16 September 2019 at 17:46
The taxpayer should take due care while filing Income Tax returns. Tax audit is applicable to taxpayers whose turnover exceeds Rs. 1 Crore and for sec 44AD/44ADA presumptive taxation it is Rs. 2 Crore. For professionals it's Rs. 50 Lakhs. Now, e-assessment is also in process by Income Tax Department, while filing ITR and Tax Audit Report.
The best idea to apply for Low or NIL TDS certificate U/s 197 of Income Tax Act as soon as you find a prospective buyer and properly sale value is fixed.
This article deals with Queries related to ITR Filing
There are no monetary or other conditions prescribed under the Indian APA rules for a taxpayer to be eligible for applying for an APA.
Here are tax implications of share transactions based on various provisions of Direct Tax Laws.
Filing tax returns is an annual activity seen as a moral and social duty of every responsible citizen of the country. It is the basis for the government to determine the amount and means of expenditure of the citizens and provides a platform for the assessee to claim refund, among other forms of relief from time to time.
It is a very common mistake at the time of submitting the TDS return that the PAN of the applicant entered wrongly, now this will make your TDS return defective..
Since initiation, a lot of amendments are included in income tax laws to make rigid the architecture of our tax regime.
The maiden budget for the year 2019 was presented in the parliament by the new finance minister Nirmala Sitaraman on 05-07-2019 and the same has been settled now. So whatever changes are there the same need to follow for the entire year and later on until there is a change.
In simple words Income tax is levied on income which has been received or has accrued. Income is said to be accrued when it becomes due, but it must also be accompanied by corresponding liability of the other party to pay the amount. Only then an income will be said to have accrued and is not a hypothetical income.
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