The Income-tax Appellate Tribunal (ITAT) which adjudicates Income-tax (I-T) disputes, has held that an amount deducted by an employer for not serving out a notice period cannot be brought to tax.
All cash payments of over Rs 2 lakh for paying loans and credit card bills during the 50-day period post demonetisation will have to be disclosed in the new one-page income tax return (ITR) form. The tax department a few days back notified new ITR forms for filing of returns for the Assessment Year 2017-18 (financial year 2016-17).
Taxpayers registered under the new goods and services tax (GST) regime that is set to be implemented from 1 July will be assigned a rating.
The government has already taken several steps to promote digital payments and several other schemes launched by the government have paved the way to save more money.
If you are contemplating to take up the tax matters at the last minute, there could be bad surprises in the offing.
PAN refers to primary function is to prevent tax evasion by keeping a complete track of monetary transactions. TAN enables the assessee who has made payment to claim the tax deducted in their ITR.
The tax proposals in the Budget 2017 have now become law. In addition, some amendments were also introduced in the Finance Bill that was passed by the Lok Sabha.
The composition scheme under the new GST regime extends an important benefit to all small traders.
We all are aware that GST is going to implement from July 2017. Now we all are just trying to analyse its impact on different Industries deals in various goods/ services.
Textile sectors play a very important part in the development of the Indian economy with regard to GDP, Export promotion, employment, etc.The textile industry is the second largest industry which provides skilled and unskilled employment.
The present burden of taxation is mainly on honest taxpayers and salaried employees.” Keeping this in view, he tried to disperse the tax liability on everyone so that there is a uniformity in paying tax amongst all
Apart from the above beneficial provisions under income-tax Act, beneficial provision in respect of payment of service tax on quarterly basis and facility of payment of service tax on receipt basis is being extended to a One Person Company (‘OPC’) with effect from 1 April, 2016, which would also benefit start-ups registered as OPCs.
Stamp duty and registration charges and other expenses related directly to the transfer are also allowed as a deduction under Section 80C, subject to a maximum deduction amount of Rs.1,50,000. Claim these expenses in the same year you make the payment on them.
Normally also, if you receive a cash gift or gifts by cheque or bank draft of more than Rs 50,000 from a non relative, you are required to pay tax on the excess amount exceeding Rs 50,000
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