INCOME TAX

INCOME TAX

RESIDENTIAL STATUS UNDER INCOME TAX and FEMA

RJA 09 Apr, 2018

  Tax incidence on an assessee depends on his residential status. For instance, whether an income, accrued to an individual outside India, is taxable in India depends upon the residential status of the individual in India. Similarly, whether an income earned by a foreign national in India (or outside India) ...

INCOME TAX

IMPORTANT ANALYSIS OF ALL MAJOR AMENDMENTS IN INCOME TAX APPLICABLE FOR A.Y. 2018-19

RJA 02 Apr, 2018

Maintenance of Books of Accounts Change in limits for Maintenance of Books of Accounts (Section 44AA): If your net income* from Business or Profession in the financial year 2017-18 is more than Rs 2,50,000 OR if your total sales from Business or Profession in the financial year is more than 25,00,000, then ...

INCOME TAX

NEEDED TO FILE INCOME TAX RETURNS FOR YOUR BITCOIN PROFITS EARN:

RJA 17 Mar, 2018

Profited from Bitcoins or other Crypto currencies and not sure how to file your income tax returns? Did you know gains from bitcoin is treated as capital gains and hence taxed? We are India’s leading tax filing portal to help you to file your returns ...

INCOME TAX

RESIDENTIAL STATUS UNDER INCOME TAX

RJA 14 Mar, 2018

Tax incidence on an assessee depends on his residential status. For instance, whether an income, accrued to an individual outside India, is taxable in India depends upon the residential status of the individual in India. Similarly, whether an income earned by a foreign national in India (or outside India) is ...

INCOME TAX

DEDUCTIONS UNDER SECTION 80CCD OF INCOME TAX ACT

RJA 17 Feb, 2018

Income Tax Act, 1961 provides various tax deductions under Chapter VI-A for contribution to pension plans. Such deductions are available u/s 80C, 80CCC and 80CCD. This guide talks about section 80CCD. This section provides tax deductions for contribution to the pension schemes notified by Central Government, i.e., National Pension ...

INCOME TAX

A QUICK GLANCE ON IMPACTED THE ECONOMY & TAXATION ON BUDGET 2018

RJA 01 Feb, 2018

Arun Jaitey recalls the measures — like GST, FDI, demonetisation, etc. — taken by the NDA government in the past four years that have impacted the economy of the country.  The government estimates 7.2-7.5% GDP growth in second half of the current FY18. Fiscal deficit for 2017-18 at 3.5% and ...

INCOME TAX

FEW WAYS THROUGH - DEPARTMENT IS MONITORING YOUR HIGH-VALUE TRANSACTIONS

RJA 28 Jan, 2018

To check tax evasion, the Income Tax Department has stepped up its vigilance against undeclared income. Now, you have to report PAN on all your high-value transactions. Property registrars and financial institutions with which you deal with like your bank, insurer, Mutual Fund Company and Credit Card Company feed the ...

INCOME TAX

VALUATION OF UNQUOTED SHARES –AN ANALYSIS

RJA 11 Jan, 2018

Finance Act, 2017 inserted two new provisions under the Act- clause (x) under Section 56(2) and section 50CA. The said sections were inserted to deal with a situation where the property, including unquoted shares, are being transacted for inadequate consideration much below the FMV of such property. Insertion of clause (x) in ...

INCOME TAX

ELECTORAL BOND SCHEME 2018

RJA 09 Jan, 2018

Electoral Bond is a financial instrument for making donations to political parties. These are issued by Scheduled Commercial banks upon authorization from the Central Government to intending donors, but only against cheque and digital payments (it cannot be purchased by paying cash). These bonds shall be redeemable in the designated ...

INCOME TAX

HOW TO BITCOIN TAX IN INDIA

RJA 12 Dec, 2017

Tax authorities in India have expressed money laundering concerns with investments and trading of cryptocurrencies like bitcoin. Indian tax authorities fear that trading of cryptocurrencies ‘could become conduits for illicit flows and the movement of black money.’ As awareness and adoption of bitcoin grow in India, ...

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