0141-2351245, 4047632

Category Archives: Income Tax

Why reconciliation of Books with GSTR-2A is Important?

Why reconciliation of books with GSTR-2A is Important? In GST, GSTR-2A is an online statement prepared based on data reported by suppliers based on the invoices issued on a particular GSTIN. GSTR-2A is a monthly statement of purchases and Input GST which is automatically prepared once the supplier files its GSTR-1 return and shows invoices […]

Read More...

Restrictions And Implications On Cash Transactions Under Income Tax Act W.E.F. 01-04-2017

    In Budget 2017, the Government has put many restrictions on entering into cash transactions between various parties. Following is the list of such transactions and implications thereon.     S.N. Nature of Transactions Restrictions and Limits Imposed Implications of crossing the limits 1 Payment made for any expenses [Section 40A(3)] Upto Rs. 10000/- […]

Read More...

Decoding penalty for Misreporting and Under-reporting of Income – Section 270A of Income Tax Act

Section 270A has been inserted by the Finance Act, 2016 w.e.f. AY 2017-18 introducing a new concept of levying penalty under the Income Tax Act.   Following is a summarization of section 270A of the Income Tax Act, 1961   There are 2 legs of this section.   Penalty on under reporting of income Penalty […]

Read More...

Due Date for submission of 15G and 15H for FY 2016-17 on e-filing portal of Income Tax Department.

The Income Tax Department vide notification no. 9/2016 dated 09-06-2016 has specified the due date for submission of form 15G and 15H received by the deductees in a Quarter w.e.f. FY 2016-2017. The due date for online uploading of the form 15G and 15H will be as below from 01-04-2016. S.N. Date of ending of […]

Read More...

TDS / TCS Provisions Aplicable from 1st June 2016 for FY 2016-2017

Following is a gist of important provisions of TDS which are applicable w.e.f. 1st June, 2016 for the FY 2016-2017.   Section Nature of Payment Conditions for TDS deduction Rate of TDS 192 Salary Where estimated total income of the employee is likely to exceed the minimum amount chargeable to tax (i.e. Rs. 2,50,000/-) Annual […]

Read More...

Download New Form 15G and 15H

Income Tax Department vide notification dated 29-09-2015 has changed the Forms 15G and 15H for the FY 2015-16 onwards. You can download these forms by following below links. Form 15G Form 15H

Read More...

Union Budget 2016 : 100% tax holiday for 3 years to “Eligible Start ups”

Union Budget 2016 : 100% tax holiday for 3 years to “Eligible Start ups” Section 80IAC is proposed to be inserted in Income Tax Act, which governs the deduction of 100% profits from eligible start ups for 3 consecutive years.   Following are the proposed provisions of the same.   What is an “Eligible Business”? […]

Read More...

Deduction of 100% profits to Affordable Housing Projects u/s 80IBA

Budget 2016 : Deduction of 100% profits to Affordable Housing Projects u/s 80IBA   Section 80IBA is proposed to be inserted in Income Tax Act, which governs the deduction of 100% profits from affordable housing projects.   Following are the proposed provisions of the same.   Conditions to be satisfied by such housing projects   […]

Read More...

FAQ’s on Deduction of Rent Paid under section 80GG of Income Tax Act, 1961

FAQ’s on Deduction under section 80GG of Income Tax Act, 1961 Q.1     Persons eligible for claiming deduction? Only individuals can claim this deduction. That individual can be a self employed person or an employee who do not receive the house rent allowance.   Q.2     Conditions to claim deduction under this section? An individual who […]

Read More...

Tax Incentive for Hotels under section 35AD of Income Tax Act, 1961

Read More...