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 […]
Capital Gain Exemption on Investment in Certain Bonds – Section 54EC
Eigible Assessee – Any person Eligible Capital Gain – Any long term capital gain (From financial year 2018-19 only land or building will qualify for exemption) Condition for exemption – The assessee has at any time within a period of 6 months after the date of such transfer invested the whole or any part of capital […]
Capital Gain Exemption from Sale of Residential Agricultural Land – Section 54B
Eligible Assessee – Individual and HUF Eligible Capital Gain – Capital gain arising from transfer of land which in 2 years immediately preceding the date on which the transfer took place was being used by the HUF or individual or his parents for agriculture purposes. Condition for exemption – The assessee has purchased any other land for […]
Avoid notice from Department for non filing of TDS return
Every person responsible for deduction of tax shall file quarterly TDS return as per section 200(3) of Income Tax Act, 1961. However no TDS return is required to be filed if TDS is not required to be deducted during that quarter. Due to this, the Income Tax Department has been finding it difficult to differentiate […]
6 Benefits in Income Tax for Senior Citizens
A number of benefits are given in the Income Tax Act of India to the senior citizens apart from general deductions and benefits. Senior citizen is a resident individual who is of 60 years or more at any time during the previous year.Super senior citizen is a resident individual who is of 80 years or […]
Definitions under Income Tax Act
What is Assessment year? Assessment year is the year in which the income of the previous year is to be assessed. In other words assessment year is the succeeding year of the year whose income is to be taxed. For example if we are calculating taxable salary which is received in year 2015-16 then the […]
Capital Gain Exemption from Sale of Residential House Property – Section 54
Eligible Assessee – Individual and HUF Eligible Capital Gain – Capital gain arising from transfer of long term capital asset being buildings or lands attached thereto and being a residential house the income of which is taxable under head “Income from House Property”. Condition for exemption – The assessee has a) purchased a residential house within […]