Posted On:  4 months ago


Filed IT Return, got Income Tax Intimation or Notice? Know what to do next

The Deadline for filing Income Tax Return which was 5th August. Central Processing Center (CPC) of Income Tax have started processing return and sending various intimation and notices. The processing of Income Tax returns have expedited compared to previous years and most of returns are processed within month time. The communication or intimation are usually send by Email with hard copy at address mention in ITR. Do check all communication you received on the register email id and check under which section you have received intimation or notice and respond

article author CA Chirag Chauhan

Posted On:  8 months ago


Deposit or withdrawal of cash more than 2 Lakhs from bank will attract equal amount of penalty from 1 April 2017

A clampdown on black money was one of the major electoral promises of the National Democratic Alliance (NDA) and the government has taken a number of steps. One of the biggest step other than demonetization is restriction on cash transaction. As part of Union Budget 2017, Union finance minister Arun Jaitley has set the legal limit for cash transactions, Rs 2 lacs. From 1st April onward any transaction above Rs. 2,00,000/- shall be strictly done only through banking channels or will attract penalty of equal amount

article author CA Chirag Chauhan

Posted On:  10 months ago


Having second property and claiming unlimited interest setoff? You cannot claim after Budget 2017

The Budget 2017 had made a lot of changes in the income tax provision whether it is the changes made in the slab rates, TDS provisions, changes in penalty and rate of surcharge etc. One of the changes I am going to discuss in this article will changes made in the house property provisions.

article author CA Chirag Chauhan

Posted On:  10 months ago


How forming a Company instead of LLP or Partnership can save tax for you after Budget 2017 ?

Budget 2017 has given companies an advantage over partnership and Limited Liability Partnership in terms of Income Tax. The maximum marginal tax rates including surcharge will be following

article author CA Chirag Chauhan

Posted On:  10 months ago


New cost Inflation Index Base Year 2001-2002 as per Budget 2017

Where a capital asset became the property of the assessee before 1-4-1981, the assessee is having an option to substitute the FMV of the Capital asset as on 1-4-1981 as its cost of acquisition. In budget 2017 it is now has been changed that in respect of such capital asset acquired prior to 1-4-2001, the assessee has now an option to use the fair market value as on 1-4-2001  as its

article author CA Chirag Chauhan

Posted On:  10 months ago


How much you will save as per new Income Tax Slab rates for 2017-18

“I, propose to reduce the existing rate of taxation for individual assesses between income of Rs 2.5 lakhs to Rs 5 lakhs to 5 percent from the present rate of 10 percent.  This would reduce the tax liability of all persons below Rs 5 lakh income either to zero (with rebate) or 50 percent of their existing liability."

article author CA Chirag Chauhan

Posted On:  10 months ago


100 Key Highlights of Union Budget 2017 presented by FM Arun Jaitely FY 2017-18

100 Key Highlights of Union Budget 2017 presented by FM Arun Jaitely FY 2017-18

article author CA Chirag Chauhan

Posted On:  11 months ago


Got Cashback from wallet or credit card transaction? You may be liable to pay Tax

The Demonetization has lead us to the cashless society where we are bound to use credit cards and wallets more often. Every bank, financial institution and wallet companies do provide cash back on various transactions to incentivize customers and attract more customers. Online shopping websites like Flipkart, Snap deal, Amazon, etc and some stores like Big Bazar, Dmart, etc are offering cashback on use of certain credit cards or mobile wallets to pay for the goods. Travel websites like Goibibo, Make my trip, expedia, etc are offering cashbacks on booking tickets, hotels or holidays by using credit cards or mobile wallets. Online taxi aggregators Ola and Uber are offering cashbacks on taxi rides. Online food delivery order booking websites Zomato, are offering cashbacks on orders. You can get cashbacks even on payment of your utility bills by using certain credit cards or mobile wallets link Paytm, Freecharge, etc . The amount of cash back if we calculate from all the sources can be more than few thousands in a year. So, are such cashbacks taxable?

article author CA Chirag Chauhan

Posted On:  1 year ago


Investment option for differently abled giving returns of 9% till life

We have just started the petition " Investment option for differently abled community giving returns of 9% till life" We require your support by signing the petition and helping millions. We will forward to PM and FM to implement incoming Budget 2017 You can read more and Sign Petation at https://www.change.org/p/pm-investment-option-for-differently-abled-community-giving-returns-of-9-till-life?

article author CA Chirag Chauhan