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Before furnishing the ITR filing last date the same might assist to check your Annual information statement (AIS) on the tax portal and show any inconsistencies in it. The government says that they support solving the issues which arise because of misreporting or the system might not have enabled to fully fetch the information. The […]
The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, ruled that rural agricultural land taken via Government for business activity u/s 2 (13) is qualified for Exemption. The taxpayer, Shri Jitendra Shanabhai Patel secures his income from the salary, capital gain, and income from additional sources. The taxpayer would pay the income tax return showing the […]
The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench ruled that the provisions of TDS are not applicable to recovery of late payment charges and Service Tax. The taxpayer M/s. Prithvi Outdoor Publicity LLP incurred the payment to M/s Andhra Pradesh Road Transport Corporation (APSRTC) to the tune of Rs.10,48,125/-. The AO ruled that the taxpayer […]
The three GST rates include 5, 12, and 18 percent would be directed to get integrated by the Union government, revenue secretary Tarun Bajaj specified. The union seeks to assess the possibility of a single GST rate. Addressing the Assocham meeting specified that the rate of rationalization practice of the GST official would direct the […]
The assessee at various times would go through the income tax and the tax deducted at the source (TDS). there is a difference between the two. When it is a question of calculation these taxes procedure differs. Hence, prior to paying the tax returns, the same would be important for the salaried people to prevent […]
A Limited Liability Partnership (LLP): specifies that a business in which at least two partners are needed and there would be no threshold on the max number of partners. The liabilities of the partners are limited within the extent of the capital contribution performed by each partner in LLP. LLP would be another corporate business […]
Taxation is a tough point and has regular amendments in its laws, formats, and policies and can irritate any person. A taxpayer obtains four months to prepare for furnishing the tax returns. In this a tax preparation checklist: 26AS Form and AIS (Annual Information System) Form 26AS would be the consolidated statement that consists of […]
Form 16 would be an essential document for the salaried class people. They assist the employees to find out the total taxes that would get deducted from their salary income, the gross salary which would be furnished in the fiscal year, tax-exempt allowances, and others. According to the income tax laws, a person should obtain […]
Tax Deduction Towards the Employment of the New Employees u/S 80JJAA In which the total income of the taxpayer towards whom section 44AB applies, poses any profits and gains made through business, under the compliance mentioned in sub-section (2), be permitted a deduction of an amount identical to 30% of additional employee cost made for […]
