Income Tax

tax-audit

Tax Audit under Section 44AB – Changes for AY 14-15

An Assessee is liable to get his Tax Audit done by a Chartered Accountant mandatorily, if in the previous year, The Person is carrying on business and his Total Sales/Turnover… Read More

income-tax-form-13-tds

Rectification of TDS Mismatch in Form 26AS & Form 16/16A

In some cases, it has been observed that there is a TDS Mismatch in Form 26AS and in Form 16/ Form 16A which should not happen. The TDS amount reflected… Read More

Section 139(9)-Defective-Return

Section 44AA & Rule 6F: Books of Accounts for Income Tax

Section 44AA prescribes the persons who are mandatorily required to maintain books of Accounts for Income Tax purposes. As per Section 44AA, any person carrying on any of the following… Read More

Registration-Partnership-Deed

Section 44AE: Tax on Income @ 7500 per Vehicle for Transporters

Section 44AE and Section 44AB deal with Presumptive Taxation of Business. Section 44AE deals with Presumptive Taxation of Business of plying, hiring or leasing goods carriages whereas Section 44AD deals… Read More

tax-on-sale-of-property

Tax on Advance forfeited on Property – Section 56(2)(ix)

The Finance Act 2014 which was presented by Arun Jaitley has brought in several amendments one of which is Section 56(2)(ix) which deals with tax treatment of advance forfeited on… Read More

Dividend-Distribution-Tax-Section-115O

Dividend Distribution Tax: Finance Act 2014 Changes

Dividend Distribution Tax is the Tax which is required to be paid @ 15% by the Company who has declared, distributed or paid any amount as Dividend. The provisions of… Read More

Exempt-Income-ITR

Procedure to disclose Exempt Income in ITR & Importance

There are various Incomes which are exempted from the levy of income tax in the hands of the person who is receiving the amount. As these incomes are exempted from… Read More

debt-fund-2

Tax on Debt Funds/ Bonds/ Debentures: Computation with Examples

With Debt Funds, Bonds & Debentures getting popular among the investors, and investors starting to shift from Fixed Deposits to Debt Funds, tax on debt funds/ bonds/ debentures is something that… Read More

ITR

Section 54, 54EC, 54F: Exemption from Long Term Capital Gains Tax

At the time of sale of any Long Term Capital Asset, the Gains are usually very large and are taxed @ 20%. The Resultant Figure to be paid as Tax… Read More

income-tax-slabs

Income Tax Slab Rate in India for FY 13-14 & 14-15

Income Tax Slab Rates for Financial Year 2014-15 have been amended by the Budget 2014. The basic exemption limit has been increased from Rs 2 Lakh to Rs. 2.5 Lakh and… Read More

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