Income Tax

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The Central Board of Direct Taxes (CBDT) have released schema for Revised Form 3CD schema (Tax Audit Report) version 1.14 on 7th September 2018. A total of 13 changes have been effected in the revised schema version. This is Sixth revision in tax audit report schema this year. CBDT have modified the Form 3 CD…

Read More CBDT Released Latest Revised Form 3CD (Tax Audit Report)

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The benefit under section 54EC can be availed of only if there is an income from a capital asset, being  long-term in nature. Long-term capital gains are the profit that a person makes when he sells any capital asset (wef A.Y 2019-20, the said long term capital asset shall be land or building or both) which he has held…

Read More Tax benefit under section 54EC on long term capital gain

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Effects On Filing Income Tax Return After Due Date  Interest If you don’t file your Income Tax Return on time when you have an outstanding tax liability, the I-T department can penalise you by charging interest under section 234A. The following points must be kept in mind while calculating interest: Interest is charged @ 1%…

Read More FAQ’s on Late Filing Fee Levy U/s 234F

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Major Changes : Taxpayer to give GSTN number along with details of other indirect Tax registrations like Sales Tax, Service Tax etc. The New form 3CD seeks for information of Gifts that are chargeable to tax as per clause (x) of sub-section (2) of section 56 of Income Tax Act 1961. The revised form 3CD seeks…

Read More Major Changes in revised form 3CD for FY 17-18 | AY 18-19