Advance tax is an Income tax. As the name suggests advance tax is paid much before the period of filing of income tax return. Income tax act has prescribed section 208 that makes it obligatory for the taxpayer to pay tax in advance. There have been few conditions and due dates prescribed that taxpayer must …
There has been substantially increase in foreign remittance since when ecommerce activities and import of goods and services are taking place in huge numbers. Any person making payment to non-resident is liable to deduct tax at source from the payment. The liability is cast on the shoulder of the payer because tax can easily be …
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Filing income tax return is a one-time job in a year that every person should do. Every year we all are required to furnish information of income from all sources and taxes paid on that income to the income tax department. Either we hire income tax consultant or we file it by ourselves. Income tax …
Do you know that you can avoid income tax on sale of Long-Term Capital assets? Income tax act deals with the tax treatment on sale of Long-term capital assets. In our previous article on Section 54, we tried to cover the provisions of section 54 and explained the section in comprehensive way for better understanding …
Do you know that you can avoid income tax on sale of residential house property? Income tax act has specified section 54 that deals with capital gain arises on sale of property. It states conditions under which a taxpayer can claim exemption of capital gain. In a simple term section 54 spell out that, capital …
Income tax return (ITR) for the financial year 2021-22 i.e assessment year 2022-23 are open. Income tax department has issued offline utility of filing ITRs. ITR1 is one of the form uses for filing information of income by the salaried/employees. Form ITR 1 is a simple form which you can fill it by yourself, provided …
Income tax Act requires that before leaving India a person should pay all taxes on the income earned in India by means of business, Profession, and employment. Section 230 of the Income Tax Act specifically requires the person to get a tax clearance certificate from the income tax officer before leaving India. Earlier Section 230 …
Every year finance minister comes with the income tax rate that are applicable for the relevant assessment year. Income tax rate are part of the finance act. Finance act contains different rates applicable on taxpayer each year. These rates may be constant, or it may be changed as per the industrial and economical requirement. When …
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Every employer responsible for paying any sum chargeable under the head ‘Salaries’ is liable to deduct tax at source (TDS) at the rate applicable in the financial year in which payment to employee is made. TDS is to be deducted every month on estimated salary. Employer is not required to deduct TDS unless the estimated …
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The word ‘business’ connotes some real, substantive and systematic or organized course of activity or conduct with a set purpose. In general, it is an activity of buying and selling goods, or providing services in order to make profit. Under the income tax law ‘business’ is defined in an another way. Section 2(13) of the …
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