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Tax audit turnover threshold limit increased to 5 crores Rupees for business (Amendment of section 44AB of the Act). (A) in clause (a),–– (i) the word “or” occurring at the end shall be omi... Read more
What are the specified financial transactions in which quoting of PAN is mandatory? Rule 114B of Income tax rule – , following are the transactions in which quoting of PAN (Permanent... Read more
Key Highlights of Budget 2020 (Announcements) Budget Income Tax Announcements Income Tax Rate 10% income tax rate for Income between 5,00,000.00 -7,50,000 Rupees 15% income tax rate for Inco... Read more
What are the circumstances under which assessment under section 147 of Income Tax Act i.e. income escaping assessment can be carried out? In the following cases, it will be deemed that in... Read more
Income deemed to accrue or arise in India As per section 9 of Income tax Act 1961 the following incomes are treated as incomes deemed to have accrued or arisen in India:- Income Received fro... Read more
When Income Tax Assessing Officer is liable to determine the Advance tax liability? If a Income taxpayer who has a legal obligation to pay advance tax fails to make payment for advance tax o... Read more
What recourse is available to me if I am not satisfied with the order passed by my Income Tax Assessing Officer/ Commissioner (Appeals)/ITAT ? || Income Tax Appeal Form/ Fees/ Time limit If... Read more