Form 26 AS is issued under section 203AA of the income tax act. It contains the details of tax deducted at source. Form 26AS include various details which are as follows: Form 26 AS contains the details of taxes paid tax refunds that have been received. The purchaser of immovable property deducts tax at...
Continue readingCUSTOMER CARE OF INCOME TAX DEPARTMENT
Watchdog to Settle Your Income Tax Grievances This time there is an independent Watchdog whom you can approach for seeking effective resolution of your income tax grievances and even obtain a token compensation of Rs.1000 for the loss suffered by you. The reason behind this step is the delay in getting your refund, rectification...
Continue readingUnexplained Cash Credit – Section 68 of Income Tax
Unexplained money is any money credited to a taxpayer for which the taxpayer cannot provide any explanation or information about the nature or source of the money from where he did earn. Under the IT Act, any unexplained Income to a taxpayer’s account can be held as income to the taxpayer and taxable under...
Continue readingExport Promotion Capital Goods (EPCG) Scheme
This is a scheme relating to the import of capital goods at zero duty. The benefit of zero duty is subject to the fulfillment of export obligations and other conditions. The objective: To facilitate the import of capital goods for producing quality goods and services to enlarge India’s export competitiveness. Schemes: 1. Import capital...
Continue readingTYPES OF TAX PLANNING
The tax planning exercise ranges from devising a model for the specific transactions as well as for systematic corporate planning. These are: (a) Short-range and Long-range Tax Planning Short-range planning refers to year to year planning to achieve some specific or limited objective. For example, an individual assessee whose income is likely to register...
Continue readingIncome Tax benefit for salaried person
Salaried persons constitute a large portion of total taxpayers in India and their contribution to total tax collection. As there are various allowances and perquisites available to an employee, and so forth. List of benefits available to Salaried Persons House Rent Allowance, Children Education Allowance, Hostel Expenditure Allowance, Transport Allowance and other allowances Perquisites...
Continue readingHUF (Hindu Undivided Family)
What is HUF? HUF signifies Hindu Undivided Family. Save taxes by creating a family unit and pooling in assets to form a HUF. HUF is the tax charged separately from its members. A family can come together and Create a HUF. any other may form a HUF like Buddhists, Jains, and Sikhs, etc. HUF...
Continue readingReturn under Loss, Belated and Revised
RETURN OF LOSS SECTION 139(3) This section requires the assessee to file a return of loss in the same manner as in the case of return of income within the time allowed under section 139(1). Section 80 requires mandatory filing of return of loss under section 139(3) on or before the due date specified...
Continue readingInterest and Late Fee for filing of Return
Interest for Default in Furnishing Return of Income Under Section 234A Interest under section 234A is attracted to failure to file a return of income on or before the due date under section 139(1) (i.e., interest is payable where an assessee furnishes the return of income after the due date or does not furnish...
Continue readingPROVISIONS FOR FILING RETURN OF INCOME
COMPULSORY FILING OF RETURN OF INCOME UNDER SECTION 139(1) As per this section, organizations and firms must file a return of income or loss for every previous year on or before the due date in the prescribed manner. A person other than a company or a firm, filing of return of income on or...
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