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Category: Income Tax


1. Deductor & Deductee: Any person responsible for paying any sum to a resident transferor by way of consideration for transfer of an immovable property (i.e. building or part of building or any land other than agricultural land) is liable Read more…


A famous chaatwala shop in Patiala has declared an undisclosed income of Rs 1.20 crore in Income Tax Department’s raid. The Income Tax Department had raided the chaatwala shop on Wednesday. On Thursday, the chaatwala shop owners declared this unaccounted Read more…


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 Read more…


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 Read more…


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 Read more…


Who has to file eForm DIR-3 KYC? As per MCAs recent announcement, any director who was allotted a DIN by or on 31st of March 2018 and whose DIN is in approved status, will have to submit his KYC details Read more…


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 Read more…


Now Income Tax Department started new facility of avail instant e-PAN online at free of cost. Those who have not PAN card can apply and avail e-PAN instantly at free of cost. What is e-PAN? e-PAN is a digitally signed Read more…


1. ITR 1 Applicability: ITR 1 can be filed by individuals being a resident other than not ordinarily resident (ROR) having -Income from Salaries, -One house property, -Other sources (Interest etc.) and -having total income upto ₹ 50 lakhs.   2.Non-applicability Read more…


A massive fire at the Income Tax (investigations) officer in Scindia house, Ballard Estate at 4;30 pm on Friday has suspected enveloped important files related to defaulters like Mallya, Nirav Modi and Mehul Choksi. The fire brigade department said that dousing Read more…


Central Board of Direct Taxes(CBDT) has notified Income Tax Return Forms (ITR Forms) for the Assessment Year 2018-19 vide notification no. 16/2018 dated 03rd April 2018. Few points to be noted about new ITR are as follows:- 1. Simplified one Read more…

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