Category: Income Tax Learning

• What happens after you file your Income Tax Return?

  

  With the buzz of the Assessment Year 2018-19 Tax season, most of us are doing with the filing of Income Tax Returns (ITR). But have you ever wondered how exactly these ITRs are processed at the hands of Income Tax Department? Let’s decode the mystery of the after ITR filing processes of Income Tax Department…

  CA Abhishek Soni

  October 7, 2016

  Blogs, Income Tax Learning

• Beware: AIR transactions can put you in questions!

  You may often wonder how the Income Tax Department gets details about the transactions that are done under the wraps. Though, many such financial transactions are on radar of the IT Department because it keeps a track of specified financial transactions carried on by you during the year on the basis of the information provided…

  CA Abhishek Soni

  September 24, 2016

  Income Tax Learning

• Signing Bonus – Attractive enough?

  A signing bonus is an amount of money offered to a new employee by the employer company as an attractive incentive to join the company. Further, the signing bonus is generally conditional in nature, i.e. the employee has to stay in the organization for a specific period (say 1 year or 3 years or even…

  CA Abhishek Soni

  September 21, 2016

  Income Tax Learning

• Interest u/s 234A, 234B and 234C Decoded!

  Failed to pay taxes on time? You can pay taxes now, but interest on delay in payment of taxes is required to be paid. There are three sections governing interest on delay of payment of taxes. In this blog we will discuss interest u/s 234A, 234B and 234C of Income Tax Act, 1961.The brief of…

  CA Abhishek Soni

  September 10, 2016

  Income Tax Learning

• Advance Tax : Everything you need to know

  

  It’s that time of year when you hear the “Advance Tax” related what, when, how questions  from your friends, colleagues and across the media. It’s very important to know everything about advance tax to avoid high amount of interest. First of all, let’s understand  What is Advance Tax ?  It is a tax which you…

  CA Abhishek Soni

  September 6, 2016

  Income Tax Learning

• Buying house property of Rs. 50 lakhs or more? Don’t forget to deduct TDS on payment!

  Out of all the basic necessities of life – clothes, food and shelter, the biggest aim of every person in today’s world is to live in his own shelter. Be it small or big, we all dream of becoming an houseowner someday. And as other financial transactions are complemented by TDS rules, buying house property…

  CA Abhishek Soni

  August 17, 2016

  Income Tax Learning

• Reverse Mortgage Scheme

  Reverse Mortgage scheme which was announced in 2007 by the Indian Government for senior citizens is solid evidence that being western is not bad after all as this scheme was highly popular and successful in the west before making debut in India in 2007. The scheme was launched with an aim to provide steady income…

  CA Abhishek Soni

  August 15, 2016

  Income Tax Learning

• Nitty-gritty of Alternate Minimum Tax (AMT)

  Normally, you have to pay the tax as per the normal provisions of Income-Tax Act, 1961. However, in some special cases, you have to pay some extra tax due to some specific provisions of Income Tax Law. AMT can be termed as an extra tax levied by the government. For assessees, who are claiming profit…

  CA Abhishek Soni

  August 13, 2016

  Income Tax Learning

• All you need to know about your Form 16!

  

  With the last date of Income tax return filing (31st July) approaching soon, it’s time to get the hang of Form 16 which you receive every year from your employer. Why Form 16 is issued? Do I have to check the details in it? What is its relation with Income Tax Return? Is Form 16…

  sunil sharma

  June 13, 2016

  Income Tax Learning

• Celebrate Christmas & New Year But…

  

  It’s that time of year when Christmas bell rings and countdown to New Year starts. With the advent of the holidays, Christmas and New Year hardly a week apart, it’s time for togetherness and exchanging gifts with the loved ones. But nothing is free in life; even Santa Claus comes with a Clause. Certain gifts…

  CA Abhishek Soni

  June 3, 2016

  Income Tax Learning