Save Yourself from Clubbing Provisions for the Gifts Made in Cash

Meaning of Clubbing In general, clubbing means including the income of any other person into the Assessee’s total income for the purpose of taxation. Certain cases have been defined under the Income Tax Act, in which the income of other person is statutorily required to be included in the income of another person. This addition […]

Refunds under GST

A person can make an application for refund of GST before expiry of two years from the relevant date in such form and manner as may be prescribed. Such refund may be claimed in the return filed in regular manner by the taxable person if refund is related to credit balance in electronic cash ledger. […]

Section 194J – TDS on Professional or Technical Fees

Any person (other than individual or huf who is not liable to audit under section 44AB who is responsible for paying to a resident Fees for professional services Fees for technical services Royalty Any remuneration or fees or commission by whatever name called, other than those on which tax is deductible under section 192 to a director […]

Penalty on Late Filing of Income Tax Return – Section 234F

New penalty for late filing of Income Tax Return under section 234F is introduced in Budget 2017. Although this penalty is applicable only for income tax return of Financial Year 2017-18 and onwards. If a person who is compulsorily required to file Income Tax Return (ITR) doesn’t file return on time then he is liable […]

Computation of Long Term Capital Gain/Loss

Long term capital gain means capital gain arising from transfer of long term capital asset. Indexation benefit is available for long term capital gains. Long term capital gain is computed as under Long Term Capital Gain/Loss Amount Full value of considerationLess: Expenses incurred wholly and exclusively in connection with such transfer          […]

E way bill – The Complete Guide

Rule 138 of CGST Rules defines the provisions of e-way bill. The provisions of this rules is applied by various states on different dates. The penalty on non-compliance of provisions is still not yet declared by Government. Conditions in Which E-way bill is required or Not Required A registered person needs to generate an e-way […]

Section 80D – Deduction of Medical Insurance Premium

The following conditions should be satisfied for claiming deduction under section 80D. Assessee should be individual or HUF (whether resident or non-resident) Payment is made for The assessee himself, spouse, parents or dependent children of assessee in case of individual Any member in case of HUF Payment is made out of income chargeable to tax. […]

TDS Payment Due Dates and Interest on Late Payment

TDS Payment Due Date Month Due Date April 7th May May 7th June June 7th July July 7th August August 7th September September 7th October October 7th November November 7th December December 7th January January 7th February February 7th March March 30th April     The due date for payment in case of TDS on […]

TDS on Payment to Google Ads or Facebook Ads

If you are making payment to Google Ads or Facebook for advertisement then you are required to deduct TDS under section 194C of income tax act. You have to first check whether you are falling under section 194C or not. Now the question arises how one can deduct tax from payment to google ads/facebook when […]

How to make changes in the TDS challan details paid online or offline?

Sometimes we are required to make the changes in the TDS challan paid. Department has provided various ways in which you can make the changes in the challan paid which are as follows: – Online (For OLTAS challans) By Bank (For Physical Challans) By Assessing Officer (For Physical and Online Both) Online (OLTAS) Challan CorrectionTDSCPC […]

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