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  • Income Tax and Goods and Service Tax Compliance Applicable to Company

    Income Tax Compliance Applicable to Company 

    TDS Return for Q1: - Every Deductor who Deducted TDS in Q1 shall require to

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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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  • 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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  • 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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  • 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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  • Reasons for Mismatch of Income in Income Tax Return and Consequences of Such Mismatch

    Every Income Tax Return Filled by Asseessee will be Processed by Income Tax Department at Centralised Processing Centre (CPC) Bangalore without calling Asseessee.

    During Processing of Income Tax Return Income Tax Department will Compute Income of Asseessee after Making Certain Adjustments.

    Following Adjustments will be made in Income of Asseessee During Processing of Income Tax Return: -

    Any Arithmetic Error in Income

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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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  • Easy Ways To Save Income Tax - 2021 Edition

    What is Income Tax?
    Income tax is a portion of your income that you pay to the government. This tax is collected on an annual basis. The authorities use this money to perform administrative tasks.

    Guide To Save Income Tax In India:
    There are two ways to save tax in India:

    By Claiming Expenses:
    You will have to claim the expenses you have made to save income tax.

    By Investing in Tax-Saving

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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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  • A Full Guide On Filling ITR-2 Online AY 2020-21

    Read Full Details on ITR-2

    What is the ITR 2 Form?
    The ITR-2 is filed by the individuals or HUFs not having income from profit or gains of business or profession and to whom ITR-1 is not applicable. It includes income from capital gains, foreign income or any agricultural income more than Rs 5,000.

    What is ITR 2 Form
    Changes in ITR 2 for AY 2020-21
    Eligibility

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  • TDS Liability on Rent Payment 

    Sec 194I:- TDS on Payment made for Rent to Resident Person for use of Land, Building, Plant and Machinery and Furniture 

    Any person other than Individual or Hindu Undivided Family (HUF) and Individual or Hindu Undivided Family (HUF) whose Gross Receipts or Sales or Turnover exceeding the Monetary Limit prescribed under sec 44AB of Income Tax Act shall required to deduct TDS on Payment made to

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  • Taxation of Political Party and Electoral Trust

    Income Exempted from Income Tax of Political Party

    As per sec 13A of Income Tax Act following Incomes are Exempted from Income Tax upon satisfaction of Certain Conditions : -

    Income Chargeable under Heqd Income from House Property

    Income Chargeable under Head Income from Capital Gains

    Income Chargeable under Head Income from Other Sources including Donation Received.

    But any Income which is Chargeable

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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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  • Annual Return and Final Return in GST Regime

     

     

    Annual Return in GST Regime

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  • Electronic Cash Ledger in GST and Utilisation of Balance in Electronic Cash Ledger

     

    Electronic Cash Ledger is a Cash Ledger in electronic mode on GST Portal that contains the amount of Goods and Service Tax deposited by Tax Payer in cash or any electronic mode. Electronic cash ledger is segregated in Major Head and Minor Head. Major Head is divided in IGST (Integrated Goods and Service Tax), CGST (Central Goods and Service Tax), SGST (State

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  • GST Notification in Textile Industry On Inverted Tax Structure

    Introduction Based on the recommendations of the 28th GST Council Meeting held recently, the Board has issued the Notification bearing No. 20/2018 dt 26th July 2018 to give effect to refund the unutilized input tax credit (ITC) on account of inverted tax structure on textile products from 01.08.2018 for certain commodities, but all the inward supplies received upto the 31st day of July 2018, shall lapse, after payment of tax for and

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  • ITC Rules on Capital Goods under GST with Example


    The definition of “capital goods” under Section 2 (19) of CGST Act means goods, the value of which is capitalized in the books of account of the person claiming the input tax credit and which are used or intended to be used in the course or furtherance of business. Input Tax Credit (ITC) plays the significant role in calculating and claiming the taxes under the ambit of Goods and Services Tax

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  • Step By Step Guide For Downloading the FORM GST ITC 04 Offline Utility and its checking

    Downloading the FORM GST ITC 04 Offline Utility is a one-time activity, however, it may
    require an update in future if the Tool is updated at the GST Portal. Please check the version
    of the offline utility used by you with the one available for download on the GST Portal at
    regular intervals.
    To download and install the FORM GST ITC-04 Offline

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