Central Board of Direct Taxes has issued the notification for Cost inflation index(CII) for FY 2018-2019, each year CBDT declares CII so that income tax assessee can calculate the capital gain for Income tax purpose. The base year for the Cost Inflation Index is Financial Year 2001-2002, which means any property purchased before 1.04.2001, assessee has the option… Read More »
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 »
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 »
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 »
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 »
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 »
A Hindu Undivided Family is said to be resident in India in any previous year where the control and management of whole of its affairs is situated in India and also the karta of the family also situated within India in the previous year because it is the Karta who control and manage the family.… Read More »
Normally the term ‘Assessee’ is considered as one who is supposed to pay tax. However, its advisable to understand complete meaning of the term as envisaged under the Income Tax Act, as above. To better understand the term assessee based on above definition, we need to understand the following as well: Normal/ Ordinary Assessee any… Read More »
ITR-4S Form: SUGAM The SUGAM ITR-4S is a Form used by a certain section of Tax Assessees while filing their Income Tax Returns in India. The process of filing Tax Returns in the Indian subcontinent is done through various types of ITR and other Forms. The SUGAM ITR-4S Form is a Presumptive Income Tax Return Form and is… Read More »
ITR-1 Form: SAHAJ—Income Tax Return Form for Salaried Persons The SAHAJ ITR-1 form is an essential Income Tax Return form for Indian citizens filing their tax returns with the Income Tax Department. The Income Tax Act, 1961, and the Income Tax Rules, 1962, obligates citizens to file returns with the Income Tax Department at the end of every financial year. These returns should be filed… Read More »