Who is required to file the IT returns? While talking to a number of my colleagues and friends who’re salaried, I take into account that majority of them are beneath the affect that as complete tax has already been deducted from their earnings, they’re now not required to file their income tax returns.
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.
Appearance past phase 80C: have you missed out on any of those tax breaks? Maximum folks are privy to the concept of deductions from gross total profits available to a taxpayer. you can still declare deductions from one’s gross overall income by investing in avenues distinctive via the government. those deductions are to be had […]
Complete investments, expenditures than can be claim under Section 80C However we already know the deduction available under section 80C of the Income tax Act, 1961. The maximum amount of deduction that can be claimed under section 80C is Rs 150000 for FY 2015-16. The section have many investment options to the taxpayer that not […]
Limited Scrutiny into a Complete Scrutiny case Vide Instruction No. 20/2015 dated 29.12.2015 in File of even number, Board has notify Standard Operating Procedure for handling of ‘Limited Scrutiny’ case which were selected by aid of Computer Aided Scrutiny Selection in ‘CASS Cycle 2015’. In these cases,
Case Laws on section 2(24) of Income Tax Act Section 2 (24) : Income – Capital or revenue-Receipt representing compensation for loss of source of income would be treated as capital receipt.