Income Tax

Expenditures Not Deductible – Section 40(A)

Following expenditure shall not be deductible Payment made to relative in excess of fair value – Section 40(A)(2) If the assessee incurs any expenditure for which payment is made to the specified persons and the Assessing Officer is of opinion that such expenditure is excessive or unreasonable having regard to

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Rule 28AA – No TDS or TDS at Lower Rate under section 197

(1) Where the Assessing Officer, on an application made by a person under sub-rule (1) of rule 28 is satisfied that existing and estimated tax liability of a person justifies the deduction of tax at lower rate or no deduction of tax, as the case may be, the Assessing Officer

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Section 43B – Deductions Allowed only on Actual Payment

Section 43B disallows the sum which are not paid in the financial year as well as not paid before due date of filing income tax return. The following sum are allowed in the year in which they are incurred, only if they are paid before the due date of furnishing

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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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Benefits of Filling Income Tax Return (ITR) on time

Under Income Tax Act, various person are required to file their income tax return within prescribed time limit i.e. due date.  If the assessee failed to file income tax return before the due date then he shall be liable for the followings :- Penalty under Section 234F Penalty under section

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Rent,Repairs,Insurance etc. – Section 30

The following expenses are allowed as deduction from income of Business or Profession:- + Amount spent on repairs to the premises. + Amount paid for land revenue, local rates and municipal taxes subject to Section 43B. + Insurance Premium paid for covering risk of damage of premises. + Rent paid

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TDS Return – Due Date, Penalty and Forms

TDS Return Filing Due Date (Applicable from 1st Quarter of 2016-17) Quarter Last Date for Filing Return 1st April to 30th June 31st  July 1st July to 30th September 31st October 1st October to 31st December 31st January 1st January to 31st March 31stMay TDS Return Filing Due Date (Applicable upto

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Complete Guide for Persons who Receives Form 15G or Form 15H

Form 15G or Form 15H are the declaration forms by the assessee stating that no tax is payable by them and thus no TDS should be deducted from payments to them. The form can also be submitted through electronic process and it is mandatory for the payer to accept the

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Co-ownership – Section 26

Meaning of Co-owner – When the property is owned by two or more person, they are known as co-owners. Taxability If their respective shares are definite and ascertainable then the income from House Property shall be calculated as per the general provision and then apportioned amongst each co-owner as per

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