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  • Set Off and Carry Forward of Losses

    Intra Head Set off of Losses (Set Off of Loss against Income of Same Head)

    Any losses arises under any Head of Income can be set off from any Income from any other Source under same head for that assessment year or any subsequent year, except few cases where losses can not set off to any other Income under same head for that assessment year or any subsequent year.

     

    Cases or

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  • Penalties under Income Tax Act

    Sec 140A(3): - When assessee fails to pay wholly or partially of Self Assessment Tax or Interest or penalty or less than, in such a case Assessing Officer may impose any amount of fine subject to Maximum of Tax in arrears.

    Sec 158BFA(2): - Minimum 100% of Tax leviable subject maximum of 300% of Tax liable on determination of Undisclosed Income.

    Sec 221 (1): - Any amount may be imposed by Assessing Officer as penalty on

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  • Common Mistakes Done by Assessee while Filing Income Tax Return

    Wrong Calculation of Exemption of House Rent Allowance (HRA)

    So, Many times claim exemption of whole amount House Rent Allowance (HRA) Received even if Some portion of HRA is Taxable. Asseessee must take exemption of minimum of - 

    Actual HRA Received

    40% Of Salary or Incase of Metro Cities 50% of Salary

    Excess of Rent Paid over 10% Salary

    Note: - Here Salary means Basic plus Dearness Allowance (DA) if

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  • Amendments or Changes in Income Tax for Financial Year 2018-19 (Assessment Year 2019-20)

    Standard Allowance to Salaried Employees in Place of Medical Allowance or Reimbursement, and Transportation Allowances

     

    Treatment up to Financial Year 2017-18 ( Assessment Year 2018 - 19 ): -

     

    Medical Allowance: - Any Fixed amount of Money Received by Employee from Employer every Month i.e. Medical Allowance is Fully Taxable in Hands of Employee irrespective of amount

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  • Income Computation and Disclosure Standards - ICDS

    Income Computation and Disclosure Standards (ICDS) are Applicable on Income from Profits and Gains of Business and Profession and Income from other Source for Computation of Income, not for maintaining books of Accounts. Income Computation and Disclosure Standards are Applicable to all asseessee's who follow mercantile system of Accounting even in case of assessee covered under

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  • Explanation to Different Income Tax Return Forms  

     

    ITR -1

    ITR -1 is simple Return for Resident Individual

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  • Documents or Information Required for Income Tax Return Filing

    Classification of Income : - Income of Asseessee first needs to be Classified into following Five heads or Source of Income : -

    Income from Salary : - Any Amount Received by Employee from Employer in form of Cash (Basic, Dearness Allowance, House Rent Allowance or any Other Allowances, Commission on Sale and Bonus etc.) or any Non Cash Facility shall be treated as Income from Salary of Asseessee. Primary Condition of Income from

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  • Income Exempted from Income Tax

    Agriculture Income: - Any Income earned by any Asseessee on sale of Agriculture produce or Income derived from renting Agriculture Land for Agricultural Activities shall be fully Exempted from Income Tax. However agriculture Income is included in Total Income of Asseessee for ascertaining slab Applicable to Assessee if Agriculture Income exceeds Rs. 5000 and Non - Agriculture Income doesn't

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  • Taxability of Investment in Shares and Mutual Funds

    Tax Treatment on Income from Investment in Shares: -

    Investment in Shares gives two

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  • Residential Status and Equalisation Levy in Income Tax Act

    Equalisation Levy in Income Tax Act

    As per sec 165 of Finance Act 2016 any Resident Person carrying Business or Profession or Non - Resident having Permanent Establishment in India have to deduct 6 % of Payment made for Online Advertisement or any provision of digital Advertisement space or any other facility or services for Online Advertisement purpose. Deduction of

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