The Tax Talk

Points to be considered while filing Income Tax Returns for current year

May 30, 2018 0 Comments

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 ...

Assessment, Income Tax

Applicability of ITR forms for taxpayer – Summarised in Chart

May 28, 2018 0 Comments

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 ...

Assessment, Income Tax

Reassessment–Notice under section 148–Based on information coming from investigation Wing

April 25, 2018 0 Comments

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 ...

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?

March 19, 2018 0 Comments

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 ...

Article, Assessment, Income Tax, other topic

What If Return Filled in Wrong tax Form?

February 15, 2018 0 Comments

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 ...

Article, Assessment, Business/Profession, Income Tax, Latest Update

Income Tax Department Unearths Tax Refund Fraud by IBM, Infosys Employees

January 27, 2018 0 Comments

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 ...

Article, Assessment, Income Tax, Tax Planning

Rules for mandatory quoting of Permanent Account Number (PAN)

January 27, 2018 0 Comments

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) ...

Article, Assessment, Income Tax, IT Judgement, Latest Update

Profit club not taxable on the concept of Mutuality !!

December 31, 2017 0 Comments

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 ...

Article, Assessment, Capital Gain, Tax Planning

Date of signing the joint Development agreement is not fully relevant for determining the Capital Gain Tax liability !!

December 26, 2017 0 Comments

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 ...

Article, Assessment, Business/Profession, Other Source Of Income, Tax Planning

Non filers may take the benefit of Income Disclosure Scheme-2016

April 25, 2016 0 Comments

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 ...

Article, Assessment, Capital Gain, House propery, salary, Tax Planning

Claim deduction @ Rs. 5,000/- pm if living in a rented premises- Section 80GG

April 18, 2016 0 Comments

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 ...

Assessment, Income Tax, Other Source Of Income, Tax Planning

Scholarship received to meet the cost of education is tax free

April 18, 2016 0 Comments

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 ...

Article, Assessment, House propery, Other Source Of Income, Tax Planning

Profit arising from sale of property & Tax saving options

March 21, 2016 0 Comments

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 ...

Article, Assessment, Income Tax, salary, Tax Planning

Reduce the tax liability on arrears of salary by claiming relief u/s 89

February 29, 2016 0 Comments

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 are: In order to claim a relief u/s 89(1), do I need ...

Assessment, Income Tax, Tax Planning

File the return in time to enjoy the benefit of carry forward of loss

February 15, 2016 0 Comments

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 ...

Assessment, Income Tax, Tax Planning

Issues in taxation of Bonus & splitting of Shares

January 25, 2016 0 Comments

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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CBDT issues SOP for handling ...

Failure of TDS by the ...

Members base cannot exceed 50 ...

Validity of disallowance of partners ...

Category: Assessment