Income Tax

Section 194J – TDS on Professional or Technical Fees

Any person (other than individual or huf who is not liable to audit under section 44AB who is responsible for paying to a resident Fees for professional services Fees for technical services Royalty Any remuneration or fees or commission by whatever name called, other than those on which tax is deductible

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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

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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

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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

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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

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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

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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

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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

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How to file Income Tax E-return for deceased person?

Legal representative/heir of the deceased person is require to file the income tax return on his/her behalf. In most cases, spouse or eldest son/daughter assumes the status of legal representative or heir unless will mention another person to be executor or administrator of the estate. As per Section 159 of

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