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Form 15G and Form 15H

Forms 15G and 15H both are self -declaration forms by assesse to prevent deduction of TDS on your fixed deposit interest income by banks / NBFC / Financial Institutions. To avail the benefit of these forms having PAN is mandatory.   Form 15G Applicability of

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Income Tax Department conducts searches in Odisha

RELEVANT EXTRACT  The Income Tax Department has carried out search and seizure operations on 03/12/2020 in the case of a Group involved in the manufacturing and trading of steel products having premises in and around Rourkela, Odisha. The Group entities were booking bogus purchases of

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FAQs on quoting of UDIN

• What is Unique Document Identification Number (UDIN)? The Institute of Chartered Accountants of India, on noticing about the fake certifications by Non-CAs misrepresenting themselves as Chartered Accountants which misled the authorities and stakeholders, pioneered in conceptualizing a unique concept which is called "Unique Document

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Corporate Social Responsibility (CSR) – Applicability and allowability

Corporate Social Responsibility – CSR The compliance of the provisions of CSR under the Companies Act, 2013 i.e. constitution of CSR Committee, formulation of CSR Policy, the spending of requisite amount on CSR activities came into force from April, 2014.   Applicability of CSR provisions

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7 important deductions in income tax you should not miss out

As you are aware that Chapter VI A of the Income Tax Act, 1961 provides for various deductions which we can claim from total income while computing the taxable income. There are some very important deductions but very commonly known but not claimed generally because

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Presumptive taxation for who are in hiring or leasing of goods carriages – Section 44AE

Meaning of presumptive taxation scheme As per sections 44AA of the Income-tax Act, 1961, every person who is engaged in business or profession is required to maintain regular books of account under certain circumstances. Income-tax Act has framed the presumptive taxation scheme under sections 44AD,

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Presumptive taxation for professional – Section 44ADA

Meaning of presumptive taxation scheme As per sections 44AA of the Income-tax Act, 1961, every person who is engaged in business or profession is required to maintain regular books of account under certain circumstances. Income-tax Act has framed the presumptive taxation scheme under sections 44AD,

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presumptive taxation for Business – Section 44AD

Meaning of presumptive taxation scheme As per sections 44AA of the Income-tax Act, 1961, every person who is engaged in business or profession is required to maintain regular books of account under certain circumstances. Income-tax Act has framed the presumptive taxation scheme under sections 44AD,

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PF Subsidy – Atmanirbhar Bharat Rozgar Yojana

Atmanirbhar Bharat Rozgar Yojana   Atmanirbhar Bharat Rozgar Yojana is one more step taken by the Government push the economy and generate more employments. Under Atmanirbhar Bharat Rozgar Yojana Govt will provide following subsidy towards Provident Fund Contribution for adding new employees to the organisation

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Computation of income from house property

Computation of income from a property which is let out throughout the year ​​​​​​​​In the case of a property which is let-out throughout the year, Income chargeable to tax under the head "Income from house property" is computed in the following manner:   Particulars Amount

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Taxability of monetary gifts received by an individual or HUF

Taxability of monetary gifts received by an individual or Hindu Undivided Family (HUF) ​ If the following conditions are satisfied then any sum of money received (i.e, monetary gift may be received in cash, cheque, draft, etc.) by an individual/ HUF will be charged to tax

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Set off of losses and carry forward of losses

Set off of losses and Carry forward of losses   Meaning of Set off of losses Set off of losses means adjusting the losses against the profit or income of that particular year. This set off can be with in the same head of income

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E-Pan and Instant Pan

E-PAN CARD E-PAN is the PAN provided in PDF format rather than physical card. The E-PAN card in PDF format will be sent to e-mail ID mentioned in PAN application form. If the physical PAN Card is not required, then PAN applicant will have to

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Know everything about TAN

Know everything about TAN   About TAN TAN stands for Tax Deduction and Collection Account Number. TAN is a 10-digit alpha numeric number required to be obtained by all persons who are responsible for deducting tax at source or collecting tax at source. It is compulsory

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Big tax relief for homebuyers and real estate developers

Big tax relief for homebuyers and real estate developers The finance minister Smt. Nirmala Sitharaman on Thursday, 12th Nov. 2020, announced a big tax relief in the form of festival bonanza, for both homebuyers and real estate developers (builders). The purpose of these tax reliefs

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