Income Tax

  Many Small and Medium Enterprises (SME) borrow money (unsecured loans) from Non-Banking Financial Companies (NBFC). Whether interest paid on such loan attracts TDS provisions is a question frequently asked by the accountants. Here is the answer.   As per Section 194A of the Income Tax Act, 1961 a business …

Consequences on Delay in Filing of Quarterly eTDS Return The following is the mail sent out by Central Processing Centre (CPC), Income Tax department about fee charged under Section 234E of the Income Tax Act. The validity of the fee charged under this section was challenged in various courts by …

  What is Advance Tax? The income Tax payers have to estimate their income for the current year (for example – current year is starting from1st April 2014 and ending on 31st March 2015) and compute the applicable taxes on such income. The taxes so computed have to be paid …

  Income Tax Department ie Centralized Processing Center (ITD-CPC), Bangalore has started sending final email reminder communication for non-receipt of ITR – V for the assessment year 2013-14. From the past one week, many tax payers have received email from CPC asking them to submit ITR V. [ Recommended Read …

  Gone are the days when IT refunds used to take years to come. For the returns filed Financial Year ending March 2014, the department is already issuing refund orders. Many of our clients have received refunds this year. But some of the (unfortunate) tax payers have to wait for …

  We have written two articles about buying property in the open market [1. Buying property from NRI and consequence of Non Deduction of Tax 2. 7 things you must know about Income Tax before buying property from Non Resident Indian (NRI)]   One of the recent issues of sale …

Income tax department started sending reminder notice u/s 245 of Income tax Act 1961. In our other article “Did you receive communication on Arrear Demand Notice u/s 245 from Income Tax Department?” We have explained why CPC has started sending email notice u/s 245″. In this article we tried to explain …

The last thing a taxpayer expects is any sort of communication from the Income Tax department! But one should remember that information from Tax department needn’t necessarily be a Notice or a Notice needn’t necessarily be asking you to appear or pay taxes. In this article, we have written about …

  The common factor is ‘sale of property’ and the difference is the status of the seller – Resident or Non-Resident. The rules for Tax Deduction at Source (TDS) on sale of property are different for non-residents. This article is about such differences.   Sale of property by Resident Indians …

Thought for the day  You may think the grass is greener on the other side, but If you take the time to water your own garden, it would be just as green Vitamin K Advance Tax: the due date to deposit advance Income Tax is 15th March 2014 Service Tax/Excise …