The CBDT has amended Rule 37 BB of the Income-tax Rules and made notable changes which are as under:i. No Form 15CA and 15CB will be required to be furnished by an individual for remittance which do not requiring RBI approval under its LRS.ii. Furthe
Capital gains is one of the most complicated heads of income envisaged in the Income Tax Act, 1961.Capital gains tax directly affects the investment decisions one may have to take. There are various options available under law to avoid paying capital
SPECIAL PROVISIONS FOR COMPUTATION OF PROFIT AND GAIN OF BUSINESS ON PRESUMPTIVE BASISThis section provides that ELIGIBLE ASSESSEES can in respect of ELIGIBLE BUSINESS can declare 8% or more of the Total turnov
Amount received by erstwhile partners on Admission of a new partner to the partnership firm � Taxability under the Income Tax Act, 1961.Reduction of share in partnership firm by an existing partner in favour of a new partner does not attract Ca
Capital Gains is the 3rd Head of Income described under Income Tax Act, 1961 and provisions relating to it are given from Sec. 45 to 55A. Capital gains refers to profits & gains on transfer of any capital asset. Meaning of Capital AssetIn genera
Greeting to all of you!!! In this article, I will discuss the step by step process to file Income Tax Return (ITR) of a deceased. For better understanding I have uploaded Screenshots, however, I have strike through some portion of the image to keep t
Lease and Depreciation claim-An analysisLease nowadays a method of using the tangible material or equipment like Machinery, Vehicles and in a nature of like assets. Instead of buying the same the lessee takes them on lease or say hire from the lessor
It is mandatory to file your Return of Income (ROI) and communicate your details of incomes earned to the Income Tax Department. The provisions relating to filing of ROI depends upon the status of taxpayer. The position in regard to this is described
Key Point and Analysis of Final Rules on �Range Concept� and �Multiple year data� in Transfer Pricing provisions IntroductionThe Income-tax Act provides for determination of income having regard to Arm�s Length Price (A
There are many circumstance in which a person may forgot to claim the credit of Tax deducted at source or sometimes TDS has been lately credited in his account. This is specially truth of the cases where a person is either not supposed to file return
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