Under the tax laws certain income become taxable on receipt basis and certain other income become taxable on accrual basis
Sec 194R of the IT Act, 1961, mandates a person giving any benefit to another person to deduct 10% of the value of the benefit at source. It has created confusion as a similar section is already there
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Under the tax laws certain income become taxable on receipt basis and certain other income become taxable on accrual basis
The chairman of CBDT, Nitin Gupta, said just one online gaming portal awarded more than Rs 58,000 crore in winnings in FY20-FY22, but hardly any winners has paid taxes on their winnings
The long-term capital gain (LTCG) on listed equities and equity-oriented mutual fund (MF) schemes up to Rs 1 lakh is tax-free.
Income tax refund: There can be many reasons for which I-T department can send a notice. If you get one, understand what is it and respond accordingly.
There is a need to sweeten the new income tax regime to find takers.
Taxpayers are getting intimations generated automatically online from the Income Tax Department, if additional deductions are claimed in ITR resulting in income tax refund out of the tax deducted at source by the employers.
Income Tax Returns: Those who missed the deadline can still file their tax returns with a late fee till December 31.
The income tax department, in a bid to prevent tax evasion, will monitor cash transactions in businesses that exceed the cash limit.
© 2018 CA Chandan Agarwal. All rights reserved.