List of benefits available to Salaried Persons [AY 2020-21] / FY 2019-20 [As amended by Finance Act, 2019] S. N. Section Particulars Benefits A. Allowances 1. 10(13A) House Rent Allowance (Sec. 10(13A) & Rule 2A) Least of the following is exempt: a) Actual HRA Received b) 40% of Salary (50%, if house situated in Mumbai, Calcutta, Delhi… Read More »
F Income Tax Changes from 1st April 2019 The Government had made various changes under Income-tax law w.e.f 01.04.2019 by Finance Act 2019 : Download Section 87A rebate Increased The amount of tax rebate under Section 87A has been increased from Rs. 2,500 to Rs. 12,500. Further, it shall be available to a resident individual… Read More »
GST & Income Tax Due Dates : April 2019 Due Date Category Description 07-04-2019 Income Tax Due date for deposit of Tax deducted by an office of the government for the month of March, 2019. However, all sum deducted by an office of the government shall be paid to the credit of the Central… Read More »
Due date for Linking PAN and Aadhaar has been extended from 31.03.2019 to 30.09.2019. It has also been clarified that with effect from 01.04.2019, it is mandatory to quote Adhaar number while filing the return of Income, unless assessee has specifically been exempted. Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes NOTIFICATION… Read More »
The assessee has repaid in cash in advance received by it from its customers. We find that the Hon’ble CBDT in Circular No.387 of 6.7.1984 held “receiving advance and repayment of advance is a business transaction. The prohibition contained in section 269SS is confined to loans and deposits only and does not extend to purchase/sale transactions.” ITAT… Read More »
In Finance Act 2019 finance minister of India has announced that no tax will be paid on Total Income up to Rs. 5 lakhs. There is misconception that the income tax slabs have been increased for FY 2019-20 (AY 2020-21) , whereas As per Finance act 2019, rate of the income tax are same .… Read More »
Section 194I Income Tax TDS on Rent Section 194I Income Tax Act deals with TDS on Rent . It is to be noted that for an Individual and HUF whose turnover from business does not exceeds Rs 1 crore in case of Business and Rs 50 Lakh in case of profession during the financial year… Read More »
HIGH COURT OF BOMBAY Principal Commissioner of Income-tax-26 Mumbai v. R.F. Nangrani HUF M.S. SANKLECHA AND SANDEEP K. SHINDE, JJ. IT APPEAL NO. 33 OF 2016 APRIL 18, 2018 A.R. Malhotra and N.A. Kazi for the Appellant. Ajaykumar R. Singh and Ravindra Poojary for the Respondent. ORDER 1. This Appeal under Section 260-A of the Income Tax Act, 1961 (the Act) challenges the order dated… Read More »
Section 234F Income Tax Act : ITR Late filing fees [ Section 234F of Income Tax Act Inserted by the Finance Act, 2017, w.e.f. 1-4-2018. i.e applicable from AY 2018-19 (FY 2017-18 ) onwards ] Summary of Section 234F Income Tax ITR Late filing fees Section 234F of the Income Tax Act, 1961, was introduced in… Read More »
Income Tax on receipt of Money , Gifts & Property : Income Tax News [Part 31] TaxHeal.com