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Income Tax

List of 136 incomes on which tax is not required to be paid in India. (Complete List of exempt income along with sections and conditions)

Generally when any person (Individual, HUF, AOP, BOI, AJP, Firm, Company or trust etc.) earn any income, then some part of that income is required to paid to Government in the form of Income Tax as per prevailing provisions of law of the country. But some incomes are exempted by law and tax is not …

List of 136 incomes on which tax is not required to be paid in India. (Complete List of exempt income along with sections and conditions) Read More »

Advance tax: Are you required to pay Advance tax? What are consequences for not paying Advance tax?

Do you know what is the due date for payment of Income tax for a financial year. ? With the increased list of transactions under the umbrella of TDS and TCS year by year, major part of your income tax is deducted and deposited in the form of TDS/TCS. The balance tax liability is paid …

Advance tax: Are you required to pay Advance tax? What are consequences for not paying Advance tax? Read More »

Rates of TCS for FY 2022-23 (1st April 2022 to 31st march 2023)

Budget 2022 was presented on1st February 2022 with historic least number of changes in Income tax. A complete list of TCS (tax collected at source) rate along with related transactions and budget proposals for financial year 2022-23 (AY-2023-24) is provided in the table given below.- TCS Rate Chart for FY 2022-23 (AY 2023-24) Section Nature …

Rates of TCS for FY 2022-23 (1st April 2022 to 31st march 2023) Read More »

Rates of TDS (tax deducted at source) for FY 2022-23 (1st April 2022 to 31st March-2023)

Budget 2022 was presented on1st February 2022 with historic least number of changes in Income tax. A complete list of TDS rate along with related transactions and budget proposals for financial year 2022-23 (AY-2023-24) is provided in the table given below.- TDS Rate Chart for FY 2022-23 (AY 2023-24) Payment Type Threshold Limit (Rs) Resident …

Rates of TDS (tax deducted at source) for FY 2022-23 (1st April 2022 to 31st March-2023) Read More »

Important Highlights of Tax Proposals in Union Budget 2022 (FY 2022-23)

Today, i.e. 1st February 2022, Finance Minister of India presented Union budget 2022 . The Finance bill is the part of union budget which includes various tax proposal for next FY i.e. 1st April 2022 to 31st March 2023. The Finance bill is a weapon under Fiscal policy to control economic conditions in the country. …

Important Highlights of Tax Proposals in Union Budget 2022 (FY 2022-23) Read More »

Have you done tax planning for FY 2021-22 before the deadline 31st March 2022- Checkout what you missed.

Financial year 2021-22 is reaching its end in a few weeks. 31st March is an important deadline with reference to Financial Planning and Tax Planning, missing it may result in higher tax liability. We are required to complete our tax planning before 31st march 2022, as we are required to file Income tax return for …

Have you done tax planning for FY 2021-22 before the deadline 31st March 2022- Checkout what you missed. Read More »

Clarifications/Guidelines regarding TDS u/s 194Q (applicable w.e.f 1.7.2021, TDS on payment for purchase of goods above threshold limit of Rs. 50 Lakhs by a buyer whose turnover is exceeding Rs. 10 crores in preceeding FY) and TCS u/s 206C(IH) and TDS u/s 194-O issued vide circular no. 13 dt. 30.06.2021

Applicability of 194Q A new section 194Q was inserted by Finance Act 2021 for deducting tax at source. This section is applicable w.e.f 1st July 2021. It applies to any buyer (Buyer is defined to be person whose total sales or gross receipts or turnover from the business carried on by him exceed ten crore …

Clarifications/Guidelines regarding TDS u/s 194Q (applicable w.e.f 1.7.2021, TDS on payment for purchase of goods above threshold limit of Rs. 50 Lakhs by a buyer whose turnover is exceeding Rs. 10 crores in preceeding FY) and TCS u/s 206C(IH) and TDS u/s 194-O issued vide circular no. 13 dt. 30.06.2021 Read More »

Rates of TCS for FY 2021-22 i.e. 1st April 2021 to 31st March 2022 (AY 2022-23)

Normal TCS rate for financial year 2020-21 were changed w.e.f 14th may 2020 by reducing normal rates by 25%. But this reduction of tcs rates was applicable only upto 31.3.2021 and normal Rates are restored w.e.f 1.4.2021. A complete list of TCS rate along with related transactions for financial year 2021-22 (AY-2022-23) is provided in …

Rates of TCS for FY 2021-22 i.e. 1st April 2021 to 31st March 2022 (AY 2022-23) Read More »

Have you done financial planning for 2020-21 before the deadline 31st March 2021 – Check out what you missed.

Financial year 2020-21 is reaching to its ends in few days. 31st March is an important deadline with reference to tax Planning, missing it may result in higher tax liability. We are required to complete our tax planning before 31st march 2021, as we are required to file Income tax return for FY 2020-21 during …

Have you done financial planning for 2020-21 before the deadline 31st March 2021 – Check out what you missed. Read More »

Rates of TDS for FY 2021-22 (1st April 2021 to 31st March 2022)

Reduced TDS rate which were changed w.e.f 14th may 2020 by reducing normal TDS rates by 25%, were applicable only upto 31-03-2021. Hence this reduction in TDS rates in not applicable for FY 2021-22. A complete list of TDS rate along with related transactions and budget proposals for financial year 2021-22 (AY-2022-23) is provided in …

Rates of TDS for FY 2021-22 (1st April 2021 to 31st March 2022) Read More »

Important Highlights of Tax Proposals in Finance Budget 2021-22

The Finance Minister, Nirmala Sitharaman presented her third Union budget 2021 in Parliament today i.e. 01-02-2021. Following are important proposals made therein:- Direct tax proposals:- 1. Major Direct Tax Proposals made in budget 2021-22 is given below:- NO change is proposed in direct tax rates / slab rates of income tax, following 32 changes are …

Important Highlights of Tax Proposals in Finance Budget 2021-22 Read More »

Taxability of Mutual Fund: Is your mutual fund taxable or exempt?

Investment is a good habit to make our future more independent. Keeping some part of our money to get more money in the future is called investment. In today’s economy, there are various investment options available to us like:- Saving bank account Fixed Deposit in Bank Recurring Deposit in bank Fixed Deposit of Corporate Government …

Taxability of Mutual Fund: Is your mutual fund taxable or exempt? Read More »

Income tax due dates for FY 2020-21 (AY 2021-22)

Due Dates of Income tax as applicable for FY 2020-21 (AY 2021-22) (A) Due date for filing Income tax Return Category Sub-Category Original Due date Extended due date Individual & HUF whose accounts are required to be audited u/s 44AB (ITR-3) 31-10-2021 (Audit report is to be filed upto 30-09-2021) 15-03-2022 (Audit report is to …

Income tax due dates for FY 2020-21 (AY 2021-22) Read More »

Last date for filing ITR for FY 2019-20 extended to 31st December 2020

Last date for filing ITR for FY 2019-20 extended to 10th January 2021 As per official notification dated 30th December 2020, Last date for filing ITR for FY 2019-20 (AY 2020-21) has been extended to 10th January, 2021 from 31st December 2020 and for audit cases last date is extended to 15th February 2021 from …

Last date for filing ITR for FY 2019-20 extended to 31st December 2020 Read More »

Last date to file ITR for FY 2018-19 extended to 30th November 2020.

31st March 2020 was last date to file your Income tax return for FY 2018-19 which is now extended to 30th November 2020 If you have not filed your income tax return for financial year 2018-19 or you want to revise your income tax return for 2018-19(only if assessment is not yet completed) then it …

Last date to file ITR for FY 2018-19 extended to 30th November 2020. Read More »

Have you done financial planning for 2019-20 before the deadline 31st March 2020/30th July/ 30th September – Check out what you missed and what are relief measures provided by FM in view of Covid19 (Coronavirus) Outbreak.

Have you done financial planning for 2019-20 before the deadline 31st March 2020/30th July 2020/30th September 2020 – Check out what you missed and what are relief measures provided by FM in view of Covid19 (Coronavirus) Outbreak? Financial year 2019-20 is reaching to its ends in few weeks. 31st March is an important deadline with …

Have you done financial planning for 2019-20 before the deadline 31st March 2020/30th July/ 30th September – Check out what you missed and what are relief measures provided by FM in view of Covid19 (Coronavirus) Outbreak. Read More »

How to File Income Tax Return for F&O Trading and Speculative transactions in FY 2017-18 (AY 2018-19)

Most of Salaried Employees are involved in derivative trading (trading in future and options or F&O on stocks, currencies, and commodities) But due to little knowledge about how these trades are taxed, those who have losses from futures & options skip reporting it in their income tax return, which is not right. If you are …

How to File Income Tax Return for F&O Trading and Speculative transactions in FY 2017-18 (AY 2018-19) Read More »

Deadline for filing Income tax return extended till August 31, 2018

The finance ministry in a tweet has announced the extension of income tax return filing deadline by a month to August 31. The tweet says “Upon consideration of the matter, the Central Board of Direct Taxes (CBDT) extends the ‘Due Date’ for filing of Income Tax Returns from 31st July, 2018 to 31st August, 2018 …

Deadline for filing Income tax return extended till August 31, 2018 Read More »

Due date Calendar for July 2018

Due dates for the month of July 2018. GSTR-3B (Jun 2018)-Jul 20th, 2018 GSTR-5 (Jun 2018)-Jul 20th, 2018 GSTR-6 (Jul’17 – Jun’18)- Jul 31st, 2018 GSTR-4 (Apr-Jun, 2018)-Jul 18th, 2018 GSTR-5A (Jun 2018)-Jul 20th, 2018 Quarterly return for registered persons with aggregate turnover up to Rs. 1.50 Crores- GSTR-1 (Apr-Jun, 2018)-Jul 31st, 2018 Turnover exceeding …

Due date Calendar for July 2018 Read More »

Have you done financial planning for 2017-18 before the deadline 31st March 2018 – Check out what you missed?

Financial year 2017-18 is reaching to its ends in few weeks. 31st March is an important deadline with reference to tax Planning, missing it may result in higher tax liability. We are required to complete our tax planning before 31st march 2018, as we are required to file Income tax return for FY 2017-18 during …

Have you done financial planning for 2017-18 before the deadline 31st March 2018 – Check out what you missed? Read More »

Income Tax Dept. probes Rs. 1000 crore tax refund fraud by Govt. and PSU employees.

Belated or revised income tax return for the financial year 15-16 or 16 17 can be filed up to 31st March 2018. As per IT officials, some assessees do not show any income under the head income from house property in their original return but claimed losses under the head house property in there revised …

Income Tax Dept. probes Rs. 1000 crore tax refund fraud by Govt. and PSU employees. Read More »

File Your Income tax Return for FY 15-16 & 16-17 before 31st March 2018

31st march 2018 is the last date for filing belated income tax return for FY 2015-16 if you have not filed earlier. But if you have filed ITR for 2015-16 on time but want to revise the same then 31st march-2018 is the last date for the same. Further 31st March 2018, is also the …

File Your Income tax Return for FY 15-16 & 16-17 before 31st March 2018 Read More »

Secret Informer of Tax Department and Annual Information Return

Secret Informer of Tax Department and Annual Information Return (AIR): To curb black money, government need secret informer and to motivate people to provide information of black money, a reward of 10% of tax collected was paid to informer. Apart from this, some Specified entities are bound to file Annual Information Return (AIR) in respect …

Secret Informer of Tax Department and Annual Information Return Read More »

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