Category: Income Tax

To encourage any recognized form of business at an individual level and to overcome any disputes and non-meeting of minds in case of other forms of registered businesses with two or more persons, a new concept of One Person Company… Read more

The income tax return season is in full swing with 31st July approaching fast. While filing the income tax return salaried people only provide copy of the form No. 16 to the person preparing his income tax returns without any… Read more

The due date for filing Income Tax return is very close, in this situation everyone must be aware whether they are required to file ITR or not. It is required to file Income Tax Return in the following situations: •… Read more

Requirement of Furnishing Details of Assets & Liabilities in New ITR Form for A.Y. 2016-17 Introduction- The Government has notified the New ITR Forms for the Financial Year ended 31st March 2016. The Income Tax department notified a new set… Read more

Background: In order to curbing the circulation of black money and widening tax base, the government has recently notified changes in the monetary limits that will require mandatory quoting of PAN with effect from 01-01-2016, under section 139A (5) (c)… Read more

It’s wonderful to have clarification vide circular no. 23/2016 dt. 24th June, 2016 from Government. Government had clarified liability to collect Tax at Source (TCS) from customer will only and only arise if amount of sales consideration received to us… Read more

STRATEGY TO ADD NEW TAX PAYERS Background 1. Revenue augmentation through Widening of tax base has been a constant endeavour of the Income Tax Department. Organized data collection in the department is mainly through following methods: i) Electronic filing of… Read more

Income tax can be defined as the percentage of your income which you pay to the government in order to fund infrastructural development. Taxes account for a major portion of the income which is earned by the Indian government. In… Read more

The accurate and complete filling up of the relevant column or detail in the Income Tax Return (ITR) form is most crucial for correct calculation of income. In case the computation of Income or refund is different than what had… Read more

Your employer has deducted excess tax. You have failed to declare your investments on time. Don’t worry you can claim the excess tax back from the income tax department. 1. You can claim a tax refund by simply filing income… Read more