IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH CASE NO. CWP No.19770 of 2015 related to Extension of Date for Filing of Tax Audit Report and Income Tax Return under Income Tax Act. Date of decision: 29/09/2015 Name of Petitioners: Mr Vishal Garg and others and Respondents: Union of India and another Judgement by… Read More »
Exemption from Capital Gain under Income Tax on Profit on Sale of Property used for Residence (adsbygoogle = window.adsbygoogle || []).push({}); Section 54 of the Income Tax act deals with the exemption from capital gain arising on sale of property used for residential purpose (Self Occupies or Rented) by Individual and HUF. Amount of Exemption… Read More »
Statement “Returns filed electronically are more prone to scrutiny” is wrong. Every year income tax department randomly pulls out the list of people to scrutinize. Also CBDT has laid down the criteria for selection of Income Tax Return for Scrutiny. There are equal chances of getting scrutinized even if you paper file your return. So, there… Read More »
All income which arises or accrues to the minor child shall be clubbed (added) in the income of his parent. As per Section 64(1A), whose total income (excluding Minor’s income) is greater. However, if parents are separated, the income of minor will be included in the income of that parent who maintains the minor child… Read More »
If Person fails to submit Income Tax Return (ITR) on or Before end of Assessment Year i.e. within the period of 1 year from the end of financial year for AY 2014-15 last date is 31st March 2015 and for AY 2015-16 Last date will be 31st March 2016 without any penalty, then Income Tax… Read More »
Statement that “Filing of Income Tax is compulsory for all PAN CARD Holder” is False. Having PAN card does not make it compulsory to file returns. If income is taxable in a particular year, then you need to file return. However if income is below taxable limits, you can still have a PAN card and… Read More »
Tax filing is very complicated and needs lot of time and money: False Tax filing is a simple and straight forward process. It can be done in a limited time and needs very limited expertise. The IT department has also appointed many Tax Return Preparers who can do this job for you. Also the assesse himself… Read More »
It is false statement. Income tax department has given two options to Assesses to file their return. Assesses can file their income tax return with a digital signature or without digital signature. If the Assessee files a return with digital signature, then the income tax return filling will be completed at the time he uploads… Read More »
E-filing of Income Tax Return is unsafe is myth and E-Filing of ITR is now compulsory for Income above Rs 5 Lakhs and refund for e-filed return is issued faster than those filed physically. Also E-Filing that is paper less filing is much more accurate, safer and faster and chances of error is very less… Read More »
Myth: Interest on fixed deposit is not taxable This is incorrect. People have an assumption that interest on fixed deposit is exempt same as interest on savings bank account. But it is wrong. Interest on savings account is exempt under section 80TTA upto Rs 10000/- and any interest above in saving account will be taxable… Read More »