Income Tax

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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File request for refund of excess TDS deposited by Deductor

Deductor can request a refund for excess TDS deposited by him via TRACES for the financial year 2007-08 onwards. An online utility is available for the Forms type 24Q, 26Q, 26QB, 26QC, 27EQ & 27Q. Checklist for filing raising refund request via TRACES for Form 26B Digital Signature should be

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TDS on Purchase of Property from Non-Resident

As per Section 195, any person responsible for paying to a non-resident, not being a company, or to a foreign company, any interest (not being interest on securities) or any other sum chargeable under the provisions of this Act (not being income chargeable under the head Salaries) shall, at the

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Complete Guide on Depreciation as per Income Tax – Section 32

If you don’t know what is depreciation then you can read about it here – What is depreciation and common methods/types of depreciation. Basics of Depreciation Depreciation is allowable as expense in Income Tax Act, 1961 on basis of block of assets on Written Down Value (WDV) method. Depreciation on Straight

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Depreciation rates as per I.T Act for most commonly used assets

Rates has been changed for financial year 2017-18 and onwards. Now the maximum rate of depreciation is 40%. S No. Asset Class Asset Type Rate of Depreciation     1. Building Residential buildings except hotels and boarding houses 5% 2. Building Hotels and boarding houses 10% 3. Building Purely temporary

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Remuneration and Interest to Partner – Section 40b

Section 40b determines the maximum amount of remuneration and interest on capital payable to a partner under Income Tax Act. The amount over the specified limit is not allowed as a deduction to a partnership firm. Remuneration to Partners Remuneration includes salary, bonus, commission .Remuneration in partnership firm is allowed

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5 changes that come into effect from 1st April 2020 in Income Tax

The current financial year 2019-20 is closing on 31st March as usual and the new financial year 2020-21 is starting from today (April 1). In view of the lockdown to check the spread of corornavirus, the government had earlier extended the deadline for filing income tax returns for 2018-19 as well as

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Respond to a Demand Notice Raised Under Section 156

What is Demand Notice? If any demand for tax, interest, penalty, fine or any other sum is raised by the Assessing Officer as per the provision of Income Tax Act, 1961 then he shall serve a notice of such demand to the assessee u/s 156 specifying the amount payable. Time

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