Category: Income Tax Learning
-
What is Rent Free Accommodation (RFA) and its Taxability?
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…
-
What are Direct Taxes & Indirect Taxes in India?
Before discussing the Direct Taxes & Indirect Taxes in India, let us first understand what is the meaning of tax. What is a Tax? A tax may be defined as a “pecuniary burden laid upon individuals or property owners to support the government, a payment exacted by legislative authority. In simple words, the tax is…
-
Post-retirement Sachin Tendulkar blasted Tax Liability!
If you are also amongst those who invest a considerable amount in shares then you need to know this!! If the frequency of transactions is high, then that has always been a debatable issue in income tax that whether income is to be treated as capital gain or business income. Recently, the Same issue happened…
-
Walmart-Flipkart Deal | Trouble for Bansal Buddies
It won’t be wrong to say that the founders of a Startup are the most stressed person in their company. They leave all their comforts and do hard work day and night just for one cause – one day their company will reach a great height. They have to take care of everything. From generating…
-
Want to Avoid Invalid ITR ? Read this
Filed your return before the due date but forgot to verify before the expiry of time limit? Then in such case, your ITR has become an invalid ITR and now you would have to file the ITR again. Surprised? Yes, you heard it right. Now, you need to file your ITR as a belated return. Don’t know…
-
Sachin Tendulkar clean bold the Income Tax Ruling in his favor
Recently, Mr. Sachin Tendulkar got a favorable ruling from a tribunal over a tax disputed case on one of his vacant property. If you are also the owner of more than one house then you definitely need to read this !! Let’s have an overview of his case and find out how it may help…
-
Waiting for Refund ? Check the ITR V Status
Do you know how to check ITR V Status? You must be thinking that why we are asking this “out of the blue”question. Well, if your ITR is not yet processed or your refund (if any) hasn’t been credited then this question is relevant for you. 7 out of 10 people still think that just filing…
-
What If I Miss ITR Deadline of 31st August
When it comes to filing Income Tax Return, we are always told to file before 31st August (i.e. the deadline). Then we are told, what to do next, if we miss ITR deadline. But have you ever wondered, what are the consequences if I miss ITR deadline? Well to solve your query, we bring a…
-
What is Nil Return & When to File Nil Return | Nil Return ITR
A friend of mine (Fred) recently quit his job & he was confused about filing his income tax return. And someone also suggested him to file a Nil Return due to which he got even more confused. As he knew that I worked as a tax consultant so he approached me for help. Fred: Hey…
-
Special Cases When it is Mandatory to File ITR
We all know that IT return filing is mandatory in certain cases and shall be filed before due dates. Generally, what people know of being a must income tax return filing situation is having income above taxable limits of ? 2,50,000/ ? 3,o0,000 / ? 5,00,000. These limits are without giving effect to Chapter VI-A…