Procedure for Surrender / Cancel Extra / Additional PAN Online
Each tax payer in India under the direct orders of Central Board of Direct Taxes (CBDT) is allotted a Permanent Account Number by the Income Tax Department. It’s a 10 digit unique alphanumeric number, and is compulsory for all financial transactions an individual has engaged in. Anyone can apply for PAN using Form 49A or […]
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 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 […]
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 […]
Capital Gain Exemption on Investment in Residential Property – Section 54F
Eligible Assessee Only Individual and HUF can take exemption under this section. Eligible Capital Gain Capital gain arising from a transfer of long-term capital asset not being a residential house property. If the property sold is a house property then exemption is available under Section 54 and not under this section. Condition for exemption The […]