Advance Tax Due Dates, Calculation, Applicability

These Provisions are applicable from the Financial year 2016-17. For previous years up to 2015-16 click here What is Advance Tax Applicability Due Date for payment Calculation and Payment Notice by Assessing Officer Difference Between Advance Tax and Self Assessment Tax What is Advance Tax Income Tax Act requires to

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How to link your Aadhaar card with Income Tax PAN number

As per new section 139AA and judgment of Supreme Court dated 9 June 2017, following thing shall apply from 1st July 2017 :- Every person who wants to file Income Tax Return or wants to apply for PAN card shall require to quote their Aadhaar Number. If the person do not possess

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Statement of Financial Transactions in Form 61A

Statement of Financial Transactions (previously called Annual Information Return – AIR) is to be filed by specified persons in respect of specified financial transactions in Form no. 61A. Form 61A can be filed only electronically and with use of digital signature (DSC). Last day of filing statement is 31st May of

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Form 61 – Statement containing details form No. 60

For  a number of transactions quoting of PAN is mandatory. However the persons who doesn’t have PAN can furnish details in form no. 60 along with address and identity proof. The person who is in receipt of form no. 60 is to furnish a statement in form no. 61. Filing

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Taxability in case of Shares & Derivatives Trading

If a person is engaged in shares dealing then it can result either in Business Income/Loss (chargeable under section 28 as Profits & Gains of Business or Profession) or Capital Gain/Loss (chargeable under section 45 as Capital Gain). Classification of Income It depends on facts and circumstances of each case

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Residential Status under Income Tax Act

Residential status of an Individual Tax Planning in respect of Residential Status by Individual Residential Status of HUF Residential Status of a Firm of Association or Persons (AOP) Residential Status of Company Residential status is very important in Income Tax Act as the determination of tax liability depends much on

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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

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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

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Restriction on Receipt of Cash – Section 269ST

In Budget 2017 new restrictions on cash transactions has been imposed. New section 269ST has been added in this regard and is applicable from 1st April 2017. A person should not receive cash of Rs. 2,00,000 or more in aggregate from a person in a day; or in respect of a

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