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Income Tax related News, Articles and Information

12 points to know about TDS on Rental Income

POINTS-YOU-SHOULD-KNOW-ABOUT-TAXATION-ON-RENTAL-INCOME

Letting of property attracts TDS provisions, with certain exceptions. Some of the commonly asked questions about TDS on rental income are summarized below. In case, readers have any other questions, please mention in the comment section.   Limit of Rs.180000 – In case, any property – residential or commercial is ...

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The appeal procedure under Income Tax Act

Different levels of appeal under income tax act 1961

In general parlance, ‘appeal’ means ‘making a request’ and in legal parlance, it means ‘apply to a higher court for a reversal of the decision of a lower court’. In this article I have covered the levels of appeal under Income Tax Act. Hope this helps.   In India, the ...

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New Tax accounting standards for business

Income computation and disclosure standard

In order to bring clarity on taxation issues, the government has notified new tax accounting standards relating to income computation and disclosures by businesses.   The assesses for the purposes of computation of income chargeable to income-tax under the head “Profit and gains of business or profession” or “Income from ...

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7 Tax changes applicable from 1st April 2015

changes under Income tax, Service Tax, and Karnataka State Tax Laws with effect from 1st April 2015

  The following are the important changes under Central and State Tax Laws with effect from 1st April 2015   Conveyance Allowance – Transport allowance (popularly known as conveyance allowance) granted to an employee to meet his expenditure for the purpose of commuting between the place of his residence and ...

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Beware of penalty on Cash Transactions

Beware of penalty on Cash Transactions

  Wherever possible, avoid cash transactions. There are draconian provisions under Income Tax Act which may hurt your peace of mind! Read this article to know more about it.   Firstly – Are you an income taxpayer? If yes, you are not allowed to accept Loan, Deposit, Repay loan/deposit by ...

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