Daily Archives: December 1, 2017

Limited scrutiny under income Tax : CBDT instructions to Assessing Officer

By | December 1, 2017

F.No. DGIT(Vig.)/HQ/Sl/2017-18 Government of India Ministry of finance Department of Revenue Central Board of Direct Taxes New  Delhi-11 0001 Dated:    30th November, 2017 Subject: Unauthorized expansion of the scope of limited scrutiny- instructions- reg. CBDT has issued detailed guidelines/ directions for completion of cases of limited scrutiny selected through CASS module. These guidelines postulate that an… Read More »

Section  6 Income Tax Act 1961 : Residence in India.

By | December 1, 2017

Section  6 Income Tax Act, 1961 Amended by Finance Act 2017 ( Section  6 Income Tax Act 1961 explains Residence in India.) Residence in India. 6. 13 For the purposes of this Act,— (1) An individual is said to be resident in India in any previous year, if he— (a) is in India in that year for a period… Read More »

Form 49B Income Tax : Download : Application for allotment of TAN

By | December 1, 2017

Form 49B Form of application for allotment of Tax Deduction and Collection Account Number under section 203A of the Income-tax Act, 1961 Download Form 49B Related Post Income Tax Books Income Tax Press Release Income Tax Notifications Income Tax Circulars Income Tax Instructions Income Tax Office Memorandum Income Tax Judgments Income Tax FAQ Income Tax Video… Read More »

Section 234E of Income Tax Act : Fee for default in furnishing statements.

By | December 1, 2017

Section 234E of Income Tax Act [ Section 234E of Income Tax Act explains Fee for default in furnishing statements. ] 9[G.—Levy of fee in certain cases ] Fee for default in furnishing statements. 234E. (1) Without prejudice to the provisions of the Act, where a person fails to deliver or cause to be delivered a statement… Read More »

Section 195 Income Tax Act 1961: Other sums.

By | December 1, 2017

Section 195 Income-tax Act 1961 ( AS AMENDED BY FINANCE ACT, 2017 ) ( Section 195 Income-tax Act 1961 explains Other sums.) Other sums. 23 195. 25[(1) 26Any person responsible for paying to a non-resident, not being a company, or to a foreign company, any interest 27[(not being interest referred to in section 194LB or section 194LC)] 28[or section 194LD] 29[***] or any other sum chargeable… Read More »

Income from Animal husbandry is Agriculture Income ?

By | December 1, 2017

Income from Animal husbandry  is Agriculture Income ? Under the Income-tax Law is income from animal husbandry conside​​red as an agricultural income? Answer , ​No. For meaning of Agricultural Income refer section 2(IA)​ of the Income-tax Act. Related Post Income Tax Books Income Tax Press Release Income Tax Notifications Income Tax Circulars Income Tax Instructions Income Tax… Read More »

Income Tax on Agriculture Income

By | December 1, 2017

Income Tax on Agriculture Income I am an agriculturist. Is my income taxable under Income Tax?​​​ Agricultural income is not taxable. However, if you have non-agricultural income too, then while calculating tax on non-agricultural income, your agricultural income will be taken into account for rate purpose. For meaning of Agricultural Income refer section 2(IA)​ of the… Read More »

Why Income Tax Paid / TDS deducted not appearing in 26AS (Tax Credit ) Statement

By | December 1, 2017

What are the reasons for  tax Paid / tax Deducted  not reflecting in 26AS Statement ? ​ The possible reasons for no credit being displayed in your Form 26AS can be: Deductor/collector has not filed his TDS/TCS statement; You have not provided PAN to the deductor/collector; You have provided incorrect PAN to the deductor/collector; The deductor/collector has… Read More »

How to check Payment of Income Tax paid to the Govt

By | December 1, 2017

How can I know that the Government has received the amount deposited by me as Income taxe in the bank? The NSDL website [http://www.tin-ns​dl.com] provides online services called as Challan Status Enquiry. You can also check your tax credit by viewing your Form 26AS from your e-filing account at www.incometaxindiaefiling.gov.in Form 26AS will also disclose the credit of TDS/TCS… Read More »