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SECTION 54B OF INCOME TAX ACT, 1961

Today we are discussing on SECTION 54B OF INCOME TAX ACT, 1961. section 54B is realated to exemption available on capital gain in case of transfer of land use for agriculture purpose. MEANING OF SECTION 54B OF INCOME TAX ACT, 1961 According to Section 54B of I. T. Act, 1961: any capital gain arising on the transfer of land used for ... Read More »

INCOME TAX SLAB RATE FOR ASSESSMENT YEAR 2013-2014

Today we are discussing on INCOME TAX SLAB RATE FOR ASSESSMENT YEAR 2013-2014  of all form of business, reason behind discussion is that because the last date of filling belated return for F.Y. 2012-13 & A.Y. 2013-14 is 31st March, 2015. Income tax slab rate for Assessment year 2013-14  of all the assessee are as Follow – (I)Resident Individual having age ... Read More »

Section 54F of Income Tax Act, 1961

Today we are discussing on Section 54F of Income Tax Act, 1961  – This section relates to the exemption provision of capital gains. In case  sale of Long term Assets assessee will  get the  exemption on purchase of Residential house property. Who can claim exemption under Section 54F of Income Tax Act, 1961 This Exemption is available only to an Individual ... Read More »

DOUBLE TAXATION AVOIDANCE AGREEMENT

In this Post we are going to discuss on basics of Double taxation Avoidance agreements(DTAA). Section 90 of the Income Tax Act, 1961 deals with various provisions related to double taxation avoidance agreement. The Present Government of India i.e. Modi Government has a basic agenda of development by MAKE IN INDIA . For Development they want to take the best ... Read More »

INCOME TAX SCRUTINY OF HAWALA PARTY TRANSACTION

Today we are discussing on how to handle income tax scrutiny of hawala party transaction.Income tax is issuing notice to the person who made a purchase from parties which are declared as Hawala Parties by Sales Tax Department and levied a penalty U/s 271(1)(c). If an assessee had made a purchase from party which is declared as hawala party by ... Read More »

Time Limit of Issuing TDS Certificate

Today we  are discussing on various Time Limit of Issuing TDS Certificate and filing  TDS Return. Form 16,16A & 27D are Certificates while Form 24Q, 26Q, 27Q & 27EQ are TDS/TCS statements. in that we are discuss on time limit of filing the TDS return, penalty for not filing the TDS return,time limit of generating TDS certificate ,penalty of not generating tds certificates on time. ... Read More »

Due Date of Filling Income Tax Return

According to Section 139(1) Due Date of filling income tax return are as Follows (I) 30th September of the Assessment Year: For Company. For A Person Who is covered under Tax Audit. For A Partner of a Partnership Firm which is covered under Tax Audit. For E.g.: A Company Maintaining accounts from 01.04.2014 to 31.03.2015 then due date of filling ... Read More »

JOB WORK PROVISION UNDER CENTRAL EXCISE

Today we are discussing on Procedure of removal of excisable goods from the Job worker or goods sent to the job work for processing and after that remove from the Principal manufacturer factory. Pls check here procedure of Job work in GST – Job work in GST Removal Of Excisable Goods From The Premises Of Job Worker Can a principal ... Read More »

AMENDMENT IN VAT/CST REGISTRATION CERTIFICATE IN MAHARASHTRA

After taking vat registration, you can make some changes in the vat registration certificate like Addition of Commodity, Addition of place of business, changes in place of business etc. today we are discussing on that how to make changes in VAT and CST certificates.  DOCUMENTS REQUIRED FOR AMENDMENT IN VAT AND CST REGISTRATION Documents required for Addition of place of business ... Read More »

HOW TO HANDLE INCOME TAX SCRUTINY

Today we are discussing on the Income tax scrutiny, we are trying to solve the doubts on the matter of income tax scrutiny like Income tax scrutiny meaning, how it come and what are the documentation required, how to handled scrutiny etc. What is meaning of income tax Scrutiny? Scrutiny is a notice issued by the income tax departments under various ... Read More »