What is Income tax return ITR stands for income tax return. As the name suggests that it is a declaration of income by person in every financial year to the income tax authority. Income tax authority has prescribed the forms for filing income tax return. A person falling under the mandatory category should file his …
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The CENTRAL BOARD OF DIRECT TAXES on 21st April 2022 notified a new rule under the income tax rules 1962 namely rule 12AB specifying the conditions under which person is required to file income tax tax return. The notification is increasing the scope of person liable to file income tax return. This rule will definitely …
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As per rule 114B, following are the transactions in which quoting of PAN is mandatory by every person except the Central Government, the State Governments and the Consular Offices: Sale or purchase of a motor vehicle or vehicle other than two wheeled vehicles. Opening an account [other than a time-deposit referred at point No. 12 …
Taxability of Export Commission paid to Non-resident has always been a question. It looks non-taxable transaction when commission is paid to a person residing outside India and selling goods of Indian exporter outside India without having significant economic presence in India, however actual position is not as simple as we think. We need to look …
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The Income-tax Act has prescribed a different threshold limit for deduction of tax at source under various sections. If the expenditure incurred/payment made during the year is below the threshold limit, then there is no requirement to deduct tax at source. The threshold limit for deduction of tax at source under various sections is as …
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Tax is deductible at source at the rates given in table (infra). If PAN of the deductee is not intimated to the deductor, tax will be deducted at source by virtue of section 206AA either at the rate given in the table or at the rate or rates in force or at the rate of 20 per …
What is considered as salary income? section 17 of the Income-tax Act defines the term ‘salary’. However, not going into the technical definition, generally whatever is received by an employee from an employer in cash, kind or as a facility [perquisite] is considered as salary. What are allowances?Allowances are fixed periodic amounts, apart from salary, which …
Rachna sold her residential property and invested the entire amount in the purchase of a new residential property in the joint names of her daughter and son-in-law and claimed exemption under section 54 of the income tax act. The tax officer disallowed her exemption on the grounds that new property can only be purchased in …
Central Govt relaxes provisions of TCS under Section 206C(1G) of Income tax Act,1961 in respect of non-resident individuals visiting India. The provisions shall not apply to an individual who is not a resident in India in terms of Clause 1&1A of Section 6 of the Act. Press Release issued
Central Board of Direct Taxes ( CBDT ) extends the last date for filing of Form No.10AB for seeking registration or approval under Section 10(23C), 12A or 80G of the Income tax act Act,1961. The application for registration or approval in Form No. 10AB can be filed upto 30th September, 2022. Details in the Press …
