computation of total income format

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IT dept rejects Rs 2 lakh crore IDS declaration by a family from Mumbai


Verification of High Value Suspicious Declarations made under the IDS 2016 An Income Declaration Scheme IDS was announced in the Union Budget 2016 17 under which declaration of undisclosed income or assetcould be made by agreeing to pay forty five percent 45 of the declared amount as tax surcharge a

No seizure of gold jewellery upto 500 grams per married lady and 250 gm for unmarried


Government clarifies that the apprehension sought to be created that the jewellery with the household which is acquired out of disclosed sources or exempted income shall become taxable under the proposed Taxation Laws Second Amendment Bill 2016 is totally unfounded and baseless In the wake of Taxati

RBI advises banks not to trust guidelines being circulated in social media


Information from Unauthenticated Sources Advisory to banks RBI 2016 17 166 DCM Plg No 1500 10 27 00 2016 17 The Chairman Managing Director Chief Executive Officer Public Sector Banks Private Sector Banks Foreign Banks Regional Rural Banks Urban Cooperative Banks State Cooperative Banks Dear Sir Info

IBA directs banks to accept payment of instalments under IDS 2016


No RB CIR OTC IDS 1404A November 25 2016 The Chief Executives of All Member Banks Dear Sir Madam Income Declaration Scheme 2016 Grievance regarding non acceptance by banks of payments under IDS 2016 through ITNS 286 We have received a communication dated November 23 2016 from RBI on the captioned su

Revised Model Draft GST Law, IGST Law and GST Compensation Law Released by CBEC


Draft Model GST Law Draft IGST Law and Draft Compensation Law placed in the public domain for information of trade industry and other stake holders The Draft Model GST Law Draft IGST Law and Draft Compensation Law which would be considered by the GST Council for approval are placed in the public dom

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Experts Opinions

Agricultural income


Hello Experts my friend had agricultural land and he sold the agricultural produce to agro based companies All the transactions was done through bank The bank transactions for F Y 2014 15 is Rs 2 3 crores assuming that Profit is 1 He has a another business having turnover Rs 45 Lakhs He received a n

Income Tax Appeal


Assessee is Non resident not having PAN order under 144 made by AO Is he can submit form 35 for appeal offline and how to pay the appeal fees

Income tax


One of my friend was asked by his client about transfer of property The question is A person and his brother got a small flat after death of their mother in 2009 through nomination But 2nd brother is mentally retarded by the age of 7 years Now the 1st person wants to sell the flat how can he do so s

Computation of various income


Agricultural rental free lancer gift from son adds to 9 75lakhs Could yoy please tell the percentages and final tax figure Agri 3 85k rent1 75k free lancer 3 25k and 90k from son

income tax e file


I knew to file income tax before 2years but now I didn t able to understand how to file individual it return can any body tell me or share me the process of filling and provide any file format please

Discussion

Income tax liability

Dear Friends My question is related to Farming of Fish My one client is doing farming of ZINGA Fish I want to know that is this Zinga Farming Income is Taxable under income tax act If yes than Is Tax calculation is simmilar to regular method or is there any special method is provided by goverment If

Itr-4s sugam, 44ad and income from other sources

Hello I run a grocery shop and my turnover is less then 1crore and I want to file income tax return by filling form ITR 4S Sugam to benefit from 44 AD I also earn small commissions regularly now my question is how can I declare this commission amount in ITR 4S Sugam form I know that commissions will

Income tax query

I bought a property in 2003 on cash payment of Rs xxxxx though sale deed This sum was payed through personal savings accrued over time 2 3 years from withdrawls from bank which were kept at home Now Income Tax has asked to prove source of fund of this property My IT return for assessment year 2004 0

Format - notice for calling of meeting of board of directors

Hi You can download the Format of Notice for calling of Meeting of Board of Directors of the Company at the below link https www dokmart com documents notice for calling of meeting of board of directors info

Appeals in income tax - a glance

Sl No Subject CIT A Tribunal High Court Supreme Court Appeals First Appeal Second Appeal Third Appeal Fourth Final Appeal 1 Under Section U s 246A U s 253 U s 260A U s 261 2 Appeal by Only by Assessee Both by Assessee Department Both by Assessee Department Both by Assessee Department 3 From Order o

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A complete list of Penalties under Income Tax Act, 1961


1 Penalty under Section 270A Penalty for under reporting and misreporting of income If during the assessment proceedings it is found that an assessee have under reported or misreported his income then penalty u s 270A will be imposed on the Assessee This is the harshest penalty that can be imposed b


Income Computation And Disclosure Standards - In Brief


Income Computation and Disclosure Standards ICDS Section 145 2 of the Income Tax Act 1961 confers powers to the Central Government to notify accounting standards to be followed by any class of assessee Exercising that power the Central Government introduced Income Computation and Disclosure Standard


Currency Ban: How penalty cannot be imposed on cash deposits in bank account under Income Tax Act, 1961


Introduction We are going through a very unusual phase of Indian economy where people are rushing nowhere carrying cash in hand I have experience it first time when people are ready to pay the full amount of tax or they are ready to even forego 50 of the amount still they are not able to buy peace o


Immunities under Income Tax Act, 1961 - In Brief


If a person co operates with tax department in disclosure of income the assessing officer normally grants immunity as permitted under the Income Tax Act However the final decision on whether to grant or not rests with the concerned tax authority where the appeal lies Here are the immunities availabl


Newly Inserted Section 270A Income Tax Act, 1961 - An analysis


Background of Section 271A The Income Tax Act has inserted sub section 7 in section 271 to provide as The provision of Section 271 shall not apply to and in relation to any assessment for the assessment year commencing on or after 01 04 2017 Due to the insertion of the said sub section in Section 27


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Updated on : 12/6/2016 5:49:11 PM


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