Taxinfo.inAug 18, 20183 minIncome Tax Guide for Indian Seafarer (Merchant Navy)Meaning of seafarer How seafarer earn Income Tax on seafarer Meaning of Seafarer A sailor, seaman, mariner or a seafarer is a person who navigates water bone...
Taxinfo.inAug 15, 20185 minIncome tax & GST guide for Indian Freelancers1. What is freelancing? 2. How does freelancer earn? 3. GST on Freelancer 4. Income Tax on Freelancer 5. Accounting for freelancer What is freelancing? A – In such a case you are not required to register under GST in any case and therefore not liable to collect GST. You are not required to register wherever you are supplying services, whether within your state, in other state or outside India. 2. When you are providing services of more than Rs. 20 lakhs in a financial ye
Taxinfo.inAug 2, 20183 minWinning from the Lottery, Crossword Puzzle, Race, Games etc.As per Section 115BB, a flat tax rate of 30% is applicable on income arising by way of winnings from any: – Lottery Crossword Puzzle Race including horse rac...
Taxinfo.inAug 2, 20183 minTaxability on Buyback of Shares of CompaniesIn simpler terms, buyback of shares means buying by a company of its own shares in accordance with the provision of the law. Taxability on buyback of shares ...
Taxinfo.inAug 2, 20185 minRestrictions on Cash Transactions and Penalty on ContraventionIn order to curb black money, the government has imposed various restrictions on cash payments from time to time. Paying/Receiving cash beyond these limits a...
Taxinfo.inAug 2, 20186 minDeduction in respect of employment of new employee under Section 80JJASection 80JJA has been substituted by Finance Act 2016 (with effect from FY 2016-17) which provide the deduction to an employer for generating employment. El...
Taxinfo.inAug 2, 20183 minForgot to verify your income tax return? File condonation of delays in filing ITR-VIncome tax return filing process get completed once you verify your return. Verification of return can be done online (using Aadhaar one time password, EVC u...
Taxinfo.inAug 2, 20181 minTaxability of AlimonyMeaning of Alimony Any sum of money (recurring or lump sum) received from spouse after legal separation or divorce for the purpose of maintenance of spouse o...
Taxinfo.inJul 13, 20184 minAdvance Tax Due Dates, Calculation, ApplicabilityThese Provisions are applicable from the Financial year 2016-17. For previous years up to 2015-16 click here What is Advance Tax Applicability Due Date for p...
Taxinfo.inJun 29, 20182 minHow to link your Aadhaar card with Income Tax PAN numberAs per new section 139AA and judgment of Supreme Court dated 9 June 2017, following thing shall apply from 1st July 2017 :- Every person who wants to file In...
Taxinfo.inJun 20, 20186 minStatement of Financial Transactions in Form 61AStatement of Financial Transactions (previously called Annual Information Return – AIR) is to be filed by specified persons in respect of specified financial...
Taxinfo.inJun 6, 20182 minForm 61 – Statement containing details form No. 60For a number of transactions quoting of PAN is mandatory. However the persons who doesn’t have PAN can furnish details in form no. 60 along with address and...
Taxinfo.inJun 6, 20184 minTaxability in case of Shares & Derivatives TradingIf a person is engaged in shares dealing then it can result either in Business Income/Loss (chargeable under section 28 as Profits & Gains of Business or Pro...
Taxinfo.inJun 4, 20185 minProcedure to file Form 61, Form 61B & Form 15CCA complete guide to file form no. 61, 61B and 15CC. The use of these forms are Form 61 – Filing of details regarding form 60 Form 61B – Statement of Reportab...
Taxinfo.inJun 3, 20183 min18 Transactions in which Quoting PAN is Compulsory – Rule 114BSection 139A(5)(c) of Income tax act states that PAN is required to be quoted on transactions prescribed by CBDT. Rule 114B of Income Tax Rules states the tr...
Taxinfo.inMay 17, 20184 minResidential Status under Income Tax ActResidential status of an Individual Tax Planning in respect of Residential Status by Individual Residential Status of HUF Residential Status of a Firm of Ass...
Taxinfo.inApr 30, 20181 minMarginal Relief on SurchargeSurcharge is applicable on income tax if the income exceeds the specified limit. So, a minor increase in income may exceed the specified limit and increase t...
Taxinfo.inApr 14, 20181 minDefinitions under Income Tax ActWhat is Assessment year? Assessment year is the year in which the income of the previous year is to be assessed. In other words assessment year is the succee...
Taxinfo.inApr 10, 20182 minRestriction on Receipt of Cash – Section 269STIn Budget 2017 new restrictions on cash transactions has been imposed. New section 269ST has been added in this regard and is applicable from 1st April 2017....
Taxinfo.inApr 6, 20181 minPenalty on Late Filing of Income Tax Return – Section 234FNew penalty for late filing of Income Tax Return under section 234F is introduced in Budget 2017. Although this penalty is applicable only for income tax ret...
