Types of Cash transaction required to be reported in Form 61A Specified financial transaction General query for Cash transaction which is required to be reported in Form 61A Under Rule 114E of the Income Tax Rules, the statement of financial transaction in Form 61A is required to be furnished in compliance with section 285BA of […]
Tag Archives: Income Tax updates
Insolvency Professionals – A New Professional Horizon The Insolvency and Bankruptcy Code 2016 has been introduced with an objective to regularize the process of insolvency and bankruptcy of all persons including corporates, LLP’s, partnerships & individuals.
Presumptive income scheme for professionals The Finance Act 2016 has introduced a new presumptive income scheme for professionals by inserting a new section 44ADA into the Income Tax Act, 1961. The new section has come into force with effect from 01.04.2017 i.e. from AY 2017-18. So, from AY 2017-18 professionals will have an option to […]
Now you can get PAN and TAN numbers in just 1 day To improve the Ease of Doing Business for new corporates, Central Board of Direct Taxes (CBDT) has tied up with Ministry of Corporate Affairs to issue PAN and TAN in just 1 day.
Government has simplifies ITR forms to be less painful to Filing tax returns Income tax form for salaried person will be introduced from April 1, doing away with some columns to simplify the filing of returns. Individuals with salary and interest income will have to fill fewer columns as some of these for claiming income […]