Following an increasing internet penetration in India, more and more Indians are beginning to make use of so-called online betting sites which allow users to place bets on popular sporting events from India and around the world and potentially win money. As with all activities that have an element of
There are various ways in which you can verify your e-return, one of which is using bank account details. This option comes handy when you do not have a mobile number registered in your Aadhar card and even do not use net banking which is the most commonly used method
Meaning of Clubbing In general, clubbing means including the income of any other person into the Assessee’s total income for the purpose of taxation. Certain cases have been defined under the Income Tax Act, in which the income of other person is statutorily required to be included in the income
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
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
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
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
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
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
Sometimes we are required to make the changes in the TDS challan paid. Department has provided various ways in which you can make the changes in the challan paid which are as follows: – Online (For OLTAS challans) By Bank (For Physical Challans) By Assessing Officer (For Physical and Online