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INCOME TAX

Statement of financial transactions

Today we will discuss the Statement of financial transactions introduced by income tax act  u/s 285ba. The  Statement of financial transactions need to be prepared by the person required to be audited in the income tax act 1961 from this year, Earlier Annual information return to be prepared by the Specified entity the SFT will replace the AIR. In this blog we ... Read More »

How to upload 15G and 15H in Income tax

Today we will discuss on  how to upload Form 15G and 15H in income tax website.Step by step guide to upload the Form 15G and 15H Login to Income tax website for 15G and 15H Click on https://incometaxindiaefiling.gov.in/ Register Yourself with tax Deductor and Collector tab Mention the TAN number and password Login to the 15G and 15H accounts After ... Read More »

Accounting of Construction Contracts

Today in this blog we will share the accounting of Construction Contracts, how the builders and developers will maintain their books of accounts, what are the Accounting standard applicable to the Builders and developers and also how the revenue will be recognised as per the AS. Different Transaction in Real Estate – there are two type of transaction first builder ... Read More »

Latest News on Income declaration Scheme 2016

In this blog we will talk about very important and popular topics  Income declaration Scheme 2016 . IDS is basically amnesty scheme in the income tax by modi government. under this scheme assessee can disclosed all his undisclosed scheme to get the  relaxation from the department. IDS are a scheme of the modi government, in that an Assessee can disclose ... Read More »

How to E-verify the Income tax return

Now in this blog we will discuss on how to e-verify the income tax return, what are the option available to e-verify the income tax return. First login the incometaxindiaefiling.gov.in . In registered user enter your pan number in user name and password. After that dashbord will appear on the screen click on the view return form. Check if any ITR Pending ... Read More »

How to use DSC in Income tax website -latest procedure

Today we will discuss how to use the digital signature in income tax website. In this blog we will solve the problem of uploading the DSC in income tax website. there is frequent changes happen in DSC utility and their use in the income tax website. In this blog we will discuss the latest step to upload the Income tax ... Read More »

Equilasation levy (Google tax) in India

Today we will discuss the Equilasation levy (Google tax) in India, what is the meaning of google tax ,rate of google tax, its implication to the startup business. Meaning of Google tax Government of India has levied a equilasation levy which is popularly known as google tax. Equilasation levy will be levied at 6% for any payment made to outside ... Read More »

TCS on cash transaction

Today we discuss on TCS on cash transaction, Government of  India has widens the provision of TCS in order to stop cash transaction in market and also to control the black money to some extend. In this blog we will discuss on various question asked on the tax collected at source like applicability of TCS,Section of TCS, liability of TCS ... Read More »

TDS on Payment to transporter

Today we discuss on the provision of the TDS on Payment to transporter. what is the rate of the tds on contractor , under which section it will cover and when applicability of deducting tds on transporter will arise. In this blog we will discuss tds on transporter in details. TDS on Payment to transporter is deducted under  section 194C ... Read More »

Interest Income in Joint Holder Accounts

Today we discuss on tax-ability of Interest Income in Joint Holder Accounts. In India many people open a Joint accounts and deposit money in that like FD etc for easy availability to the spouse. but the problem arise in whose hand income is taxable and tds should be deducted. Who will pay Income tax in Joint accounts name? Income will ... Read More »