Tag Archives: Income Tax updates

Ten most important changes in Income­ tax which will apply from 1st April 2017

Ten most important changes in Income­ tax  which will apply from 1st April 2017
With the passage of the Finance Bill on Wednesday, the Lok Sabha has completed the budgetary exercise for 2017­-18. The tax

Read More

Ind AS40 : Investment Property

Ind AS40 : Investment Property
An investment in property is a real estate property that has been purchased with the intention of earning a return on the investment either through rent or resale of the

Read More

Section 80P (4) of Income Tax Act 1961

Section 80P (4) of Income Tax Act 1961
A lot of misunderstanding among the ITATs,Income tax authorities,legal practitioners and Chartered accountants on the applicability of the provisions of Section 80P of Income Tax Act 1961.

Read More

Restrictions imposed u/s 269ST on Cash Receipts

Restrictions imposed u/s 269ST on Cash Receipts
The Finance Bill 2017 introduced a new Section 269ST in the Income Tax Act. The new section will impose restriction on receipt of any amount exceeding Rs.3 lakhs

Read More

How to pay less income tax post Budget 2017 and beyond

How to pay less income tax post Budget 2017 and beyond
It is said that nothing in this world is certain except for death and taxes. However, you can soften the blow from the latter,

Read More

How to Prepare Statement of Financial Transactions

How to Prepare Statement of Financial Transactions
Section 285BA of the IT Act 1961 requires specific reporting persons to furnish statement of financial transaction. Rule 114E of the Income Tax Rules, 1962 specifies that the

Read More