INCOME TAX IN INDIA
Government of India needs money for its expenses and development activities which is collected in the form of taxes and Income Tax is probably the biggest source of revenue of government of India.
As per Press Release dated 07.11.2017, the provisional figures of Direct Tax ..
There is an existing provision for deduction of TDS (deduction of tax at source) under section 194-I in the Income Tax Act, 1961 for individuals/HUFs, wherever tax audit is applicable.
INTRODUCTION OF SECTION 194-IB
Now, the Government has widened the scope by introducing a new..
Taxes are the biggest source of revenue of government of India, for its day to day expenses and social welfare measures. Normally tax collections are divided in Direct Tax and Indirect Tax category. Income Tax comes under the Direct Taxes group and this is biggest source of revenue under thi..
Income Tax Return filing season for certain class of assessees including individuals not falling under tax audit provisions has just been over and by now the Income Tax Department (the Department) has already started processing of these returns. In fact, return filing and processing thereof are an o..
One of the biggest worries of income tax payers is getting notice from Income Tax Department. The Department issues notices under various provisions of Income Tax Act. The purpose of the same is to ensure greater tax compliance.
In recent times, the Department has access to wide range o..
1. As per the provisions of section 44AB of the Income Tax Act, 1961, every person carrying a business whose turnover exceeds Rs. 1 Crore or carrying a profession whose receipts exceeds Rs. 25 Lacs in the financial year 2012-13, must get his accounts audited before filing Income Tax Return.
Once again the season of filing income tax returns has come. Government has notified almost all Income Tax Return (ITR) Forms barring a few, which may be notified in next few days.
TDS certificate is one of the most required documents for filing ITR.
10 POINTS YOU MUST KNOW ABOUT PORTFOLIO MANAGEMENT SERVICES (PMS) IN INDIA
Most of the people in India know about investing in securities market directly or through Mutual Funds. Here is a brief about how one can invest in securities market..
PROVISIONS REGARDING PAN (PERMANENT ACCOUNT NUMBER) IN INDIA
The Permanent Account Number is allotted by the Income Tax Department. No person can have more than one PAN.
PAN is required for following transactions.
for filing Income Tax returns etc.,
sale or purchase ..
12 POINTS TO KNOW FOR NRIS/TO BE NRIs
1. NRIs whose taxable Indian Income exceeds basic exemption limit or who have earned short-term or long-term capital gains from sale of any investments or assets are liable to file income tax return in India, even if the gains are less than the..