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Posted On:  1 year ago


Resident Status Classification for individual, HUF, Company as per Income Tax and FEMA – FAQ.

The article briefly provides the different class of resident status as per income tax act, how to determine resident status of individual, HUF and Compnay. Taxability of income in hands of non resident and Resident, various provisions of income tax act in relation to above and exemptions applicable

article author CA Chirag Chauhan

Posted On:  1 year ago


How to do Computation of Tax as per Income Tax for salaried House property, Business and Profession and Capital Gains

Individual has played his role of earning income for his living, survival, and to meet need of family. He must know how much part must be sacrificed as tax by his side on ongoing basis so that he can plan accordingly. To find out this answer he must compute his total income. This article provides the various FAQs related to Computation of Tax for individuals and corporate bodies.

article author CA Chirag Chauhan

Posted On:  1 year ago


Clubbing of Income Provision applicable for Spouse, Minor Child, Family Members and HUF - FAQ

This article deals with the various provision of income tax related to clubbing of income. What is clubbing of income? Under what cases clubbing of income is possible. Transfer of Income and asset with Family members, Spouse, Minor Child and others. Provision of Gifts and Tax applicability and Exemption

article author CA Chirag Chauhan

Posted On:  1 year ago


Capital Gains Meaning, Calculation of Long Term Short Term Capital Gains, Gift and Exemption from Capital Gains

Know basics of Capital gains as per income tax act, 1961, This article addressees what is capital asset and capital gain as per income tax act, 1961.

article author CA Chirag Chauhan

Posted On:  1 year ago


Basic of Tax Deduction and Collection Account Number – TAN -FAQ

Assessing deducting Tax at Source sometime has many question in his mind in relation to TAN Number and application of same. The article provide FAQ with respect to Tax Deduction and Collection Account Number

article author CA Chirag Chauhan

Posted On:  1 year ago


Basic of Tax Audit, due dates and penal provision as per Income Tax Act– FAQ

The article provide brief on what is Tax Audit as per Income Tax Act, applicability for Individuals, forms of Audit and due date of Tax Audit and Penal Provision for noncompliance of audit provision.

article author CA Chirag Chauhan

Posted On:  1 year ago


Basic of Permanent Account Number PAN as per Income Tax - FAQ

A layman at the time of opening his bank account must be asked by the bank officials to provide his PAN no and copy of his PAN. The person may feel that he is hearing this word (PAN) for the first time and gets confused. By having a view on this article he may get his confusion run away from him. This article provides an overview on provisions related to PAN. What is PAN what are the various benefits obtained from PAN. Unique features hidden in PAN no who is liable to apply for PAN

article author CA Chirag Chauhan

Posted On:  1 year ago


Assessments under Income Tax -Summary assessment 143(1), Scrutiny assessment 143(3), Best judgment assessment 144, Income escaping assessment 147

Assessment means detailed checking of the return filed it is done by the income tax department. This article provides on overview on assessment carried out by the income tax department, Summary assessment, Scrutiny assessment, Best judgment assessment, Best judgment assessment procedure and time limit and other provision related to assessment.

article author CA Chirag Chauhan

Posted On:  1 year ago


Key Highlights from Economic Survey 2016-17

Economic Survey 2015-16 sees the economy growing between 7 to 7.75%. It also says that there is a case for reviewing the fiscal framework. The Survey is a 300-400 page document, prepared by the Chief Economic Advisor, currently Arvind Subramanian

article author CA Chirag Chauhan

Posted On:  1 year ago


Top 100 Highlights of Railway Budget 2016 By Suresh Prabhu

Mr Suresh Prabhu presented his second rail budget and he has tried to cover all the aspects and provided a balance budget which looks to utilize technology and upgrading the rail infrastructure.

article author CA Chirag Chauhan

Posted On:  1 year ago


Tax on Presumptive Taxation Scheme 44AD and 44AE Eligibility Applicability and Advantages - FAQ

This article gives a brief detail on presumptive taxation scheme that what is presumptive taxation scheme to whom it is applicable how to compute presumptive income. Is the person liable to maintain books under the act if yes then which books to be maintain.

article author CA Chirag Chauhan

Posted On:  1 year ago


Tax Deducted at Source (TDS) Applicable Rates for Non Resident and Resident and Exemption - FAQ

This article is dealing with TDS what is the rate of TDS on various transactions which transactions comes under TDS category for tax deduction

article author CA Chirag Chauhan

Posted On:  1 year ago


FAQs on Filing Income Tax Return – ITR Forms applicability and Process of Filing

This article is about the various queries that arise in the mind of a taxpayer at the time filing the return of income tax i.e. which form is applicable to him or while ITR form to file, where to file the income tax return, Whom to use which ITR return.

article author CA Chirag Chauhan

Posted On:  1 year ago


Basic Knowledge of Income Tax for beginners - FAQ

In this article we will discuss about the general FAQs related to income tax i.e. what is income tax on whom it is levied, how to pay the income tax, if it is applicable on you or not, whether each income generated is liable for tax or not.

article author CA Chirag Chauhan

Posted On:  1 year ago


Income from house property – Rental Income Taxability, Composite Rent, Let out property and Interest benefit on Loan. - FAQ

The article provides an overview about the various provisions of income tax act applicable to persons having income from house property. The benefit of home loan interest which is deductible from the house property income the benefit of the self occupied. Below are some FAQs on Income from house property.

article author CA Chirag Chauhan

Posted On:  1 year ago


Save Tax by Additional deduction under National Penstion Scheme

How Can an Individual Assessee claim Additional deduction under NPS scheme for saving tax

article author CA MANISH BINDAL

Posted On:  1 year ago


GLANCE AT BURNIG LEGAL ISSUES TO SET OFF IN THIS BUDGET!

With the budget round the corner, the consultants are busy making representations whether it be related to rectification of apparent mistakes in the notifications or whether it be related to amendments desired in particular sectors. There is a huge wish-list of assessees operating in respective sectors but whether the pleas of the assessees will be heard by the Modi-led government or not is the talk of the town. We make an attempt to highlight certain legal issues that have catched fire of litigation and that need to be set off as early as possible.

article author CA PRADEEP JAIN

Posted On:  1 year ago


The Union Budget: How it is made?

The finance ministry’s do annual exercise of printing of Budget documents during the last week of February with the ritual of celebrating ‘Annual halwa ceremony’ at the press located in the basement of the North Block. After this ceremony, officials and staff directly associated with the Budget making and printing are required to stay in the

article author One Roof Consultant

Posted On:  1 year ago


NACH (National Automated Clearing House) a new method to invest in SIPs:

This article will you detail regarding the new method to invest in SIP. SIP is a method of investing a fixed sum, regularly, in a mutual fund scheme. SIP allows one to buy units on a given date each month, so that one can implement a saving plan for themselves. An SIP is generally preferred for an equity scheme and can be started with as small as Rs 500 per month. From March, ECS (electronic clearing service) mandates used for doing Systematic Investment Plan (SIP) will be replaced by National Automated Clearing House (NACH) a new system of clearing. National Payments Corporation of India (NPCI) has implemented NACH. All new mutual fund SIPs will have to be registered using NACH.

article author One Roof Consultant

Posted On:  1 year ago


New Process to Sign ITR V with Digital Signature Certificate at Income Tax Site

This article will help you to solve out with the new issues faced at the time of signing with digital signature certificate on income tax site. Taxpayers have recently faced problems in using the Digital Signature Certificate for Signing through browser at the time of uploading their

article author One Roof Consultant