Income Tax

Meaning of seafare How seafarer earn Income Tax on seafarer Meaning of Seafarer A sailor, seaman, mariner or a seafarer is a person who navigates water bone vessels or assists as a crew member in their operation and maintenance. Seafarer holds a …

Standard Deduction of 30% of Annual Value is allowed as deduction to every person. Any type of expenses incurred by the assessee for acquiring, constructing, repairing, reconstructing, maintaining, renovation, renewal etc shall not be allowed as deduction. Flat 30% of deduction shall …

1. What is freelancing? 2. How freelancer earns? 3. Accounting for freelancer 4. GST on Freelancer 5. Income Tax on Freelancer What is freelancing? Freelancer is a person who is self-employed and generally works on project basis or assignment basis for clients. …

Where any refund is payable to the assessee, the assessee is entitled to receive interest along with the refund as per the following provisions- When refund is of any advance tax paid or TDS or TCS – The interest is payable at …

If the assessee is granted refund under section 143(1) when no refund is due on regular assessment or granted excess refund under section 143(1) then the assessee is liable to pay simple interest at the rate of 0.5% per month of part …

Interest is payable by assessee under section 234C for non payment or under payment of advance tax. Rate of Interest – Simple Interest @ 1% per month or part of month Interest is calculated  by Non Corporate Assessee as provided under:- Interest is …

Profit or gain arising on transfer of shares (considered as an investment not a business by assessee) is chargeable to tax under the head ‘Capital Gains’. Types of Capital Gain Capital gains on shares are divided into two types : – Short …

In simpler terms, buyback of shares means buying by a company of its own shares in accordance with the provision of the law. Taxability on buyback of shares is divided on the basis of the listing of the company i.e. a) Buyback …

In order to curb black money as well as limit the number and amount of cash transaction, the government has imposed a various restriction on cash payments from time to time. These restrictions are generally followed by a large amount of penalties …

At the time of filing income tax return, many of us claimed the refund of excess income tax paid or TDS deducted i.e. income tax paid is more than income tax chargeable on the total taxable income for the year. Depending on …