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Slump Sale

IntroductionAs per section 2(42C) of Income -tax Act 1961, 'slump sale' means the transfer of one or more undertakings as a result of the sale for a lump sum consideration without values being assigned to the individual assets and liabilities in such salesComputation of Capital G[...]

When should Salaried Employee file Income Tax Returns

So, you are a salaried employee and TDS on your income has already been deducted from your salary and you are feeling that if TDS has been deducted your responsibility towards Income Tax Department has been completed, but this is not completely true.  Let us clarify... Fili[...]

All You Need to Know about 15CA and 15CB Certificate

It is known to everyone that a banker will ask for Form 15CA certificate and 15CB certificate, while making foreign payments. 15CA certificate is required to be furnished by a person who is willing to make payment to non-resident, any sum chargeable to tax under the provisions of[...]

Notices under sec 139(9) and 154

Have you ever thought about sections 139(9) and 154? Ever wondered what is it about? To help you out, in this article, we have discussed elaborately about these sections. So, without further ado, let us get started. Section 139(9): Defective Income Tax ReturnIn this case, Assessi[...]

Four Rules for NRIs to Follow

So, you are an NRI residing outside India and earning Income from outside India, but you have your resources in India. However, because you are staying outside the country, you are not aware of the rules that are applicable to you. To help you with all the hassle, here [...]

Major Amendments made by Income Tax–Finance Act, 2017

There have been major amendments in Income Tax–Finance Act, 2017. To help you understand properly, we have broken it down in this article. RESTRICTION ON CASH TRANSACTIONS SEC 40 A (3)               &nbs[...]

What are the Different Types of Returns?

We are all aware off our income tax returns, but that is not the only returns that we should be concerned with. To give you a picture, here are the different types of returns:Late FilingReturn filing is mandatory under GST. Even if there is no transaction, you must file a Nil ret[...]

All About Income Tax Notice under Sec 142 and 143

A lot of questions are due regarding Section 142 and Section 143 of Income Tax Act 1961. Yet, they remain some of the most under-discussed topics. So, in this article, we will discuss Section 142 and Section 143 of Income Tax Act 1961.Section 142(1): Preliminary Enquiry before an[...]

TDS Rate Chart for FY 2017-2018

A lot of people have a lot of questions regarding TDS. To help you all understand here is the table of TDS rate chart for the financial year 2017-2018:And, it continues...Finally, here it ends. Well, that was long but not too tough. We hope you found this article to be usefu[...]

Refund under GST as per Section 54

What can be claimed as Refund:ANY balance amount in electronic ledger so claimed in returns,ANY unutilized input tax credit (weather supply has been made as Zero-rated or Taxable supply but can’t be  claimed if supply is NIL Rated or EXEMPTED)Tax paid by any specified agen[...]


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