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Declare Cash deposited during Demonetization in ITR

DEMONETIZATION

Income Tax return filing season is started, Government has started campaigning for ITR filing through digital and social media, internet , TV Ads etc. Although the last date to file for individuals is July 31, you must start work on your income tax return now...

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Statement of Financial Transactions (SFTs)

sft_income tax

STATEMENT OF FINANCIAL TRANSACTIONS(SFTs), replaced AIR. It’s applicable on Professionals & all assesses liable to Tax Audit also 1) Earlier the requirement of filing Annual Information Return(AIR) has now been completely replaced by Statement of  Financial Transactions (SFT). 2) The DUE DATE for filing first...

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Analysis of Section 56 (viib) of the IT Act,1961

Section 56 (viib) of Income Tax Act,1961 deals with taxability of capital raised by a company in which public are not substantially interested. As per the said section when such a company issues shares to residents for a value which is more than its fair...

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IT Department introducing e-proceeding

All Income Tax department-related proceedings between the taxpayer and the taxman from the new fiscal will be conducted online, the CBDT today declared. This is as part of its initiative to minimize human interface between the assessee and the Assessing Officer (AO) thereby reducing complaints...

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Income from Future & Option Trading

ITR filling and Tax Audit for Income from Future & Option (F & O) Trading As the volume & value of transactions is very high and amount of profit earned on these transactions is fairly small for traders dealing in F&O segment, the manner of...

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Section 269ST – Cash Transactions with Examples

In this article we elaborate section 269ST of IT Act, in respect of Cash Transaction provisions applicable from 01-Apr-2017 on wards with examples. Point No. 1. From which date this section is applicable? This section applies from 01/04/2017 (F.Y.2017-18 onwards) Point No. 2. What are...

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Cash transaction related proposals in Budget 2017

In a bid to Cashless Economy Mission, the Government has proposed many provision to curb cash transactions in Budget 2017   After a few days, the new financial year 2017-18 is being commenced, Government has tightened screw on cash transactions in Budget 2017. Business entity...

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FAQ on Advance Income Tax Payment

Advance Income Tax – Financial year 2016-17 is on the brink of the completion, let’s discussed on it. Q.1. What is Advance Income Tax? Ans. Advance tax is a payment tool in which tax is deposited by assessee in installment instead of lump sum amount deposited...

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Housing For All by 2022 – Pradhan Mantri Awas Yojana

In a bid to PM’s mission “ Housing For All by 2022” under Pradhan Mantri Awas Yojana to provide affordable housing to poor and the underprivileged. In Budget 2017-18, The FM has granted affordable housing segment as “ Infrastructure” status. The Government indicates that the...

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Curb tax benefit on home loan interest by Mr. FM in Budget 2017

In budget 2017 FM Mr Arun Jaitley has significantly restricted tax benefit on interest paid on home loan in case of properties that are rented out or deemed let out. Mr Jaitley has restricted the loss on house property to of rupees 2 lakh only.....

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