It may be possible that an Income tax authority may commit a mistake while passing the order of assessment, appeal, revision etc. With a view to rectifying any mistake, apparent from record, the income tax authority is empowered as under:-...
Filing Income Tax Return in case of Loss: Section 139(3) Read More
The provisions of filing of income tax returns in case of Loss are governed by Section 139(3) of the Income Tax Act which states that in case a taxpayer has incurred a loss in the previous year, it is not...
Rent Free Accommodation: Computation & Taxability Read More
Employers usually provide several facilities to their employees one of which is Accommodation for Residence of the Employee. Sometimes, this accommodation is given to the employee without any charge and in some cases a nominal rent is received from the...
Section 80C: Deduction for Children School/Education Fee Read More
To promote education in India, the govt allows for Income Tax Deduction under Section 80C & Section 80E. Deduction under Section 80C is allowed for payments made by self and deduction under Section 80E is allowed for Loan taken for...
Income Tax Deductions for expenses incurred on Children Read More
An Individual incurs various expenses for proper upbringing of their children. Some of these expenses can also be claimed as an expense under the income tax act and will help a taxpayer save his income tax. The taxpayer would be...
Tax Audit in India if Turnover above Rs. 50 Lakhs/ 1 Crore Read More
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 exceeds Rs. 1 Crore (Limit increased wef 1st April 2012)...
Rectification of TDS Mismatch in Form 26AS & Form 16/16A Read More
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 in Form 26As and Form 16/16A should always be the...
Section 44AA & Rule 6F: Books of Accounts for Income Tax Read More
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 professions is required to maintain books of accounts:- Legal Medical...
Tax on Advance forfeited on Property – Section 56(2)(ix) Read More
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 the sale of property. Section 56(2)(ix) – Advance Forfeited on...
Dividend Distribution Tax – Abolished from FY 2020-21 onwards Read More
Update: Dividend Distribution Tax has been abolished from FY 2020-21 onwards. With this amendment, the dividend is taxable in the hands of the recipient and no Dividend Distribution Tax is to be paid. Dividend Distribution Tax is the Tax which...