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 […]
Reverse Charge under GST – Explained with Examples
What is Reverse Charge? Normally, GST is to be collected by the person who is selling good and services. But in some cases GST is to be collected by the purchaser of goods/service and not by seller. This is called Reverse Charge Mechanism, RCM in short. In some cases of sale through E-commerce operator such […]
TDS on Sale of Immovable Property – Section 194IA, Form 26QB
Applicability Section 194IA is inserted by Finance act 2013 and is applicable from 01st of June , 2013. A person who is purchasing any immovable property (other than agricultural land) from a resident is required to deduct TDS @ 1% from the amount payable in this behalf. TDS is not required to be deducted If […]
Procedure to file Form 61, Form 61B & Form 15CC
A complete guide to file form no. 61, 61B and 15CC. The use of these forms are Form 61 – Filing of details regarding form 60 Form 61B – Statement of Reportable Account under sub-section (1) section 285BA of the Income–tax Act, 1961 Form 15CC – Quarterly statement to be furnished by an authorised dealer in respect […]