Taxation of gifts under Income Tax Act 1961
Today we have explained taxation of gifts under Income Tax Act 1961 from relative. People are usually unaware of the taxation of the gifts which is most popular topic for…
Calculation of tax on agriculture income as per Income Tax Act 1961
We all know that under Income Tax Act 1961 agriculture income is exempt. Though if below two conditions are cumulatively satisfied then it is required to be included in computation…
Apply online for cancellation or surrender of extra/additional pan
Apply online for cancellation or surrender of extra/additional pan In this article we have provided method to apply online for cancellation or surrender of extra/additional pan.Any person may be alloted…
Internal audit as per Companies Act 2013
Below we have described requirement of the Internal audit as per Companies Act 2013. Extract of the rule 13 of Companies Act 2013 of section 138 is as follows: Internal…
Trust registration as per Income Tax Act 1961
Today we have discussed details of Trust registration as per Income Tax Act 1961.Section 12A of income tax act 1961 relates to Trust registration as per Income Tax Act 1961…
Applicability of CARO 2016
In this article we have discussed Applicability of CARO 2016.Companies Auditor's Report Order is applicable as per subsection of section 143 of companies act 2013.This statement is required to be…
Interest and remuneration to partners as per Income Tax Act 1961
In this article we have discussed Interest and remuneration to partners as per Income Tax Act 1961.People are usually confused regarding income tax provision relating to payment of remuneration and…
TDS u/s 194C on payment to transporter
Huge amount of payment is made regularly by business to transporters. Due to huge payment there are chances of mistakes. Non deduction of TDS u/s 194C on payment to transporter…
Accounting for Income tax provision
Financial year has ended but yet due to COVID some accounting entries may be pending.Today we are covering important entries covering accounting for income tax provision, TDS and Advance tax.…
Revise ITR filed by mistake
Assessee who filed Income Tax Return by mistake can file revise revise ITR filed by mistake under section 139(5) by the end of relevant assessment year or before the assessment…
Apply for GST cancellation
GST is most trending tax topic.Many business users might have taken voluntary registration though not liable for GST.After taking registration people are worried apply for GST cancellation and to surrender…
Income Tax deduction for house rent
Huge amount of house rent are paid by many employees.Due to lack of knowledge about deduction people fail to take benefit of deductions available under Income Tax Act 1961. Deduction…
Short term capital gain on sale of equity shares
Short term capital gain on sale of equity shares means gain arising on sale of equity shares held for less than one year is taxable at 15% under section 111A…
TDS on sale of property
TDS on sale of property is required to be paid at 1% on amount of consideration payable on sale of property(Other than agriculture land) worth Rs.50 lakh or more to…