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
Income Tax : Common Questions What is Income Tax ? It is a tax levied by the Government of India on the income of every person. The provisions governing the Income tax Law are given in the Income-tax Act, 1961. What is the period for charging… Read More »
Following are the transactions for which income tax department collect information through Annual Information Return (AIR) under rule 114E Cash deposits aggregating to ten lakh rupees or more in a year in any savings account of a person maintained in that bank. Payments made by any person against bills raised in respect of a credit… Read More »
Income tax Act 1961 What is Income tax? It is a tax levied by the Government of India on the income of every person. The provisions governing the Income tax Law are given in the Income tax Act, 1961. What is the administrative framework of Income tax? The revenue functions of the Government of… Read More »