What is Form no 16? Form 16 is a TDS certificate issued to salaried person by employer which contains a detailed record of the income earned as salary and taxes paid on it in a financial year. It serves as a proof that the employer has deducted TDS from your salary and deposited with the…

Income tax filing date is near so you have to file it with precaution because a small mistake can land you into a big trouble with the income tax department. Department can impose high penalty or even serve a notice. Here are Nine mistake that can be happen while filing Income Tax Return by the…

Content Rule 114B Transaction Where Rule 114B is not applicable Penalty for contravention of Rule 114B   Rule 114B According to rule 114B the transactions for which quoting PAN is mandatory are following: Cash payment of an amount exceeding Rs 50,000 to a hotel or restaurant against a bill at any one time. If individual…

Content Introduction Section 12A Amendment in section 12AA New section 12AB Amendment in section 80G Amendment in section 80GGA Introduction As on February 01, 2020 Finance Minister of India, Ms. Nirmala Sitaraman presented the Union Budget 2020 wherein she proposed substantial amendments for granting exemptions to the charitable/ religious trusts, institutions, etc. She proposed to…

Income Tax Department issues notice for not filing of Income Tax Return and taxpayer is required to submit is response or reply to such notices. Income Tax Department send these notices by emails or by SMS and the taxpayer is required to reply by his income tax e- filing account, no need of personal presence…

One should always keep some precautions in mind while submitting income tax return (ITR). The points that should be kept in mind while filing ITR are: The most important thing while filing income tax return is that one should always file income tax return before due date otherwise this will attract penalties. Taxpayers should always…

Content What is ITC? Conditions for obtaining ITC Documents required for claiming ITC Reversal of ITC What is ITC? GST is an integrated tax in which total purchase of a business must be equal to the sale of another business. So that flow of credit in supply chain a seamless process. To avoid challenges of…

Content What is tax rebate? What are the types of tax rebates available in India? Who is eligible to claim tax rebate? Person not eligible to claim rebate Frequently Asked Question Meaning of tax rebate Tax rebate is a form of tax incentive provided by the government. In India, the tax rebate is provided under…

The Budget 2020 as introduced by Finance Minister NirmalaSitharamanbrought a new income tax regime for individual taxpayers. The new tax regime 2020 has been proposed with lower income tax slab rates uptoRs. 15 Lakhs but in order to optfor such concessional tax regime requires the taxpayer to forego certain specified deductions which you could claim…

Nirmala Sitharaman, Finance Minister in her press conference on Atmnirbhar Bharat announced various direct tax-related measures and other measures in the amid of COVID-19. As per the press conference announcements, the measures related to direct taxation are as follows: Due Date of Income Tax Return For FY 19-20 Particulars Due Date Extended Due Date Due…

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