_ap_ufes{"success":true,"siteUrl":"taxmasala.in","urls":{"Home":"http://taxmasala.in","Category":"http://taxmasala.in/category/budget/","Archive":"http://taxmasala.in/2017/08/","Post":"http://taxmasala.in/why-do-lawyers-need-to-be-brought-under-gst-compliance-ambit/","Page":"http://taxmasala.in/","Attachment":"http://taxmasala.in/why-do-lawyers-need-to-be-brought-under-gst-compliance-ambit/hammer-719061_1280/","Nav_menu_item":"http://taxmasala.in/3481/","Layout":"http://taxmasala.in/layout/default-category/","Et_pb_layout":"http://taxmasala.in/et_pb_layout/masonry-blog-category-with-featured-posts/","Tablepress_table":"http://taxmasala.in/?post_type=tablepress_table&p=2327","Safecss":"http://taxmasala.in/?safecss=safecss","Feedback":"http://taxmasala.in/?post_type=feedback&p=3507"}}_ap_ufee

Category: income tax

Section 269ST : Explanation with practical example

Introduction of Section 269ST: Cash forms the base for any business or profession. There is always continuous cash cycle to keep a business moving and enter all daily transaction. Cash transaction many times means chances of tax evasion or generation of black money. There are many sections under Income tax that governs the limits of cash transaction, let me highlight a few sections to elaborate on cash transaction and their respective limits.     Section 40 of Income Tax under Income from Business and profession section: Section 40A(2) and (3) are sections which checks tax evasion by disallowing cash...

Read More

11 common TDS Errors and their solutions

It is time consuming to solve TDS errors while filling TDS return. In this post, we have given most common TDS errors and their solutions. Most common TDS Errors and their solutions: Tax Deducted at Source (TDS) in India is a tax collection method. In simple terms it is rate prescribed which is mandatory to be deducted and paid by the persons responsible for making payments. A person responsible for deducting and paying TDS has to make the below mandatory compliance. TDS payment has to be made for each month: by 7th of following month & File TDS return...

Read More

Income tax notices and what to do next

Income tax notices are issued by income tax department for various non compliance. In this post, you can get insight about reasons for income tax notices and their solutions.   Income tax notices and their solution: In today’s time tax compliance is very important. We all being an individual or company or trust or any other organization are always under eye the of income tax department. In modern computerized times the income tax department has access to wide range of financial information of taxpayers with the help from computer-aided scrutiny system (CASS) which generates cases where there is discrepancy...

Read More

Income tax on Traders : The Easiest guide

Income tax on traders is the guide prepared to cover the issue of income tax on trading in shares, bonds, options. In addition, we cover here speculative and non speculative business losses, carry forward of losses, effect of trading on profit and loss and balance sheet as per income tax law, how to determine turnover limit etc. Income tax on traders Definition of Traders: Trader as per dictionary is defined as a person who buys-sells shares, currency or commodity for himself or on behalf of somebody. Now-a-days they are additionally defined as persons’ who promises to buy or sell...

Read More

Set off and carry forward of Losses: The ultimate Guide

Set off of losses means adjustment of losses against income earned for the financial year and carry forward of losses means any unadjusted losses for one financial year adjusted against income of subsequent financial year. There are in all 5 heads of income under the Income Tax Act viz., 1.Income from salaries 2.Income from house property 3.Income from business or profession 4.Income from capital gains and 5.Income from other sources. The Income Tax Act has prescribed rules to set-off losses against income from different source under one head of income and also to adjust loss from one head against...

Read More

Search Tax Masala

Custom Search

Subscribe to Blog via Email

Join 3,262 other subscribers