Category: Income Tax

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 the sale of property. Section 56(2)(ix) – Advance Forfeited on...

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Dividend Distribution Tax – Abolished from FY 2020-21 onwards

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...

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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 the levy of Income Tax, many people don’t disclose such...

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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 needs to be understood before making investments in a Debt...

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Challan No/ ITNS 280: Beginners Guide to pay Tax Online

Challan No/ ITNS 280 is required to be used for the payment of Income Tax. This payment of Income Tax may be in the form of Advance Tax, Self Assessment Tax, Tax on Regular Assessment, Surcharge, Tax on Distributed Profits...

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All about Section 94A of the Income Tax Act

ITR Forms from AY 2014-15 onwards require the taxpayers to disclose whether any transaction has been made with a person located in jurisdiction notified under Section 94A of the Income Tax Act. Section 94A was introduced by Finance Act 2011...

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ITR V Form Password and How to Download & Send

ITR V Form is required to be submitted at the time of efiling of Income Tax Returns. But a question arises regarding what is this Form all about and why is it required to be submitted physically when we have...

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Form 16 TDS Certificate & How to verify Form 16 online?

Form 16 is a TDS Certificate issued by the employer deducting the TDS while making payment to an employee. As per the Income Tax Act, every employer at the time of payment of Salaries shall deduct TDS at the average...

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TDS on Payment to Contractor under Section 194C

At the time of making any payment, TDS is required to be deducted by the person making the payment. The rate of TDS depends on the nature of payment made and in this article; we would be focusing on Section...

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ITR 4S (SUGAM): How to submit online in 2016

ITR 4S also called as SUGAM is an Income Tax Return Form is mainly filed by taxpayers who do not maintain regular books of accounts and compute their income under Section 44AD @ 8% of the Total Turnover of the...

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