What is ITR? Income Tax Return is a form in which the taxpayers file their details about his income earned and tax applicable to the income tax department. The Income Tax department has notified various types of forms i.e. The taxpayer should file his ITR on or before the specified due date. ITR forms...
Continue readingWhat is the ITR-3 Form?
About: The ITR 3 is applicable for individuals and HUF who have income from PGBP. Persons generating income from the following sources are eligible to file ITR 3. a. Carrying on a profession or business ( both tax audit and non-audit cases). b. The return may include income from Salary/Pension, House property, and Income from other sources. Structure...
Continue readingRevocation of GST Registration Cancellation
The proper officer may, either on his motion or an application filed, in case of death of such registered person, by his legal heirs, cancel the registration. Where the business has been: discontinued, transferred fully for any reason death of the proprietor, amalgamated with other legal entity, demerged or otherwise disposed of or there...
Continue readingWhat is the Equalization levy?
About: The Equalization Levy was first introduced by the Finance Act, 2016 on non-resident business. Equalization levy is imposed at 6% on specified services such as online advertisement and digital advertising space or any other facility or service for the purpose of online advertisement. It is mandatory for Indian business residents to deduct the...
Continue readingNIDHI COMPANY
About: Nidhi means a company which has been incorporated as a Nidhi with the object of cultivating the habit of thrift and saving amongst its members receiving a deposit from and lending to its members only for their mutual benefit and which complies with the rules made by the central government for regulation of...
Continue readingCONSULTANCY FOR START-UPS (SUs) & EARLY STAGE UNITS (ESUs)
What is Start-Ups(SUs) & Early Stage Units(ESUs): Start-Up is an Entrepreneurial Venture or a new Business in the form of a Company, a Partnership, Proprietorship, etc. generally newly created with innovative concepts and ambition too high growth potential. Early Stage Unit (ESU) is a unit that has not completed 3 years from the date...
Continue readingIncome Tax Notices
Types of Income Tax Notices Section 139(9): Defective Income Tax Return Section 131(1A): Income is concealed or likely to be concealed Section 142(1): Initial Enquiry before an assessment Section 143(1) Intimation Section 143(2): Follow up to the notice u/s 142(1) Section 148: Income escaped assessment Section 156: Notice of Demand Section 245: Refund adjusted against...
Continue readingWhat is section 10 exemption in income tax?
About: According to Section 10 of the Income Tax Act, the salaried employees are allowed to enjoy the tax exemption. The objective of section 10 of the Income Tax Act is to minimize the burden of the different structure of the tax such as rent allowance, allowance for children education, travel allowance, gratuity and...
Continue readingDeduction under section 80DDB,80U,80RRB,80TTB
Section 80DDB Deduction for Medical Expenditure on Self or Dependent Relative a. For individuals and HUFs below age 60 A deduction of Rs.40, 000 is available to a resident individual or a Hindu Undivided Family (HUF). A deduction is available for any expense incurred by the assessee towards the treatment of specified medical diseases...
Continue readingIncome from Other Sources
Income especially including under this head Section 56(2) The following incomes shall be chargeable to income tax under this head- The dividend, other than the dividend referred to in section 115-O Income by the way of winning from lotteries, crossword puzzles, race including horse race, card game and other game of any sort or...
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