TDS on digital payment has always been a contentious issue. Taxpayers and income tax department have been fighting for taxability on digital payments for many years since the digitalization of business has taken place. The income tax department tries to make the digital payments taxable in India as a Fees for Technical Services (FTS), Royalty, …
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A salaried person knows that House rent allowance (HRA) is a tax planning/tax saving tool. For salaried person HRA is primary part that save hefty amount of income tax. Often company makes a structure in a way that can save more income tax. Few companies allow its employees at the time of joining to structure …
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Section 111A of the income tax act has specific rate of tax on short term capital gain. This section was inserted by finance act 2004 to provide special rate of 10 per cent on short term capital gain. In 2008 rate of 10% was increased to 15%. Section 111A is application on few transactions elaborated …
Continue reading “Income tax on sale of Listed Equity Shares (Section 111A)”
Advance tax is an Income tax. As the name suggests advance tax is paid much before the period of filing of income tax return. Income tax act has prescribed section 208 that makes it obligatory for the taxpayer to pay tax in advance. There have been few conditions and due dates prescribed that taxpayer must …
There has been substantially increase in foreign remittance since when ecommerce activities and import of goods and services are taking place in huge numbers. Any person making payment to non-resident is liable to deduct tax at source from the payment. The liability is cast on the shoulder of the payer because tax can easily be …
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Filing income tax return is a one-time job in a year that every person should do. Every year we all are required to furnish information of income from all sources and taxes paid on that income to the income tax department. Either we hire income tax consultant or we file it by ourselves. Income tax …
Do you know that you can avoid income tax on sale of Long-Term Capital assets? Income tax act deals with the tax treatment on sale of Long-term capital assets. In our previous article on Section 54, we tried to cover the provisions of section 54 and explained the section in comprehensive way for better understanding …
Do you know that you can avoid income tax on sale of residential house property? Income tax act has specified section 54 that deals with capital gain arises on sale of property. It states conditions under which a taxpayer can claim exemption of capital gain. In a simple term section 54 spell out that, capital …
Income tax return (ITR) for the financial year 2021-22 i.e assessment year 2022-23 are open. Income tax department has issued offline utility of filing ITRs. ITR1 is one of the form uses for filing information of income by the salaried/employees. Form ITR 1 is a simple form which you can fill it by yourself, provided …
Income tax Act requires that before leaving India a person should pay all taxes on the income earned in India by means of business, Profession, and employment. Section 230 of the Income Tax Act specifically requires the person to get a tax clearance certificate from the income tax officer before leaving India. Earlier Section 230 …
