Contents Introduction of shipping business Disallowance of expense on account of Non- deduction of TDS Deemed Income of Shipping business Summary Assessment Introduction of shipping business India has a coastline spanning 7517 km with 13 major ports and about 200 small ports. According to the Ministry of Shipping, around 95 per cent of India’s trading…
Usually the question raises in minds of many home- loan borrowers after accumulating some cash that whether to prepay home loan or to deploy the surplus funds in some other investment products. The answer of the question depends on various factors and it cannot be a readymade. Let us discuss the criteria which you should…
In case of assessee who has to obtain and upload Audit report under section 44 AB of the Income Tax Act has to file Income Tax return for the same previous year. Since there are some information or data which are same in ITR and Tax audit report. So assessee has to take care about…
Content What do you mean by Motor Vehicle? Tax on Sale of Motor Vehicle Tax on Purchase of Motor Vehicle Measures Taken by Govt. to Promote Sale of Electric Motor Vehicle GST on Motor Vehicle What do you mean by Motor Vehicle? Motor Vehicle includes Cars, buses, motorcycles, off-road vehicles, light trucks and regular trucks….
Content Can I update a salary detail? How can I update a salary record? Can I add a salary detail? How can I add a salary detail? Can I delete a salary detail? How can I delete a salary detail? Can I update the assessment year of a regular TDS/TCS statement by filing a correction…
Content Procedure in appeal Appeal fees Presentation of appeal Time for filing an appeal Delay in filing an appeal Payment of admitted tax Death of an assessee Procedure in appeal An appeal is to be filed to Commissioner in Form No 35 and to the Tribunal in Form No 36. Cross objections are to be…
Due to Covid-19, many people are purchasing health insurance policies and premium paid on these policies are eligible for deduction under section 80D of Income Tax Act. Content In case of individual In case of HUF Condition for Deduction In case of individual Deduction in respect of insurance premium paid for family: In case of…
Basic features: This section is applicable only in case of seller whose total sales, gross receipt or turnover from the business carried on by him exceeds ₹10crores during the financial year immediately preceding financial year in which sale is carried out. This simply means that seller will be only liable to collect TCS when turnover…
How to register Digital Signature for e-filing of Income Tax Returns using USB e- token: A digital signature authenticates electronic documents in a similar manner a handwritten signature authenticates printed documents. Digital signature cannot be forged and it asserts that a named person wrote or otherwise agreed to the document to which the signature is…
The Ministry of Finance announced the extension of the last date of filing Income Tax Return (ITR) for financial year 2019-20 from 31st July 2020 to 30th November 2020. If the taxpayer do not file the income tax return before 30th November 2020 then he/she will be liable to pay Income Tax late fee and…