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 (
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
In simpler terms, buyback of shares means buying by a company of its own shares in accordance with the provision of the law. Taxability on buyback of shares is divided on the basis of the listing of the company i.e. a) Buyback by Listed Companies b) Buyback by Unlisted Companies
In order to curb black money, the government has imposed various restrictions on cash payments from time to time. Paying/Receiving cash beyond these limits attracts a heavy penalty which can be up to 100% of the amount received/paid. Here is the list of various restriction which is imposed under the
At the time of filing income tax return, many of us claimed the refund of excess income tax paid or TDS deducted i.e. income tax paid is more than income tax chargeable on the total taxable income for the year. Depending on the option exercised by the assessee, at the
Section 80JJA has been substituted by Finance Act 2016 (with effect from FY 2016-17) which provide the deduction to an employer for generating employment. Eligibility for claiming the deduction Available to that assessee: – who is required to get his books of accounts audited under Section 44AB and income include
Income tax return filing process get completed once you verify your return. Verification of return can be done online (using Aadhaar one time password, EVC using net banking etc) or by sending the physical copy of ITR-V to the Central Processing Centre, Bengaluru, within 120 days from the date of
As per Section 194J(1)(ba), any remuneration or fees or commission by whatever name called other than those on which tax is deductible under Section 192, to a director of a company shall be liable for TDS under Section 194J. Analysis of Section 194J(1)(ba) This clause will apply only in respect
Meaning of Alimony Any sum of money (recurring or lump sum) received from spouse after legal separation or divorce for the purpose of maintenance of spouse or child. Taxability in hand of the recipient There is no specific provision which governs the taxability of alimony under the Income Tax Act
There are number of deduction available for salaried person to save income tax. Although you have to do a proper tax planning from the beginning of the financial year to avoid last minute investment. These deductions are as follows:- Investment under 80C, 80CCC and 80 CCD(1) Limit – The maximum limit