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INCOME TAX

4 type of donation for tax saving in income tax

Today we discuss on 4 type of donation for tax saving in income tax. what are the various kind of the donation a person can do and what will be the procedure for the donation. Various kind of Donation in income tax act 1961 (1) Donation under section 80G In this government notify certain certify certain educational, religious, relief welfare ... Read More »

All tax saving declaration to be submitted by the salary employee

Today we will discuss on the declaration to be submitted by the employee.  what are the documents need to be submitted and why to submit the documents. Why Declaration to be submitted by the salary employee? TO save the TDS employee need to submit the documents. Every company will deduct the TDS of the employee based on his net income. ... Read More »

Income Tax Return Form for FY 2014-15

Today we discuss on the Income Tax Form for FY 2014-15 and assessment year 2015-16. Government of India has notify the form for the income tax as per the income class. In this blog we will share the income tax return form to be filed by the HUF or Individual as per their nature of income.  We have describe all ... Read More »

Form 3CA and Form 3CB in Tax Audit

Today we will discuss on the Form 3CA and Form 3CB in Tax Audit, Difference between the form 3CA and Form 3CB. An chartered accountant to an particular entity will issue the Form 3CA or Form 3CB report. Form 3CA & Annexure 3CD Form 3CB & Annexure 3CD Difference between Form 3CA and Form 3CB Form 3CA Form 3CA is ... Read More »

Guidance Note on Tax Audit 2016

Today we discuss on the guidance note on TAX Audit 2016 , in this blog we will discuss the important provision of income tax that is applicable to all the concern to be checked for conducting Tax audit  and what are the  audit procedure to be followed for conducting the tax audit. Steps to conduct the tax audit – First ... Read More »

How to check the TDS Credit

Today we discuss on How to check the TDS Credit. To check the TDS person has to View Form 26AS . In this blog we are going to explain the procedure how to view Form 26AS i.e. Tax Deducted at source (TDS) & Tax Collected at Source credit statement. Most of people want to know how much TDS is deducted ... Read More »

Frequently asked question on Debit Note and Credit Note

Today we are going to discuss to a simple but a confusing topic Debit Note & Credit Note. Most of people knows what is debit note & what is credit note but most of times they get confused while passing a journal entry relating to debit note & credit note. In this blog we will discuss the meaning of debit ... Read More »

Guidance note on finalisation of books of accounts

Today we are going to discuss on finalisation of books of accounts. In this topic we will discuss the closing entry to be passed at the end of the year for finalisation of books of accounts. An assessee should passed the following entry depreciation on fixed assets, provision for the expenses, provision for taxation, entry for deferred tax , entry for ... Read More »

How to determine Capital gain tax on Share

Now we are going to discuss on Capital gain tax on Share. Normal Person doesn’t now under which head the profit from purchase & sale of shares are taxed. Which type of profit is exempt & which type of Profit is taxable. In this post we are making discussion on Purchase & sale of listed equity shares. We are discussing ... Read More »

Purchase made from hawala parties not treated as bogus

Today we are going to discuss an important & most popular matter in relation to purchase made from hawala parties not treated as bogus in income tax. The ACIT in its recent judgement announced that the purchase made from hawala parties can’t be treated merely as a bogus purchase. The Parties to case are Ramesh Kumar & Co vs. ACIT ... Read More »