The taxpayers often ignore various incomes while filing their income tax returns. Such other incomes fall under the head ‘Income From Other Sources’. The taxpayers sometimes ignore those income unknowingly their taxability or sometimes knowingly hide these incomes to reduce… Read More
NGO Registration
In order to get the minority status Educational Trusts and Societies will be required to get themselves registered as NGOs with the NITI Aayog, without taking into consideration their desire of receiving government aid or not. For the purpose of… Read More
Income Tax Refund
There is a good news for lakhs of taxpayers, the income tax department will now issue the refunds in a short period of time of 7-10 days because of its latest technology and aadhaar based ITR verification. The income tax… Read More
Composition Scheme under GST
There are number of small taxpayers in India who finds it difficult to follow the complicated tax laws compliance requirements completely, because of their small number of transactions or limited number of transactions. There cost of tax managements comes to… Read More
Calculation of Input Tax Credit under GST
Though the Government has set high rates of GST on some products and services, the impact of GST would not effect the final prices much because of the input credit claim. Take a look at the calculation of Input Tax… Read More
Income Tax Department will take action against taxpayers violating the Rs. 2 lakhs limit
The income tax department has recently warned taxpayers involved in violating the cash transaction limit of Rs. 2 lakh or more and said that the receiver of the amount will penalized with an equal amount as penatly. The income tax… Read More
Non-Banking Finance Company Registration in Delhi
Non-Banking Finance Company is a fast emerging financial system in India. Its a type of financial institutions (other than commercial and co-operative banks) doing the work of financial intermediation in number of ways like accepting deposits, making loans and advances,… Read More
Aadhaar mandatory for ITR filing
The Income Tax Department has made it mandatory for the Resident Individuals to qoute their Adhaar or enrollment id mandatorily for the Assessment Year 2017-18. The change have been mandated by the Finance Bill 2017 to make it mandatory for… Read More
Statement on Financial transaction (SFT)
According to Section 285BA of the Income Tax Act, 1961, a statement for financial transactions (SFT) need to be filed for the transactions prescribed under Rule 114E of the Income Tax Rules, 1962. The due date of filing of Statement… Read More
Income Tax Department facilitates to correct the errors in Adhaar and PAN
The income tax department has recently went under launch of an e-facility to correct the errors in the database of PAN and Adhaar. Further the department has launched the facility to link the biometric identifier Aadhaar with PAN. The department… Read More