List of Information which will be Reflected in AIS/TIS (From AY 2023-24 onwards)
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The Blogs
Why you should purchase Tax Saving Bond u/s 54EC before 31st March 2018?
Section 54EC is one of the most preferable sections for saving tax arising from transfer of any long term capital gain. Section 54EC doesn’t discriminate. It is available to all the classes of assessee be it Individual, HUF, Company, ...
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MISTAKES TO AVOID INCOME TAX NOTICES
Non reporting of Exempt income:
One of the reasons for income tax notices is investment by taxpayers not in accordance with the income profile of the taxpayer. There are lot many taxpayers who don’t discloses exempt income on the pretext ...
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Article, Company Law, Controversial issues, Head Of Income, IGST, Income Tax, Interesting Income Tax, IT Judgement, Miscellaneous, NRI Corner, TDS
Taxation of F & O transactions
Taxation of F & O transactions
Query 1]
I am trading in equities; both delivery as well as non delivery based & make short term capital gain (STCG). Whether it will be treated as "Income from Business" or any other ...
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Merger, Demerger & Amalgamation- Tax implications on shareholder
Merger Demerger & Amalgamation
Query 1]
1000 equity shares of face value of Rs. 10 in N.F.C Ltd were allotted in March 1991. Consequent to composite scheme of arrangement and amalgamation of three companies, 1100 equity shares of Face value ...
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Even small size firm are to get its accounts audited if income offered for taxation is less than 8%
taxation is less than 8%
Query 1]
We have 2 small Partnership Firms, one doing trading and other doing profession. Turnover in both the firms is far less than audit limit. Whether for A.Y. 2017-18 audits of all partnerships having even ...
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Second house property: Income tax without actual income
Query 1]
The first housing loan has taken by me in year 1994 and I am taking benefit in income tax, rebate of amount of Rs. 50,000/- in interest and some amount in principal. Now, we have taken 2nd loan for ...
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Income tax is not always on real Income
Query 1]
My nephew is working as a LIC agent for the last ten years In 2011 he has purchased a piece of land for Rs. 4,00,000/ and the Govt. guideline price for the same as claimed by the registry ...
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Keep proper records & documents of expenses for claiming deduction
Query 1]
We are in the process of selling one house, which is in my wife's name. I have the following queries regarding the capital gain (long term) to be incurred:
The land was purchased in the year 1994-95 ...
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New retail investors are eligible for tax benefit u/s 80CCG
Query 1]
In case of salaried Govt. employee, for Income Tax exemptions in general, please advice:
What are the options of savings/investments available to employees to claim exemption in income tax in FY 2016-17 other than in Section 80C and ...
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Tax implications on relinquishment deed amongst family members
Query 1]
We are two real brothers and two real sisters. Our father owned a residential house in New Delhi and one plot and a residential house in Nagpur. Our father and mother expired few years ago. After their death, ...
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Medical expense on cancer & tax deduction
Query 1]
One of my relative is suffering from cancer and getting himself treated from a private hospital. I want to know whether he would be able to avail the deduction u/s 80 DDB and up to what limit and ...
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Claim Tax Credit on Foreign Income of a Resident
Query 1]
I have the following queries:
I am going to teach a course in Telecom B-school, Paris. The honorarium, what will I get, is liable for tax. The confusion is whether, the institute will deduct tax there in Paris or ...
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Senior citizens are exempt from payment of advance tax
Query 1]
I am a Senior Citizen, Tax Payer, having income from Central Civil Pension and Bank Interest (Savings and Fixed Deposits). To obviate delay, several visits to Bank and other hassles in obtaining Form 16(1)-TDS Certificate, I propose to ...
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Investment in 5 years fixed deposits also offers tax benefit
Query 1]
As per Income Tax provision, Fixed Deposits falls under section 80C- tax exemption or not? If not, what are the rules? Kindly clarify for the benefit of salaried employee. Second, max life insurance falls u/s 80C tax exemptions or ...
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Purchase of rural agricultural land below stamp duty value is not liable for notional taxation
Query 1]
I am a senior citizen and having pension and bank interest as income to
meet our needs which is not enough. I am in tax bracket of 20%. My son is
in job in a different city and he ...
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Pradhan Mantri Garib Kalyan Yojna- 2016: Last call to come clean
Query 1]
One of my relative who was a teacher retired in the year 2013 from municipal corporation school. She stays away from her husband and don't have any children. After her retirement, from her retirement dues she withdraws sum ...
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