Purchasing a property ? Don’t miss out on deducting TDS u/s 194IA before making payment. The title is enough to explain what this article is going to be about. The TDS law has come up where any person purchasing a immovable property other than agricultural land is required to deduct TDS u/s 194IA and deposit the same within 30 days by filing challan cum statement in form 26QB.
Section 285B of the Income Tax Act, 1961 mandates Form 52A filing by Producers of cinematography films. This article is detail guide on Section 285B and amended form 52A and time limit to file the form, person on which this form is applicable. The article is updated as per latest notification no 109-2022 dated 14th […]
Income exempt u/s 10(46) notifies CBDT in August and September month. This article briefly explain Name of Board, nature of exempt income and conditions to avail those exemption u/s 10(46). Andhra Pradesh Pollution Control Board Andhra Pradesh Pollution Control Board’s specified income exempt u/s 10(46) notifies CBDT by bringing Notification No 103_2022 dated 24th August, […]
CBDT gives relaxation for filing of Form 67 of rule 128 by bringing Notification No 100_2022 dated 18th August, 2022. The notification is giving major relief to taxpayers by giving extended timeline to claim foreign tax credit (FTC). The statement of claiming foreign tax credit can now be filed on or before the end of […]
Income Tax Deduction U/S 80G to funds other than Category D shall be allowed based on claim made in Income Tax Return of assessee says Department by publishing on its official portal on Aug 12th , 2022. Department also mentioned that only Category D – Donation entitled for 50% deduction without qualifying limit funds are […]
Updated return notified by CBDT via new rule no 12AC on 29th Apr, 2022 , wherein it is allowing filing of return U/S 139(8A) for the assessment year 2020-21 and subsequent years. The applicable form will be ITR-U shall be used to furnish the ITR. The form is currently available in excel based utility is respective F.Y. 2019-20 & F.Y. 2021-21 and it is mentioned that filing u/s 139(8A) enabled.
lower your taxable income up to INR 5 Lacs by using these unconventional chapter VI-A deductions for F.Y. 2021-22 & F.Y. 2022-23. This article is a detail guide on deduction type, section, who can claim and description.
Also, F.Y. 2022-23 has begun and it is time for tax payers to plan and evaluate their tax saving options for this F.Y. 2022-23. Proactively planning on tax saving based on estimated income will benefit the tax payers by reducing his/her tax liability. These Tax saving option will benefit salaried employee, businessman and person earning from any other sources of Income.
Income Tax Act as amended by Finance Act 2022, a new TDS section i.e., Section 194 R – Deduction of tax on benefit or perquisite in respect of business or profession was introduced. This article includes What is Section 194R, Applicability of this Section, threshold limit, TDS rate, Deductor and Deductee calculation of TDS amount, challenges & solutions of implementing this section.
Lot of professionals and businesses face challenge to determine whether tax audit is applicable in relevant period or not. More specifically if business has incurred loss, then will tax audit will be compulsory for such business?
This article will address all the questions along with few case studies for ease of understanding. This article will also address questions like on whom tax audit is applicable, when it is applicable, how & when tax audit reports should be furnished, penalties for non filing or delay in furnishing of tax audit reports.
Income Tax Department on November 1, 2021 rolled out the Annual Information Statement (AIS) on its Income Tax Portal as a part of its “PROJECT INSIGHT”. Income tax Department initiated Project Insight focuses on three goals which are Promotion of voluntary compliance and avoid non compliances; Imparting confidence that all eligible persons pay appropriate tax; and promoting judicious and fair administration of tax.
In this article you will get information on what is AIS of Income Tax, types of transaction displayed in AIS, whether AIS displays correct information always, can information appearing in AIS be corrected and most important which Income Information appearing in AIS should be reflected in ITR.
