Generally whatever is received by an employee from an employer in cash, kind or as a facility [perquisite] is considered as salary.
Karnataka CM heads panel tasked with restructuring, merging multiple slabs.
The due date of filing ITR has been extended to provide relief to taxpayers, amid the Covid-19 pandemic, and due to concerns and technical glitches in the new Income Tax Portal.
On average, more than 15 lakh unique taxpayers have logged into the portal on a daily basis and over 1.5 crore returns have been filed to date as per Infosys.
Advance Tax Payment Rules: While we file Income Tax Return (ITR) for the previous financial year to settle tax liability or claim a refund, advance tax comes into the picture in the year in which you make an income.
As per current laws, there is no clarity on whether crypto holdings are classified as Indian or foreign assets. In case it is the latter, then reporting these holdings in one’s ITR would be needed irrespective of the income level of the investor.
In 2019, Infosys was awarded a Rs 4,200-crore contract to develop the new e-filing portal to replace the old one to reduce the processing time from 63 days to one.
If you own more than two properties, irrespective of whether the other houses are vacant or occupied by you, they will all be deemed to be let out
Tune in to Simply Save to understand some minor and not-so-trivial mistakes that can lead to avoidable hassles and worse, notices from the income tax department.
There are more than 200 companies involved in disputes over the definition of ‘intermediary’ services. The circular provides five prerequisites to define what service will qualify as an intermediary service.
© 2018 CA Chandan Agarwal. All rights reserved.