Category: Income Tax

25% Corporate Rate Tax FY 2017-18 (T/o 50 crore)

Union Finance Minister has today reduced the Corporate Rate Tax for Financial Year 2017-18 (AY 2018-19) to 25% for companies whose turnover is less than 50 Crore in a year. Around 95% of companies India shall be benefited through this new amendment in Income Tax Rate. Corporate tax is a form of tax levied on […]

Budget 2017 Highlights (Changes for AY 2018-19)

Checkout below the complete highlights of Budget 2017. These highlights were categorised into Capital Gain, Personal Income Tax etc. This editorial on Budget 2017 highlights was contributed by CA.Aakash Jain. All these changes will be applicable for 2017-18 Financial Year (AY 2018-19) I. Affordable Housing: 1. Three concessions in the scheme of Income Tax exemption for affordable […]

IT Chapter VI-A Deductions 2017-18 Section 80C AY 2018-19

Income Tax Chapter VI-A Deductions for AY 2018-19 and FY 2017-18 (with 80C Deduction) are updated here. The list Chapter VI-A (Income Tax) Deductions starts with Section 80C and ends with Section 80U. This complete list of Chapter VI-A (Income Tax) Deductions for AY 2018-19 and FY 2017-18 are provided based on Union Budget 2017 introduced by the Central Government. […]

Tax on Cash Withdrawals Exceeding Rs.50,000

In an effort to increase the trend of Digital Transactions in the country, all cash withdrawals exceeding Rs.50,000 in a day shall be taxed, as per the report submitted the committee formulated by the government. Tax on Withdrawals formulated by the Committee A high-level committee on digital payments has suggested a tax to discourage cash […]

Reply 143(1) Notice from IT Dept | Sample Format in Word |

Checkout the detailed procedure & Sample Format to Reply to a Notice form Income Tax Departments under section 143(1). The 143(1) Notice is one of the most frequent occurrence when you file Return of Income. When you receive a IT notice, you will need to reply back with a letter. This format of Reply Letter […]

Section 68 Income Tax Act | Unexplained Cash Credits |

Section 68 of the Income Tax 1961 lays down provisions penalty for unexplained cash credits and Unexplained income in an Assessee’s books of accounts. When an Assessee has no proper explanation regarding any Cash Credits to his Bank Account or Account Books, he shall be liable to pay tax and penalty under Section 68. In […]

How to Declare Income Under PMGKY Scheme

We have provided Step by Step procedure to Disclose and Declare Income under Pradhan Mantri Garib Kalyan Yojana (PMGKY) Scheme. Persons declaring their income under PMGKY Scheme shall file a Declaration in Form 1. A amount equal to 25% shall also be deposited (which is explained below). In our previous article, we have clearly explained […]

Section 270A Income Tax Act | Penalty Undisclosed Income

Section 270A of the Income Tax Act was introduced through Finance Act 2016. Section 270A provides for Penalty for Under Reporting of Income. You should understand that, simply reporting wrong income does not attract penalty under section 270A of the Income Tax Act. This section has got much more importance due to the Demonetisation scheme […]

Permanent Establishment Meaning Certificate | DTAA |

Checkout the explanation on Permanent Establishment Meaning, Certificate and relevance to Double Taxation and also International Taxation. With the onset of globalization and substantial increase in cross-border transactions, the concept of PE has gained worldwide recognition. Of late, India has witnessed a plethora of judicial verdicts on the applicability of the concept of Permanent Establishment […]

TDS on Salary Analysis 24Q | Section 192 Income Tax Act |

Section 192 of the Income Tax Act deals with TDS on Salary Income. In the following Article, we have various critical aspects that arise in respect of TDS on Salary payments. We have also covered the applicable TDS Returns to be filed for salary payments. Introduction : TDS on Salary Section 192 of Income Tax deals […]

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