Provisions of Income Tax on GIFT Are monetary gifts received by an individual or Hindu Undivided Family (HUF) taxable? If the following conditions are satisfied then any sum of money received (i.e, monetary gift may be received in cash, cheque, draft, etc.) by an individual/ HUF will be charged to tax (*): Sum of money… Read More »
Presumptive taxation scheme of Income Tax 1961 What is the meaning of presumptive taxation scheme? As per sections 44AA of the Income-tax Act, 1961, a person engaged in business is required to maintain regular books of account under certain circumstances. To give relief to small taxpayers from this tedious work, the Income-tax Act has framed… Read More »
As per the notification by MCA, now the Private Companies can accept the loan from Relative of Director TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, [Section 3 sub-section (i)] Government of lndia Ministry of Corporate Affairs Notification New Delhi, dated,15th september 2015 G.S.R. – (E). – In exercise o{ the powers conferred… Read More »
Income from house property Is rental income from sub-letting chargeable to tax under the head “ Income from house property ”? Rental income in the hands of owner is charged to tax under the head “ Income from house property ”. Rental income of a person other than the owner cannot be charged to tax… Read More »
Income Tax Return What is a Income Tax Return? It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department. Different forms of returns of income are prescribed for filing of returns for different Status… Read More »
PAN or Permanent Account Number What is PAN? PAN stands for Permanent Account Number. PAN is a ten-digit unique alphanumeric number issued by the Income Tax Department. PAN is issued in the form of a laminated plastic card (commonly known as PAN card). Given below is an illustrative PAN:ALWPG5809L What is the utility of PAN?… Read More »
What is TAN? TAN i.e. Tax Deduction and Collection Account Number is a 10 digit alpha numeric number required to be obtained by all persons who are responsible for deducting tax at source or collecting tax at source. It is compulsory to quote TAN in TDS/TCS return (including any e-TDS/TCS return), any TDS/TCS payment challan,… Read More »
Tax Audit [As amended upto Finance Act, 2015] What is Tax Audit ? The Income-tax Law requires the taxpayer to get the audit of the accounts of his business/profession from the view point of Income-tax Law. What is the objective of tax audit? One of the objectives of tax audit is to ascertain/derive/report the requirements of… Read More »
Notification Issued Imposing a Provisional Safeguard Duty Effective from Today on Hot-Rolled Flat Products of Non-Alloy and Other Alloy Steel in Coils of a Width of 600 MM or More [Falling Under Heading 7208 or Tariff Item 7225 30 90] at the Rate of 20% (Twenty Percent) Ad-Valorem for a Period of 200 Days On… Read More »
Govt. Defence equipment companies exempted to disclose Additional information of Schedule III to the Cos Act, 2013 SECTION 129 OF THE COMPANIES ACT, 2013 – FINANCIAL STATEMENT – NOTIFIED PARAS RELATING TO ADDITIONAL INFORMATION OF GENERAL INSTRUCTIONS FOR PREPARATION OF STATEMENT OF PROFIT AND LOSS IN SCHEDULE III OF SAID ACT NOT TO APPLY TO… Read More »