Category Archives: Income Tax

HOW TO UPDATE PAN CARD AND AADHAAR CARD DETAILS: HOW TO MATCH PAN CARD DETAILS WITH AADHAAR CARD DETAILS

Now Government has made it compulsory to link your Aadhaar with PAN and before doing linking PAN Card details should match with aadhaar card details and in case if there is any mismatch in PAN details and Aadhaar details person has to update any one of the details which he thinks is wrong and not matching… Read More »

DOWNLOAD INCOME TAX RETURN FOR FY 2016-17: AY 2017-18

Income tax department has issued the Income tax return for FY 2016-17 i.e. for AY 2017-18 well on time and same can be downloaded for filling ITR for period 1st April 2016 to 31st March 2017. For Financial Year 2016-17 department has merged the different ITR and numbering of ITR has been changed and after… Read More »

NEW COST OF INFLATION INDEX FOR CAPITAL GAIN CALCULATION UNDER SECTION 48 OF INCOME TAX ACT

Central Board of Direct Taxes has issued the Income Tax notification for new cost of inflation index for calculating Capital Gain as per section 48 of the Income Tax Act 1961. CBDT through Notification No. 44/2017/F.No.370142/11/2017-TPL has fixed the CII for Income Tax Capital gain calculation base year as 2001-02 i.e. all the assets purchased… Read More »

Opportunity to Work as GST Practitioner – Application for Enrolment as Goods and Service Tax Practitioner

As per the GOODS AND SERVICES TAX RULES, 2017, i.e. GST Rules 2017, following person can enroll and act as GST Practitioner under GST Act & rules. Three Documents are Compulsory PAN, AADHAR, Graduation or Professional Degree and once we submit the application enrollment certificate will be issued Form GST PCT-02 to GSTP (adsbygoogle = window.adsbygoogle || []).push({}); Who… Read More »

LAST DATE OF SUBMISSION FOR SFT: Statement of Financial Transaction Extended to 30th June 2017

CBDT through Notification no F.No.279/Misc/M-63/2017-IT dated 31st May 2017 has extended the last date of submission of Form 61A for Statement of Financial Transaction (SFT) to 30th June 2017. SFT is required to be submitted for FY 2016-17 i.e AY 2017-18. In case of non compliance of rule 114E penalty of Rs 100 per day of… Read More »

Download Income Tax Return Form 1: ITR 1 SAHAJ FORM AY 2017-18 or FY 2016-17

Income Tax Department has issued the new Income Tax return form 1 (ITR 1 Form) for the financial year 2016-17 i.e. for AY 2017-18 for year ending 31st March 2017 and tax payers can file their Income Tax return on time, as previously tax payers used to complaint the income tax department has issued the… Read More »

HOW TO LINK PAN NUMBER TO AADHAAR: AVOID BLOCKING YOUR PAN CARD IMPORTANT

Why government wants to link aadhaar with PAN Card and whats its going to achieve by Linking Aadhaar Number to PAN Number (Permanent Account Number)? On November 8th Shri Narendra Modi Led BJP Government has issued the notification for demonetization of old Rs 500 and Rs 1000 currency note for fight the corruption, black money… Read More »

Important Due Dates for Filing Income Tax Returns for F.Y. 2016-17 and/or A.Y. 2017-18

Due Date for Filling Income Tax Return for year ending 31st March 2017 i.e. FY 2016-17 or AY 2017-18 is 31st July 2017 without any fine or penalty  for Individual/HUF/Firm/LLP not required to be audited under the Income Tax Act and for person under Audit due date of filling Income Tax Return & Tax Audit… Read More »

Tax Audit Process by IRS: Analysis of Rules & Guidelines to Audit

Tax audit is a process. There are systematic steps and discipline involved. Tax audits can potentially affect anyone, including self-employed individuals and corporate entities. Though many business owners worry about potential audits, the audit procedure is most often not as stressful as popular culture makes it out to be. Not all returns selected for audit contain… Read More »