Income Tax

Online Correction Facility to Add/Modify Deductee in TDS Return

Many times, deductor have to make the changes in the previously filed TDS return due to some mistake, omission etc. TRACES provide online functionality for making various types of the corrections in the already filed TDS return which are as follows: – PAN correction Challan correction Add a new challan

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Standard Deduction – Section 24a

Standard Deduction of 30% of Annual Value is allowed as deduction to every person. Any type of expenses incurred by the assessee for acquiring, constructing, repairing, reconstructing, maintaining, renovation, renewal etc shall not be allowed as deduction. Flat 30% of deduction shall be allowed irrespective of the expenses incurred by

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Minimum Alternative Tax (MAT)

MAT stands for Minimum Alternative Tax. MAT was introduced by the Finance Act, 1987 with effect from Assessment Year 1998-99. Later on, it was withdrawn by the Finance Act, 1990 and reintroduced by Finance Act, 1996 with effect from 01St April 1997. Currently, the MAT is applicable only to companies

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Interest on Refund of Income Tax – Section 244A

Where any refund is payable to the assessee, the assessee is entitled to receive interest along with the refund as per the following provisions- When refund is of any advance tax paid or TDS or TCS – The interest is payable at the rate of 0.5 percent per month or

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Interest on Excess Refund – Section 234D

If the assessee is granted refund under section 143(1) when no refund is due on regular assessment or granted excess refund under section 143(1) then the assessee is liable to pay simple interest at the rate of 0.5% per month of part of the month from the date of refund

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Interest for Deferment of Advance Tax – Section 234C

Interest is payable by assessee under section 234C for non payment or under payment of advance tax. Rate of Interest – Simple Interest @ 1% per month or part of month Interest is calculated  by Non Corporate Assessee as provided under:- Interest is Payable under Section 234C if Period of Interest

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Winning from the Lottery, Crossword Puzzle, Race, Games etc.

As per Section 115BB, a flat tax rate of 30% is applicable on income arising by way of winnings from any: – Lottery Crossword Puzzle Race including horse race (not being income from the activity of owning and maintaining race horses) Card Game and other game of any sort (

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Capital Gain on sale of Equity Shares – LTCG & STCG

Profit or gain arising on transfer of shares (considered as an investment not a business by assessee) is chargeable to tax under the head ‘Capital Gains’. Types of Capital Gain Capital gains on shares are divided into two types : – Short Term Capital Gains Long Term Capital Gains CAPITAL

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