionals such as legal, medical, engineering, architect, accountancy, technical consultancy, interior decoration or any of the profession as given in section 44AA are allowed to presume 50% of the gross […]
Section 195 – TDS on payment to non-resident
Persons responsible for deducting TDS Any person responsible for paying to a non-resident, not being a company or to a foreign company, any interest (other than under section 194LB,194LC or 194LD) or any sum chargeable to tax other than salary. If the payment made is in the nature of salary then TDS to be deducted […]
NSC – National Saving Certificate
National Saving Certificate, commonly known as NSC, is saving bonds issued by Indian Government to individuals only. It is primarily focused on small savings. Also, the amount invested in NSC, can be claimed as tax deduction investment u/s 80C of Income Tax Act, 1961 subject to limit specified. Features of NSC VIII Issue Certificate are […]
Marginal Relief on Surcharge
Surcharge is applicable on income tax if the income exceeds the specified limit. So, a minor increase in income may exceed the specified limit and increase the tax liability to a great extent. Marginal relief is available to the assessee if the amount of income tax and surcharge exceeds income tax payable on specified limit […]
E-VERIFY INCOME TAX RETURN
If you are filing your return electronically then you are either required to send ITR-V to Income Tax Deparment CPC within 120 days from the date of filing or e-Verify your return. This e-verification can be done at the time of filing return or even after return filing. Penalty under Section 234F is not applicable if ITR […]
ITR-V RECEIPT STATUS
If you are filing your return electronically then you are either required to send ITR-V to Income Tax Deparment CPC within 120 days from the date of filing or e-Verify your return. The utility of checking ITR-V receipt status is very useful if you have send signed ITR-V to Income Tax Department and want to track […]
Invoicing under GST
Format of Invoice as per GST Rules – Invoice Format HSN Codes Requirement in Invoice Invoicing for Sales of Goods Invoicing for providing Services Details to be mentioned Manner of issuing Revision of Invoices issued before issue of registration certificate Invoices not required to be issued below specified amount Bill of Supply in place of […]
How to reset the password of Income Tax E-filling account.
There are many ways in which you can reset the password of your online income tax e-return online account portal. Step 1 -> Go to https://incometaxindiaefiling.gov.in Step 2 -> Select Login Here option from the left-hand sidebar. Step 3 -> Click on Forgot Password option. Step 4 -> Enter your PAN number in the User […]
Capital Gain Exemption arising from Transfer of Residential Property – Section 54GB
Eligible Assessee – Individual and HUF Eligible Capital Gain – Capital gain arising from transfer of long term capital asset being a residential house or a plot of land. Transfer of such capital asset should take place between 1st April, 2012 and 31st March,2017. Condition for exemption – The assessee has before the due date of […]