Income Tax Archive

Budget 2017 – Key Highlights

Budget 2017 – Key Highlights – This is the first time in Indian history that Union Budget has been announced one month in advance. This decision is made to complete the legislative process for approval of annual spending plans and tax proposals before beginning of the new financial year on April 1. Key takeaways from Budget Speech are [&hellip

Read More…

No interest on late payment of service tax on construction services U/S 66E(b)

Facts of the Case ABC Private Limited (“company”) is engaged in the business of real estate. The company transfers and sells the constructed flats to the buyers in pursuance of an agreement. The value of land is included in the total consideration received or receivable from the buyers. Besides basic unit price, EDC/IDC, Prime Location [&hellip

Read More…

CBDT ISSUES CIRCULAR FOR TDS ON SALARY FOR AY 2017-18, dated 02.01.2017 (Circular No. 01/2017)

CBDT ISSUES CIRCULAR FOR TDS ON SALARY FOR AY 2017-18, dated 02.01.2017 (Circular No. 01/2017)   Reference is invited to Circular No. 20/2015 dated 02.12.2015 whereby the rates of deduction of income-tax from the payment of income under the head “Salaries” under Section 192 of the Income-tax Act, 1961 (hereinafter ‘the Act’), during the financial [&hellip

Read More…

Here’s what you need to know about tax saving fixed deposits

If you invest in a tax saving fixed deposit you can claim the amount invested up to Rs 1.5 lakh as a deduction from your income, as per current tax laws. The amount so invested is to be deducted from gross total income to arrive at taxable income. This deduction is allowed under Section 80C [&hellip

Read More…

Tax on unaccounted income now payable in cash as well

Those disclosing unaccounted wealth under the income declaration scheme (IDS) will have the option of paying the tax on such income in cash, the income-tax department has clarified through a fifth set of frequently asked questions (FAQs). Tax on unaccounted income now payable in cash as well The I-T department has also said tax authorities will [&hellip

Read More…

Things for filing return this year

8 things to keep in mind while filing tax returns this year Some diligence and caution goes a long way while filing your income tax returns. Keeping in mind a few important things can make your tax filing a breeze. Here is a list of things to help you sail through &#

Read More…

Format of Affidavit for applying for Legal Heir

Affidavit before Notary Public Affidavit of Mr. _________________ Son/Daughter/Wife of Late Shri ______________ resident of ____________. The Deponent solemnly affirm as follows: That i am the eldest son of Late Shri ____________ S/o. ______________ died on __/__/____. That we have taken the surviving member certificate from Revenue Department, Govt. of NCT of Delhi, Office of [&hellip

Read More…

Depreciation Rate Chart As Per Income Tax For 2016-17

What Is Depreciation While computing profits and gains from business or profession, a taxpayer can claim depreciation on all those assets which he has acquired and used for the purpose of his business or profession. Different depreciation rates are prescribed for different nature of assets. This write up lists down all such depreciation rates. Calculation [&hellip

Read More…