Section 43B – Deductions Allowed only on Actual Payment
Section 43B disallows the sum which are not paid in the financial year as well as not paid before due date of filing income tax return. The following sum are allowed in the year in which they are incurred, only if they are paid before the due date of furnishing the return of income under […]
Statement of Financial Transactions in Form 61A
Statement of Financial Transactions (previously called Annual Information Return – AIR) is to be filed by specified persons in respect of specified financial transactions in Form no. 61A. Form 61A can be filed only electronically and with use of digital signature (DSC). Last day of filing statement is 31st May of the succeeding financial years. No […]
TDS under GST – Applicability, Rate, Provisions
The provisions of TDS and TCS is applicable from 1st October 2018. Notification No. 50/2018 – Central Tax When TDS needs to be deducted The central or state government may mandate the following enterprises to deduct TDS at the rate of 2% (1% SGST +1% CGST) from the payment made or credited to a supplier […]
GST Payment Due Dates and Interest on Late Payment
GST Payment Due Date The due date for payment of GST is 20 days from the end of the month. For persons registered under composition scheme, the due date will be 18 days after the end of the quarter. GSTR-3B or GSTR-4 can be filed only after payment of GST. GSTR-1 can be filed without […]
Benefits of Filling Income Tax Return (ITR) on time
Under Income Tax Act, various person are required to file their income tax return within prescribed time limit i.e. due date. If the assessee failed to file income tax return before the due date then he shall be liable for the followings :- Penalty under Section 234F Penalty under section 234F is levied from Financial […]
Rent,Repairs,Insurance etc. – Section 30
The following expenses are allowed as deduction from income of Business or Profession:- + Amount spent on repairs to the premises. + Amount paid for land revenue, local rates and municipal taxes subject to Section 43B. + Insurance Premium paid for covering risk of damage of premises. + Rent paid for the premises. + Amount […]
i2ifunding.com – Leading Peer to Peer Platform in India
Peer to Peer lending (P2P) concept although new to the Indian investors and borrowers, gaining popularity at a rapid pace. The complex and time consuming processes by banks and strict conditions is increasing the interest of common people in it. The loan is in nature of unsecured personal loan and can be taken for purpose of house […]
TDS Return – Due Date, Penalty and Forms
TDS Return Filing Due Date (Applicable from 1st Quarter of 2016-17) Quarter Last Date for Filing Return 1st April to 30th June 31st July 1st July to 30th September 31st October 1st October to 31st December 31st January 1st January to 31st March 31stMay TDS Return Filing Due Date (Applicable upto 4th Quarter of 2015-16) Quarter […]
Complete Guide for Persons who Receives Form 15G or Form 15H
Form 15G or Form 15H are the declaration forms by the assessee stating that no tax is payable by them and thus no TDS should be deducted from payments to them. The form can also be submitted through electronic process and it is mandatory for the payer to accept the electronic generated form. The payer […]
Co-ownership – Section 26
Meaning of Co-owner – When the property is owned by two or more person, they are known as co-owners. Taxability If their respective shares are definite and ascertainable then the income from House Property shall be calculated as per the general provision and then apportioned amongst each co-owner as per their definite share. However, deduction under […]