From financial year 2016-17, a new Section 44ADA is introduced for presumptive income for professionals. This section is similar to section 44AD for traders. Under this section professionals such as legal, medical, engineering, architect, accountancy, technical consultancy, interior decoration or any of the profession as given in section 44AA are allowed to
Persons responsible for deducting TDS Any person responsible for paying to a non-resident, not being a company or to a foreign company, any interest (other than under section 194LB,194LC or 194LD) or any sum chargeable to tax other than salary. If the payment made is in the nature of salary
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
If you are filing your return electronically then you are either required to send ITR-V to Income Tax Deparment CPC within 120 days from the date of filing or e-Verify your return. This e-verification can be done at the time of filing return or even after return filing. Penalty under Section
If you are filing your return electronically then you are either required to send ITR-V to Income Tax Deparment CPC within 120 days from the date of filing or e-Verify your return. The utility of checking ITR-V receipt status is very useful if you have send signed ITR-V to Income Tax
There are many ways in which you can reset the password of your online income tax e-return online account portal. Step 1 -> Go to https://incometaxindiaefiling.gov.in Step 2 -> Select Login Here option from the left-hand sidebar. Step 3 -> Click on Forgot Password option. Step 4 -> Enter your
Eligible Assessee – Individual and HUF Eligible Capital Gain – Capital gain arising from transfer of long term capital asset being a residential house or a plot of land. Transfer of such capital asset should take place between 1st April, 2012 and 31st March,2017. Condition for exemption – The assessee has
Eligible Assessee Only Individual and HUF can take exemption under this section. Eligible Capital Gain Capital gain arising from a transfer of long-term capital asset not being a residential house property. If the property sold is a house property then exemption is available under Section 54 and not under this
Eigible Assessee – Any person Eligible Capital Gain – Any long term capital gain (From financial year 2018-19 only land or building will qualify for exemption) Condition for exemption – The assessee has at any time within a period of 6 months after the date of such transfer invested the whole
Eligible Assessee – Individual and HUF Eligible Capital Gain – Capital gain arising from transfer of land which in 2 years immediately preceding the date on which the transfer took place was being used by the HUF or individual or his parents for agriculture purposes. Condition for exemption – The assessee