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The Income Tax Appellate Tribunal (ITAT), the Bench of Mumbai judged that TDS should not be deducted on the rent if the accommodation services were considered on a random basis. The taxpayer Dadiba kali Pundole Esplanade House has the business auction fine promoting, publishing, documenting, executing, decorative arts, and selling arts. Under section 143(1) the […]
The Covid-19 Pandemic has changed many things, one of the biggest changes is now work from home has become the new norm, many people have left their rental accommodation and shifted to their hometown. Due to losses and financial issues, many tenants have renegotiated the rent or requested for the waiver of the same. In […]
An income tax return (ITR) will be furnished when the income from all sources will (without giving effect to exemptions under section 54/54F or deduction under chapter VI A) exceed the highest value not liable to the income tax. One seeks to see the difference in income arising from all the sources before filing ITR […]
Under section 80C of the Income Tax Act 1961, various tax-saving methods can be accessed in the permitted policies like PPF, ELSS and insurance. However, one can claim the subtraction in tax with the help of section 80C for some other little expenses. One can take the deductions up to Rs 1.5 lakh or more if […]
Looking to grow the routes for the market but plunge by maintaining the balance sheet? Or a freelancer who has no time to maintain the balance sheet? If the answer is yes then the burden for conserving the tax can be released and one does not have to worry during the tax filing season. Budget […]
“Profits and Business or Profession” are the sources from where the tax is filed. While the payrolls are taxable inside the administrator’s salaries. As a salaried person, one can claim up to INR 50,000 as a conventional reduction to take charge of costs taken towards the income without submitting any documentary proof. For the consultant, […]
Yeah, employees are in the loss due to the pandemic, job loss, salary cut, work/ leave without pay are some of the very well known issues employees are facing at present time but more tax payment is another pain COVID 19 is going to add in this list. If you are working from home during […]
Some Reports state that a notable decrease has been noticed in the number of Income Tax Returns (ITR) picked up for scrutiny. Besides the percentage, there is no exact number of such cases, but expert believes that better data collection and digging deep into details are the two key factors that play a huge role in […]
The Mumbai branch of Income Tax Appellate Tribunal (ITAT) bench made it clear that the income through the relinquishment of right over a property can’t be considered as the “capital gain” thus it doesn’t come under income tax regime If you think you have made a mistake while selecting between new and old tax regimes […]
