Income Tax Rate of 20% likely to be reduced to 15%!!! It is close to a year since demonetisation has taken place. GST the greatest tax reform since independence, has been rolled out a few months ago. Both of these reforms have an impact on inflation. Moreover the prices of petroleum products continue to be […]
Category Archives: Income Tax
Income Tax is the tax which directly levy on income of any personal.Central Board of Direct tax manage all the things related Direct Tax.
ITR won’t be processed untill link with Aadhar- What Means for you The Income Tax department has clarified that the deadline to link PAN with Aadhaar for taxpayers is unlikely to be extended beyond December 31, 2017. Therefore, even if you have filed your return by the ITR filing deadline of August 5 but have […]
Use ITR-2 to show salary and capital gains income Which income tax (I-T) form will be used for a salaried person if there is income from capital gains. Can we e-file the ITR? Checking Google, I gathered I should file ITR-2. But on choosing e-filing option, it shows ITR-1 and ITR-4.
What you should know about income tax refunds After income tax returns are filed by assessees, they are processed by the income tax authorities at the Centralised Processing Centre (CPC) in Bengaluru. After processing the returns, if any income tax refunds is payable to the assessees, the refund orders are generated by the departments and […]
Tax Audit Sec 44AB limit for Business is 1 Crore or 2 Crore? The Finance Act, 2021 has increased the threshold limit of turnover for tax audit u/s 44AB from Rs. 5 crores to Rs. 10 crores where cash transactions do not exceed 5% of total transactions.