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Income Tax

Income Tax Guide: IT return, e-filing

Income Tax is a tax levied directly on the income or wealth of a person. Here is a complete guide on Income tax return,slab rates and e-filing. ..

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TRACES Login | How to log in to TRACES portal and download Form 16B?

TRACES portal- Step by step guide to download Form 16B and TDS TRACES login..

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How to file ITR(Income Tax e-Filing)

ITR - How to file ITR - A complete step by step guide on how to e-file Income Tax Return on Income tax portal, Know all about ITR filing..

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Step by step procedure of filing TDS Return | TRACES portal

TRACES - Sometimes navigating and uploading a TDS return on the TRACES portal can be difficult for some of the taxpayers. Complying with the data procedure too has been ..

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Important Income Tax (Direct Tax) Amendments (since 2019)

The government has announced several measures to promote growth, investment and create new employment opportunities through the amendments in the Income-tax Act, 1961, and the Finance Act (No. 2), 2019. The following measures have been measures taken by the Ministry of Finance: • Reduction in the corporate tax rate from 30% to 22% provided the company did not avail of any exemption or incentive. • An option to pay income-tax at the rate of 15% for the..

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Income Tax Department carries out searches in Jammu & Kashmir

The Income Tax Department carried out a search and seizure operation on a prominent Hotelier, owning a chain of Hotels at  Srinagar, Gulmarg, Sonamarg and Pahalgam with another hotel under construction at Leh. Various incriminating documents and materials evidencing unexplained investments in immovable properties, construction of hotels and residences aggregating to Rs. 25 crore in the last six financial years have been seized during the search, though he has not paid any tax s..

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Dont Fear Tax Audit, Know the Benefits Instead!

Tax Audit is a reporting of transactions keeping in mind different sections of Income Tax Act (ITA). The provision of tax audit is reported in Form 3CD which is prescribed under Rule 6G of the Income Tax Rules, 1962. Form 3CD contains 44 clauses that cover various sections of the Income Tax Act, 1961. It provides data to Income Tax department such as amount and date of payment of statutory dues, payments on which TDS not deducted or TDS deducted and deposited before filing of income tax retur..

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ITR Filing Tips Financial Year 2019-2020

Finance (No. 2) Act, 2019 has inserted a new seventh proviso to section 139(1) to provide for mandatory filing of return of income for undertaking certain high-value transactions even though the person is otherwise not required to file a return of income due to the fact that total income is below the basic exemption limit. Currently, a person other than a company or a firm is required to furnish the return of income only if his total income exceeds the maximum amount not chargeable ..

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Lower or No Tax certificate under Income tax- Procedure

The concept of TDS under the Income Tax Act is common and the objective of this concept is to collect tax from the very source of income. As per the TDS concept, a person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into ..

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How should the e-TDS/TCS return be prepared?

e-TDS/TCS return has to be prepared in the data format issued by e-Filing Administrator. This is available on the Income Tax Department website ( and NSDL-TIN website ( There is a validation software (File Validation Utility) available along with the data structure which should be used to validate the data structure of the e-TDS/TCS return prepared. The e-TDS/TCS return should have following features: e-TDS/TCS return file should b..

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Form 49A- PAN Application Form Download

1. What is Form 49A? Form 49A is the PAN Card application form for allotment of Permanent Account Number for Residents of India. Any Individual who wishes to apply for PAN should fill Form 49A. This form can be filled both in Offline mode and in Online Mode. We will be discussing both the options here. 2. How to download Form 49A- PAN Application Form? You can get a PAN card by applying through the NSDL (National Securities Depository Limited) as well as thro..

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Basic Questions on Computation of Income Tax

When do I have to pay the taxes on my income? ​​​​​The taxes on income can be finalized only on the completion of the previous year. However, to enable a regular flow of funds and for easing the process of collection of taxes, Income-tax Act has provisions for payment of taxes in advance during the year of earning itself or before completion of the previous year. It is also known as Pay as your earn concept. Taxes are collected by the Government through the following mea..

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