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Income Tax Updates

31st March 2019 marks the end of Financial Year 2018-19. But, it also brings with itself a series of very important and crucial financial deadlines. Every taxpayer shall take care of these deadlines and prepare well in advance to avoid penalties and notices from the Income Tax Department. Last date to File ITR for the Financial year 2017-18 For the Financial Year, 2018-19 or Assessment Year 2018-19 the due date to file ITR was 31st July 2018. It was further extended to 31st August 2018. But, the belated return canSEE DETAILS

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Income Tax Learning

In our first part, we already discussed TDS on sale of property by resident u/s 194IA @1%. through this blog we will enhance our understanding on the tax to be deducted by Non-Resident seller. When a NRI makes a sale of property in India the buyer is required to deduct TDS under section 195 of the Income Tax Act 1961. The rate of the tax deduction is not fixed at 1% unlike section 194IA in this case. Rather, it would depend upon the nature of capital gains arising out ofSEE DETAILS

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Income Tax Learning

From 1st June 2013 through section 194IA of Income Tax Act a provision was rolled out by Mr. P Chidambaram to deduct 1% TDS on sale of the property to a resident Indian. The property here includes every immovable property like House Property Commercial Property Plot or unconstructed land And all such other properties except agricultural land. To the relief of citizens, TDS needs to be done only on the transactions where sale proceeds are of ₹ 50,00,000 (Fifty Lakhs) or more.   When and how much shall be theSEE DETAILS

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Income Tax Help

NPS subscribers who have registered on or after 1 July 2014 have to give a mandatory FATCA declaration online or offline.   FATCA refers to Foreign Account Tax Compliance Act. It is a US initiative which has also been entered into by Indian government. Under this agreement, the Indian government needs to give details of all US citizens holding prescribed securities and assets in India.   Why FATCA is important? FATCA is of vital importance because it was previously communicated that non-submission of this self-declaration will result in blocking ofSEE DETAILS

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11 reasons for not receiving your Income Tax Refund
Income Tax Learning

The most awaited step after verifying your Income Tax Return is getting refund. But, many a time our wait is Prolonged!! Who likes to wait for getting some money? No one right!! So, today we would be understanding 11 such possible reasons for a delay in getting Income Tax Refund Online and the actions you must take. First of all, we would suggest you to ensure that you have e verified your ITR or sent the signed copy to CPC Bengaluru. Because without completing the verification process no refund is initiatedSEE DETAILS

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Cost Inflation Index(CII)
Income Tax Learning

CII or Cost Inflation Index refers to the numbers issued by the Income Tax Department in each year’s budget depicting the level of inflation for the relevant Financial Year. These indexes are of high importance due to change in the value of assets which were purchased in previous years but sold now. Say, we purchased a house for Rs 20,00,000 and we are selling it today for 30,00,000. So, our profit, in this case, is Rs 10,00,000. But, don’t you find it a bit inappropriate because due to the highlySEE DETAILS

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What is Income as per Income Tax Act?
Income Tax Learning

We hear a lot around us about Income Tax, Income Tax Return, Income Tax Department and so on. But have you ever given it a pause and thought form where this cycle starts?? Well, we’ll tell you, all this starts with the termIncome!! Yes, if there is no income there won’t ever be any income tax or ITR or compliances under the Income Tax Act. Now let us understand what is income. Income is anything and everything a person earns. You might be getting your income as salary for doingSEE DETAILS

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What Is Surcharge Under Income Tax In India?
Income Tax for Starters (Basics), Latest News

The surcharge is an additional tax levied upon a person or entity if the income or turnover exceeds the prescribed limits. It is a progressive levy which means it helps in taking higher taxes from the rich who are earning above certain financial limits. It is a direct source of revenue for the central government and is not distributed amongst the state treasuries. One of the important point to be noted here is that the surcharge is levied as a percentage of taxes and not of income whereas taxes areSEE DETAILS

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What is Rent Free Accommodation(RFA) and its Taxability
Income Tax Help, Income Tax Learning

What is Rent Free Accommodation (RFA)? RFA means house provided to you by your employer for residential purpose. Some employees get the facility of accommodation from their employer without any charge but in some cases it chargeable to some extent. Hence, in a simple way, RFA is a part of perquisites that are considered as additional benefits getting from your employer received in kind and it is taxable as per the provisions of Income Tax Act. What is the Taxability of RFA? Taxability of RFA is described in the followingSEE DETAILS

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Income Tax Law
Income Tax for Starters (Basics), Income Tax Help, Income Tax Learning

Income tax is part of the direct tax which is paid on the Total Income of the Previous Year of every person. In India Income Tax plays an important role in the revenue system of the economy. It is because of two reasons, firstly it is a flexible source of revenue to the Government of India and secondly, it can be helpful in bringing the equal status of the society(since there is a progressive system of tax in India).In this post, we will explain you the Components of Income TaxSEE DETAILS

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