ITR -1 and ITR -4 forms have been notified by the Central Board of Direct Taxes (CBDT). However, the above forms have a few new disclosures to be made if applicable. Here is the list of such disclosures:- 1) Passport Number:- If you hold a passport, you are required to furnish the passport number if […]
Tag Archives: Best CA firms in Pune
17
Aug
Aug
While there are many benefits of filing your Income tax return on time, Not filing Your ITR may attract the ire of the Income Tax department. Penalty, Interest, Best Judgment Assessment and Prosecution are some of the consequences you may face for not filing your income tax return. This article throws light on the consequences […]
14
Aug
Aug
On 13th August 2020, Our Honorable Prime Minister Shri. Narendra Modi launched the Platform for “Transparent Taxation”. One of the key feature of the event was unveiling and implementation of the “Taxpayer’s Charter” which clearly outlines the Governments’ responsibilities towards the taxpayers as well as the duties of the taxpayers. Outlined here are your key […]
10
Aug
Aug
Finance Act,2017 inserted a new section 194 IB which mandates deduction of rent payable by certain class of Individual/HUF to a resident individual. This article throws some light on the said provision. Applicability:- This section is applicable to Individuals or HUF taxpayers paying rent in excess of Rs. 50,000 per month to a resident. For […]
05
Aug
Aug
Introduction HRA or House rent allowance is that component of salary which is paid for covering the employee’s rent expenses. The Income Tax Act,1961 exempts this portion of salary known as HRA. This article throws light on how HRA exemption is calculated and issues related to it. Calculation of House Rent Allowance Exemption The […]
31
Jul
Jul
With relaxations in tax rates for companies, More and more businesses now tend to choose body corporate over other different types of entities. MCA, too has made the process of incorporation of Companies a lot more easier with all the important registrations such as PAN, TAN, GST, etc being granted on Incorporation of a Company. […]
27
Jul
Jul
Often Taxpayers while filing their Tax returns make innocent mistakes, not with the intention of evading taxes but simply out of ignorance. These mistakes though innocent may prove costly to you and invite notices from the Income Tax Department. Below are 5 such mistakes that you should avoid while filing your ITR:- 1. Not Filing […]
23
Jul
Jul
Deductions are those expenses that are allowed to be deducted from the total taxable income of the assesse and thus reduce the tax amount. All the provisions and rules regarding deductions are covered by Chapter VIA of the Income Tax Act, 1961. These deductions are of different types some are allowed on investing the income […]
20
Jul
Jul
Introduction Director’s remuneration means the fees or salary or compensation drawn by the director from a company in which he is the director for the services rendered in managing the day to day affairs of the company. The question has always been raised whether this remuneration attracts GST or not. However, CBIC vide circular no. […]
16
Jul
Jul
Generally, Employers give an allowance for house rent as part of the salary paid known as House Rent Allowance or HRA which can be claimed as deduction by the employees for the rent paid by them. However, sometimes the employer pays the entire salary as basic salary without any bifurcation or in cases where the […]
