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INCOME TAX

Tax Provisions Relating To Receipt and Forfeiture Of Earnest Money

The provisions of the Income-Tax Act- section 51 deal with advance money received for transfer of a capital asset. As per the old provisions where any capital asset was on any previous occasion the subject of negotiations for its transfer, any advance or other money received and retained by the assessee in respect of this kind of negotiations shall be deducted from the cost of acquisition of the asset/WDV or… Read More »Tax Provisions Relating To Receipt and Forfeiture Of Earnest Money

How to file Income Tax Return of Deceased Person

The ITR return needs to be filed for the income earned by during a financial year. Even if the person in question is deceased, someone needs to file the income tax return on his/her behalf. The death of the person is not certain; the income earned by person who has expired can still be subject to taxes. According to the Income Tax Act, 1961- section 159; Where a person dies,… Read More »How to file Income Tax Return of Deceased Person

Gold Loans and Frauds

Gold loans come under secured loans where gold jewelry is used as collateral. The loan amount is usually a percentage of the gold’s value. You can repay the loan through monthly installments. After the repayment, you can take your gold jewelry back. Private Banks, nationalize banks and other financial institutions offer gold loans at affordable interest rates. Generally, borrowers use this loan to meet a sudden financial goal, like marriage… Read More »Gold Loans and Frauds

Faceless Assessment

The Central Government introduced the Faceless Assessment Scheme to provide greater transparency, efficiency & accountability in Income Tax assessments. All provisions makes in Faceless Assessment comes under the Income Tax Act, 1961, are introduced to- (a) Alienate the interface between the Assessing Officer & the person who are assessee at the time of proceedings, to the range that is technically feasible. (b) Optimize the utilization of resources through the economies… Read More »Faceless Assessment

Income Tax Deduction for Donations

Fund Contributions which is made to few relief funds & charitable institutions can be claimed as a deduction under the Income Tax Act -Section 80G. Donations which are made to prescribed funds qualify as a deduction. This deduction can be claimed by any taxpayer like individuals, company, firm or any other person. Who Can Claim Income Tax Deduction For Donations Under Section 80G? Any taxpayer whether he/she is resident or… Read More »Income Tax Deduction for Donations

Consequences of Non-Filing of the Income Tax Return

Income tax is a tax imposed by the Indian Government on income of a person. Filing of income tax is responsibility of every citizen. Filing an ITR is a way to let the government know about your income. If you do not inform the government, you have to face penalties & problems. If you are in the taxable position, then you need to file income tax returns. Individuals with income… Read More »Consequences of Non-Filing of the Income Tax Return

Section 194J under TDS of the Income Tax Act, 1961.

What is TDS? TDS is a form of advance tax, TDS stands for tax deducted at source. According to the Income Tax Act, 1961, if the payment exceeds some Monterey threshold levels, every company or a person making a payment will deduct tax at source. The tax department must deduct TDS at the rates specified. What is section 194J? Section 194J is one of the most important sections under TDS(Tax… Read More »Section 194J under TDS of the Income Tax Act, 1961.

Taxation of Director Remuneration under GST

Directors’ remuneration termed as the compensation the company gives to its directors for the services rendered. This can be done via fees, salary or by use of a company’s assets. The remuneration paid to Directors is issued only on getting approval from shareholders and the Board of Directors.  A director can be:- Executive Director non-executive Director Managing Director (MD) Independent Director Small Shareholder Director  Women Director Additional Director  Alternate Director … Read More »Taxation of Director Remuneration under GST

Benefit Of Filing The Income Tax Return

An Income Tax Return is a tax filling form, where a taxpayer reveals the details of his/her income, claims applicable deductions and exemptions and taxes that are payable on the taxable income. As a responsible citizen of India, everyone who has an income should file an ITR, because in this way we are declaring all sources of income whether taxable or non-taxable. The Income Tax Department make it essential everyone… Read More »Benefit Of Filing The Income Tax Return