Download ICAI Book on Taxation of Non Residents (Sept 2018) Revised Edition

The Institute of Chartered Accountants of India has released its new revised book on “Taxation of Non-Residents”. The book is based on the law as amended by the Finance Act, 2018. The book cover topics of Residential Status, Income Deemed to Accrue or Arise in India, Income not be included in the total income, Presumptive … Read more

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Tax Calendar F.Y.2018-19: Due Dates GST & Income Tax (Sept 2018)

Tax Calendar 2018, Income Tax – GST Deadlines: Find all the income tax & GST due dates, last dates, deadlines for the period from 1-4-2018 to 31-3-2019 (F.Y.2018-19). The due dates includes all TDS Returns, TDS Statements, income tax returns, income tax payments & TDS certificates along with form name and period. The assessee can … Read more

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Penalty for Late Filing or Non Filing of Income Tax Return

penalty for late filing of income tax return

The last date to file income tax return every year is 31st July (Extended up to 31-08-2018 for A.Y.2018-19) or 31st September. You must file your income tax return within due date. Now the questions is if you are not filing your income tax return within due date how much penalty or interest you have … Read more

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Must Have Record These Documents to Support IT Return

No doubt, there is no need to enclose any documents with income tax return now. But it is advisable that you should prepare all supporting documents on the behalf of you filed income tax return. As Assessing Officer may demand these documents at any time after the filing of income tax return. No documents to … Read more

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Check Income Tax Refund Status Online

income tax refund status

As you all know to get income tax refund, we have to file income tax return by showing the excess tax paid or excess TDS deposited or excess advance tax pay as the case may be. Income Tax department on the basis of return file will issue income tax refund to the assessees. Some time … Read more

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Know Your AO Code, Income Tax Range & Ward Easily

ao code

Whenever we are going to file an income tax return, whether online or off-line, it requires to fill our Income tax Ward, Range, Jurisdiction. Tax professionals like CA, advocates and TRPs already know what it is and know the jurisdiction, ward range of their clients. However, for the layman, it is difficult to find their … Read more

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Which Account Books Should be Maintained by Professional or Businessman?

Every person kept some records to noting down his daily expenses and income. According to Income Tax Act, some persons will kept and maintain books for daily expenses, receipts, cash transactions, bank transactions, etc. Not every person needs to maintain books for daily transaction only the person specified by Income Tax Act. In this article, … Read more

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Instructions to Apply New PAN – Filling Fresh PAN Application Form

As you all know PAN is mandatory for all the assessee. It has lots of benefits having PAN. But don’t apply new PAN if you have already PAN, it attacks penalty. Some readers ask us that they lost their PAN.  So we advise to our readers first check your PAN by visiting the page of … Read more

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All About Senior Citizen Savings Scheme

Senior citizen scheme is a deposit scheme for elders or you can say that it’s a best option of getting future return so that you don’t have to depend on others at the at the age of retirement.  Generally, retirement brings lot of troubles and barriers for future matters. This scheme is initiated by Government … Read more

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Tax Liability of Senior Citizens A.Y.2018-19

The persons who find difficulty to calculate income tax for their parents or senior citizens themselves must read this article for everything you need to know about the taxation of senior citizens. You will find here the meaning, definition, tax liability, income tax rates, income tax slabs, tax planning, tax saving schemes and more. You … Read more

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Income Tax Slab for AOP & BOI [A.Y. 2018-19]

Income Tax Slab for Association of Persons (AOP) and Body of Individuals (BOI): In previous article, we have discussed about the income tax slab/income tax rates for individual for A.Y.2018-19. In this article we will discuss only about AOP and BOI income tax slab rates. What is Association of Persons (AOP)? First of all, you … Read more

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Transactions Where PAN Quoting is Mandatory

Now you all know PAN and AADHAR Is mandatory for all Government communication and work. Here are some of the transactions where PAN is mandatory even there is not tax involvement. You can not avoid PAN if you want to do the following transaction. Sl. No. Transaction Required of PAN card 1 Purchase / sale … Read more

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SBI PPF Interest Rate & Maturity Period

The State Bank of India offers the option to invest in PPF to existing users and new users of its bank. The channel is aimed to create a habit of savings among the people of India, along with creating a reliable pool of investment which can be used by the banks from time to time. … Read more

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5 Benefit of Opening SBI PPF Account

The SBI PPF account is one of the smartest ways to save tax and build a steady habit of savings. Apart from that, the SBI PPF account offers numerous benefits to the account holders which includes appointing a nominee and transferring the PPF account to some other banks as well. Given such credibility, it is … Read more

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How to Open PPF Account in SBI?

Today, the PPF account has become an important consideration for every individual who has a source of income. The facility of PPF not only offers an individual with the benefit of making savings on a regular basis, but also allows a person to save taxes. One of the most recognized ways to invest in PPF … Read more

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Due Date of Filing IT Return Extended up to 15-09-2018 in the State of Kerala

Press Release  Extension of date for filing of Income Tax Returns for taxpayers in Kerala In view of the disruption caused due to severe floods in Kerala, the Central Board of Direct Taxes (CBDT) hereby further extends the “Due Date” for furnishing Income Tax Returns from 31st August, 2018 to 15th September, 2018 for all … Read more

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Basics to Know About Income Tax Return for Salaried Persons

Most of our readers asks about these FAQ regularly by salaried persons. So we have prepared this post for our readers to clarify things in a very simple manner to eliminate confusion about income tax return. What is Form 16?  Form 16 is a TDS certificate in respect of tax deducted from salary. The certificate … Read more

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How to Make Changes & Correction in PAN Card?

There may be instances where there might be a slight error in the PAN CARD. It may be spelling mistake, Date of Birth wrongly written etc. However, there is nothing to worry as it is very simple to correct and get new PAN card within a week. Important Note: W.e.f. 1-7-2017, a person desiring to … Read more

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Lost or Damaged PAN Card – What to do?

Many a times, a person gets into a tough situation when a PAN Card is lost. The loss of PAN Card can be due to negligence of a person or due to some unavoidable factors such as theft. Under such circumstance, the first requirement is file an FIR at the nearest Police Station and obtain … Read more

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National Saving Monthly Income Scheme – Interest | Procedure | Tax Benefits

Earlier National Saving Monthly Income Scheme was known as Post Office Monthly Income Scheme. Now, the new name with some changes for A.Y. 2018-19 is “National Saving Monthly Income Scheme”. The National Saving Monthly Income Deposit scheme looks forward to generate monthly savings for people who are ready to invest in a 5 year term … Read more

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