Points to be considered while filing Income Tax Returns for current year
Changes in the ITR forms are made mainly with an intention to shift the onus on the taxpayers to prove their claim for deductions, expenses or exemptions and ...
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The Blogs
Applicability of ITR forms for taxpayer – Summarised in Chart
Applicability of ITR forms for taxpayer
- Summarised in Chart
Individual and HUF
Individual and HUF
Nature of income
ITR 1* (Sahaj)
ITR 2
ITR 3
ITR 4
Income from salary/pension (for ordinarily resident person)
✓
✓
✓
✓
Income from salary/pension (for not ordinarily resident and non-resident person)
✓
✓
✓
Income ...
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Reassessment–Notice under section 148–Based on information coming from investigation Wing
Income Tax Act, 1961, Section 148
Reassessment--Notice under section 148--Based on information coming from investigation Wing
Conclusion: Reassessment notice on account of information emanating from investigation wing, however without making further inquiry into the matter, was based on mere conjectures and ...
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Article, Assessment, Income Tax, Latest Update, Notification, Other Source Of Income, other topic, Tax Planning
What if you forget to verify your Income Tax Return?
What if you forget to verify your Income Tax Return?
Have you filed your ITR and forget to verify it? Not a big issue, “it’s never too late”. You still have a time to get it verified and complete your ...
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What If Return Filled in Wrong tax Form?
Return Filled in Wrong tax Form
What If Return Filled in Wrong tax Form?
Many time people fails to understand the Wrong tax form of return to be use for particular assessee. And different heads of income. Sometimes people file return ...
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Income Tax Department Unearths Tax Refund Fraud by IBM, Infosys Employees
BY PTI ON 26/01/2018
Income Tax Department Unearths Tax Refund Fraud by IBM, Infosys Employees
Employees of over 50 prominent and medium-sized companies in Bengaluru are under the scanner of the department.
New Delhi: The Income Tax Department on Thursday (January 25) claimed to have busted. A ...
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Rules for mandatory quoting of Permanent Account Number (PAN)
Rules for mandatory quoting of Permanent Account Number (PAN)
Every person shall quote his PAN in all his challans, returns and correspondence with income tax authority .
Besides that quoting PAN in all documents pertaining to transactions specified in Rule 114B.
1) ...
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Profit club not taxable on the concept of Mutuality !!
Club can avail of doctrine of mutuality w.r.t. surplus amount received. As contributions or price for some of facilities availed by its members: ITAT -
2017-TIOL-1652-ITAT-CHD.
CHANDIGARH : THE issue before the Bench is - Whether a club can avail ...
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Date of signing the joint Development agreement is not fully relevant for determining the Capital Gain Tax liability !!
CIT vs. Dr. Arvind S. Phake (Bombay High Court)
Section 2(47)(v): Immovable property is regard to have been transferr on the date of execution of the Development. Agreement and irrevocable General Power of Attorney only, if the terms indicate that ...
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Non filers may take the benefit of Income Disclosure Scheme-2016
Income Disclosure
Query 1]
If a person has not made any investments in LIC or in PPF, so can he claim bogus deduction under sec 80C?
If a person has not filled ITR in previous years though he was liable ...
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Claim deduction @ Rs. 5,000/- pm if living in a rented premises- Section 80GG
Claim deduction 80GG
Query 1]
I am not owning any house as of now and living in a rented premises. Neither me nor may parents have any house property. My old property was dispos off by my father during his life ...
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Scholarship received to meet the cost of education is tax free
section 80E
Query 1]
In my college, we are recruiting persons to work as junior research fellow and senior research fellows under various research and development projects sponsored by DRDO, DST-SERB, MOIL etc. which is approximately Rs. 25,000+20% HRA. Whether ...
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Profit arising from sale of property & Tax saving options
Tax saving
Query 1]
I request you to kindly suggest me on the following issue. I have sold residential cum commercial plot at Bhopal for Rs. 1 Crore, which I had purchased for Rs. 28,000/- in the year 1994. Deal was ...
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Reduce the tax liability on arrears of salary by claiming relief u/s 89
Reduce the tax liability on arrears of salary by claiming relief u/s 89
tax liability
Query 1]
I am working in a PSU & our wage revision has been done on December-2015. I have received arrears for the last 3 years. Now my questions ...
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File the return in time to enjoy the benefit of carry forward of loss
income tax return benefit
Query 1]
I know a Farmer in my Neighborhood who was having agriculture land & has been acquired by MIHAN in FY 09-10. The peoples who put illegal Layouts moved to court claiming that the farmer has ...
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Issues in taxation of Bonus & splitting of Shares
Issues in taxation
Query 1]
I am holding a BSE listed shares since last 28 months. In current month, company has given Bonus share in the ratio of 5:1 & also splited share of face value Rs. 10 each to face ...
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