Income tax is a hot topic for every high paying taxpayer. Every time we meet with our associates, we discuss about tax planning and tax saving. It has been seen for last many years that salaried class is paying income tax higher than business class taxpayers. Hence salaried individuals are very much concerned about their …
What is Tax Deduction at source (TDS) In order to collect quick and frequent collection of tax government has introduced a system of collection tax from the payment made by payer to the payee. Under this system TDS rate is specified and the payer is liable to deduct the TDS at the rate specified under …
Income tax return is a declaration of income by a person who is earning more than the amount of income which is not chargeable to tax. Currently there is no income tax up to the amount of INR 2.5 lakh. However, filing of income tax return is a voluntary decision of a person earning below …
Continue reading “What are the benefits of filing income tax return?”
What is definition of term ‘Salary’ under the income tax act 1961? Section 17 income tax act defines term ‘Salary’, however in general term salary is defined as whatever amount received by employee from employer whether in cash or kind or as Facilities (Perquisites) is considered as Salary. In order to determine the correct Income …
Continue reading “Frequently asked questions by Salaried Employee”
Income tax return is a form in which taxpayer must file information in relation to income earned during the previous year. Till the date income tax department has specified 7 forms for different category of taxpayers. Taxpayer has 2 options to file ITR. Taxpayer can either choose online method or file using the ‘Common Offline …
As per the income tax act 1961, every person being a person other than company and firm should file their income tax return if total income during the previous year exceeded the amount which is not chargeable to income tax. The income tax return should be filed on of before the due date. Due date …
Facts of the case: The assessee is an individual. He is a former employee of Motorola India. During May, 2000, the assessee joined Motorola Japan as the Managing Director and he was working with Motorola Japan until April, 2006. He was transferred to Motorola Japan from Motorola India as part of intra group transfer. During …
Continue reading “Salary Earned in Japan Will Not Be Taxable in India on Receipt Basis”
What is Income tax return ITR stands for income tax return. As the name suggests that it is a declaration of income by person in every financial year to the income tax authority. Income tax authority has prescribed the forms for filing income tax return. A person falling under the mandatory category should file his …
Continue reading “Frequently Asked Questions about Income tax return”
The CENTRAL BOARD OF DIRECT TAXES on 21st April 2022 notified a new rule under the income tax rules 1962 namely rule 12AB specifying the conditions under which person is required to file income tax tax return. The notification is increasing the scope of person liable to file income tax return. This rule will definitely …
Continue reading “Filing of Income tax return (ITR) is mandatory under the new rule 12AB”
As per rule 114B, following are the transactions in which quoting of PAN is mandatory by every person except the Central Government, the State Governments and the Consular Offices: Sale or purchase of a motor vehicle or vehicle other than two wheeled vehicles. Opening an account [other than a time-deposit referred at point No. 12 …
