The person responsible for paying to a non-resident, not being a company, or to a foreign company, any sum, whether or not chargeable under the provisions of this Act, shall furnish the information relating to payment of such sum, in such form and manner, as may be prescribed Rule 37BB defines the manner to furnish …
Who can claim benefit of Section 54? Benefit is available to an Individual or a Hindu undivided family (HUF), Firms, LLP’s and companies cannot claim benefits of this section. What are the conditions to avail the benefit of exemption under Section 54? The asset sold, means Buildings or Lands appurtenant thereto, and a residential house, …
Continue reading “Exemption from capital gain on sale of property used for residence”
1. Applicability of Section 54EC: Long-term capital gain arises from the transfer of a capital asset [, being land or building or both,] is exempt under section 54EC if assessee has, at any time within a period of 6 months after the date of such transfer, invested the whole or any part of capital gains in …
Continue reading “Capital gain not to be charged on investment in NHAI and REC bonds.”
Have you ever thought raising money from investors would be easier than convincing income tax official? Have you ever thought you would be collecting Income proof and Net worth of investors? We never thought rising funds would be taxable for those struggling for funds. From past few years startups get notices from income tax department …
Now delay in processing of income tax return and refund could soon become a thing of past. The union government has awarded a project to Infosys, which emerged as lower bidder. The proposal is to upgrade Efilling portal of income tax that would ease income tax return filling and processing. It will take one day …
Continue reading “Soon you will get Income Tax Refund in a day.”
It’s mid of January and Employers has started asking their employees to submit proof of Investment and Expenses that qualifies for tax deduction and exemption under the Income Tax act. It is employer responsibility to deduct TDS of Employees and deposit it to government every month. In order to deduct tax employer first ask the …
Continue reading “Importance of maintaining proof of Investment”
