Maniraj Anantham NRI Requires to file Income Tax in India PART I: Income Tax Basics Determining residential status The conditions to be called as an Indian resident are: ·Staying in India for at least 6 months or 182 days during a financial year Or, ·Staying... Incometax NRI NRI incometax Dec 5, 2022
Maniraj Anantham Reasons to get a Notice from the Income Tax (IT) department Reasons to get a notice from the Income Tax (IT) department 1. For delay filing I-T return as per section 139(1) If you have not filed your return by the deadline, you will receive a reminder notice f... IT Notice Incometax Dec 5, 2022
Maniraj Anantham Section 80TTA Deduction- Interest on Bank savings deposit Section 80TTA – Deduction in respect of interest on deposits in savings account for Individuals (other than Senior citizens) & HUF Section 80TTA provides a deduction of Rs 10,000 on interest income. T... 80tta Incometax Dec 3, 2022
Maniraj Anantham Presumptive Taxation Scheme Under Section 44AD, 44ADA, 44AE Description of taxation scheme According to the Income-tax Act, a person working in a business or technical field is required to keep standard account books and, in addition, must have his or her acco... 44ad Incometax Dec 3, 2022
Maniraj Anantham Agricultural Income – Tax Treatment & Taxability Meaning of Agricultural Income: Section 2 (1A) of the Income Tax Act, 1961 defines “agricultural income” as an income under the following three sources: (i) Any rent or revenue derived from land which... Incometax agriculture Dec 3, 2022
Maniraj Anantham New TDS Provision on Purchase of Goods 194Q & 206C New Section 194Q has been proposed to be inserted which reads as under: - Section 194Q. (1) Any person, being a buyer who is responsible for paying any sum to any resident (hereafter in this section r... Incometax TDS Dec 3, 2022
Maniraj Anantham Section 206AB Special provision for TDS for Non-Filers of Income-Tax (IT) Return Section 206AB “Special provision for TDS for Non-Filers of Income-Tax (IT) Return Section is Applicable: 1. If person require to deduct tax under any of provision of Chapter XVIIB Tax Deduction at Sou... Incometax TDS Dec 3, 2022
Maniraj Anantham Declaration under section 206AB of Income Tax Act, 1961 To, (NAME OF THE BUYER/ SERVICE PROVIDER) Dear Madam/Sir, Subject: Declaration confirming the filing of Income Tax Return for immediate two preceding years This is in respect to payments due or paymen... Incometax TDS Dec 3, 2022
Maniraj Anantham Procedure for Legal Heir Registration on the New Income Tax Portal Procedure for Legal Heir Registration on the New Income Tax Portal The New Income Tax Portal has been now enabled the Registration of Legal Heir, which will ensure the easy filing of Income Tax Return... Incometax Dec 3, 2022
Maniraj Anantham Set Off and Carry Forward of Loss Under The Income Tax Act 1961 SET OFF AND CARRY FORWARD OF LOSS UNDER THE INCOME-TAX ACT Loss from exempted Sources of Income cannot be adjusted towards taxable Income If income from a selected source is exempt from tax, then loss... Incometax Dec 3, 2022
Maniraj Anantham Section 37 Allowability of Business Expenditure What are the conditions to be satisfied for the allowability of expenditure under Section 37 of the Income Tax Act 1961? Such expenditure should not be covered under the specific section i.e. sections... Incometax Dec 3, 2022
Maniraj Anantham INCOME TAX TREATMENT OF GRATUITY What is the maximum amount that can be received as gratuity benefit? Gratuity is a benefit given by the employer to employees. A recently approved amendment by the Centre has increased the maximum lim... Incometax gratuity Dec 3, 2022
