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Articles Category : Income Tax
Tax Implications of Owning Property in Both the USA and India Taxes
Posted Date : 07-May-2024 , 03:19:40 pm | Posted By Accelero25

Introduction: Owning property in both the USA and India Taxes can be a strategic way to diversify your assets and potentially connect to your roots. However, this dual ownership presents a unique set of tax challenges. This blog dives into the tax implications for US citizens or residents living ...

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Category : Income Tax | Comments : 0 | Hits : 3326

Income Tax Alert - Here Are 5 High-Value Transactions That May Come Under Scrutiny
Posted Date : 26-Apr-2024 , 08:48:24 am | Posted By S.Mahajan

Income Tax Alert - Here Are 5 High-Value Transactions That May Come Under Scrutiny. Large Cash Deposits: Any cash deposit exceeding Rs 10 lakh in a financial year across savings accounts draws the attention of the income tax department. Even if deposits are spread across multiple accounts, t...

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Category : Income Tax | Comments : 0 | Hits : 3995

Delhi Court Sentences 6 (Six) Months Jail for not filing ITR (Income Tax Return)
Posted Date : 13-Mar-2024 , 07:14:25 am | Posted By CA.Khurana Vivek

Delhi Court Sentences Woman to 6 months Jail for not filing the return of income (ITR) discussed.  Accordingly, the accused is held guilty of not filing the return of income for the assessment year 2014-15 under Section 276CC of The Act. Accordingly, the accused is convicted for an offence pun...

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Category : Income Tax | Comments : 0 | Hits : 6052

Payments to MSME vendors
Posted Date : 22-Feb-2024 , 11:43:25 am | Posted By ANMOLBOHRA

Corporates, Non-corporates or government department all are procuring major part of services or goods from the MSMEs. There are provision under the Micro, Small, and Medium Enterprises Development (MSMED) Act, to ensure that businesses make payments to MSMEs within a specified time frame, and failur...

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Category : Income Tax | Comments : 0 | Hits : 5175

The Concepts of Turnover, Sales and Gross Receipts
Posted Date : 03-Feb-2024 , 06:52:10 pm | Posted By ANMOLBOHRA

In the Income tax act, the words “Turnover”, “Gross receipts” and Sales are used at many places. In the common business parlance, the terms sales and turnover are used interchangeably. However, as per Income Tax law, guidelines are available on the question of what constitute...

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Category : Income Tax | Comments : 0 | Hits : 5881

Delay in Making Payment to Micro and Small Enterprises Means Deferred Deduction
Posted Date : 25-Jan-2024 , 07:55:34 am | Posted By S.Mahajan

Very Important Income Tax Update regarding Micro and Small Enterprises     Section 43B-any amount remains unpaid on year end to creditors, being micro/small entity, beyond 45 days or less, as agreed or 15 days if no agmt, shall be added to taxable Income resulting in huge additional tax l...

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Category : Income Tax | Comments : 0 | Hits : 6014

Section 206C of the Income Tax Act, 1961
Posted Date : 27-Nov-2023 , 06:04:05 pm | Posted By Ishita Ramani

Introduction   A new TCS section 206C (1H) was added to Finance Bill 2020. The updated section specifies that if a seller sells goods and the total sales value exceeds INR 50,00,000 (the threshold amount) in the same financial year, the seller must collect TCS from the customer. The content i...

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Category : Income Tax | Comments : 0 | Hits : 3954

Deduction from Capital Gain on Transfer of Capital Assets other than Residential House Property (Section 54F)
Posted Date : 24-Nov-2023 , 02:36:26 pm | Posted By ANMOLBOHRA

Applicable to: Individual or Hindu Undivided Family (HUF) Conditions: The assessee must have transferred a long-term capital asset, excluding residential house property. The assessee must acquire one residential house within a prescribed time limit, and its income must be taxable under Se...

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Category : Income Tax | Comments : 0 | Hits : 3295

INTEREST ON EXCESS REFUND
Posted Date : 20-Nov-2023 , 05:51:20 pm | Posted By Law Legends

At times it may so happen that the taxpayer is granted excess refund. Section 234D of Income Tax Act, 1961 provides for levy of interest on excess refund granted to the taxpayer.  In this blog of Law Legends you can gain knowledge about various provisions relating to intere...

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Category : Income Tax | Comments : 0 | Hits : 2511

ADVANCE TAX - WHAT,WHOM,WHEN,HOW,LEGAL ASPECTS AND BENIFITS
Posted Date : 20-Nov-2023 , 05:23:35 pm | Posted By BRAJESH K. JHA

What is Advance Tax? In simple words, an advance tax is the income tax which we have paid in the same financial year in which we earn it. Generally, we pay our income tax to the government in the next financial year i.e assessment year, after calculating the financial data of previous financial yea...

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Category : Income Tax | Comments : 0 | Hits : 2076

All you need to know about Form CHG-1 for Registering a Charge
Posted Date : 23-Oct-2023 , 04:05:33 pm | Posted By Ishita Ramani

Introduction   The act of filing a charge provides security and enables the charge holder to collect the claim amount from the security that the company has charged in the charge holder’s favor in the event that the charge holder defaults on the loan. In this blog, we will discuss the f...

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Category : Income Tax | Comments : 0 | Hits : 539

Share Transfer Process in Private Limited Company
Posted Date : 05-Sep-2023 , 04:48:17 pm | Posted By Ishita Ramani

Introduction   In a Private Limited Company, the shareholders are involved in deciding who owns the business. You must transfer the shares if you want to bring in new investors or change ownership during the course of your business. Today, we will look at the process of transferring shares in...

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Category : Income Tax | Comments : 0 | Hits : 913

Exploring Form 60 and Form 61: Benefits, Issues, and Considerations in Indian Financial Transactions
Posted Date : 29-Aug-2023 , 09:34:14 pm | Posted By NIKITA AGARWAL

Exploring Form 60 and Form 61: Benefits, Issues, and Considerations in Indian Financial Transactions Form 60 and Form 61 are used in India for certain financial transactions. Form 60 is used when an individual does not have a Permanent Account Number (PAN) and is carrying out specified transaction...

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Category : Income Tax | Comments : 0 | Hits : 516

ALL ABOUT FORM 15CA & 15CB - PROVISION, APPLICABILITY, PROCESS AND DOCUMENTS
Posted Date : 30-Jul-2023 , 10:37:35 pm | Posted By NIKITA AGARWAL

The introduction of Form 15CA and Form 15CB in the Income Tx Act of India was primarily aimed at strengthening tax compliance and enhancing transparency in foreign remittances. Reporting foreign transactions in Form 15CA and Form 15CB is a crucial compliance requirement for certain remittances ma...

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Category : Income Tax | Comments : 0 | Hits : 739

General Guidance on Professional Tax
Posted Date : 27-Jul-2023 , 09:39:23 pm | Posted By NIKITA AGARWAL

Professional Tax is a state-level tax imposed by various state governments in India. It is levied on income earned by individuals from professions, trades, callings, or employment. Each state in India has its own Professional Tax Act and regulations governing the levy and collection of this tax. The...

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Category : Income Tax | Comments : 0 | Hits : 392

Tax implications on unlisted shares for both the investors and Company
Posted Date : 27-Jul-2023 , 01:31:02 am | Posted By NIKITA AGARWAL

Investing in unlisted shares in India can have various tax implications, both at the time of acquisition and when selling or transferring these shares. Unlisted shares refer to shares of companies that are not listed on any recognized stock exchange. Here are some key tax implications to consider: ...

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Category : Income Tax | Comments : 0 | Hits : 368

Income Tax Dept Serves Notices to Salaried Individuals asking for details of CA / Advocate / Tax Consultants
Posted Date : 26-Jul-2023 , 11:21:25 am | Posted By CA.Khurana Vivek

Notices are being served by the Income tax (I-T) department asking assessees to produce documentary proof for claiming exemptions / deductions. Complete with fake rent receipts from close relatives, extra claims against home loans, false donations and a slew of dodgy practices encouraged by some of...

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Category : Income Tax | Comments : 0 | Hits : 221481

Leave Trasvel Concession Claim – Provisions, Documents and Frequency
Posted Date : 25-Jul-2023 , 07:31:48 pm | Posted By NIKITA AGARWAL

Leave Trasvel Concession Claim – Provisions, Documents and Frequency   LTC (Leave Travel Concession) is a tax benefit provided by the Indian government to salaried individuals for expenses incurred on travel. The LTC is primarily applicable to government employees, employees of public s...

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Category : Income Tax | Comments : 0 | Hits : 268

Top 5 Useful Ways to Save Income Tax
Posted Date : 25-Jul-2023 , 10:24:04 am | Posted By CA Jyoti Agrawal

Income tax is an essential part of every citizen’s financial responsibility. However, finding legal ways to save income tax liability can be beneficial. While there are may methods to save income tax in india , such as claiming deductions for investments and expenses, there are also some other...

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Category : Income Tax | Comments : 0 | Hits : 264

How to claim deduction of Joint Home Loan in ITR
Posted Date : 22-Jul-2023 , 10:49:19 am | Posted By NIKITA AGARWAL

When three individuals take a joint home loan and want to claim the tax benefits for the interest paid on the loan, they can do so by following these steps: Ownership Ratio: First, they need to determine the ownership ratio of the property and the loan among the three individuals. This ratio will...

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Category : Income Tax | Comments : 0 | Hits : 265

 
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