Income tax Expert, Author at Taxontips

March 12, 2020

Planning of capital gain income is a huge part of many cases and people usually earn a huge amount in...

Deduction u/s 80DD and who can avail it.

March 11, 2020

There are situation where our known person suffers from a disease and we are looking after them and generally we...

Manner of making permanent account number inoperative.

Not Linking PAN and Aadhar can make you pay Rs. 10,000 fine? – Fake news

March 9, 2020

A few days ago CBDT had issued a notification stating the modus operandi to make the PAN inoperative if its...

Penalty for fake invoices/ entry: Section 271AAD

March 8, 2020

While presenting Budget 2020, nothing was announced regarding any such penalty. However as we know about the fake invoices being...

VIVAD SE VISHWAS SCHEME ANNOUNCED IN BUDGET 2020

Vivad se Vishwas bill passed in Lok sabha || FAQ on Vivad se vishwas

March 5, 2020 - Updated on March 9, 2020

Vivad se Vishwas Bill was passed in Lok sabha on 04.03.2020. Also CBDT has issued various FAQ on the same...

Income Tax on proceeds from Life Insurance policy under new tax rate

March 3, 2020

Investment in Life Insurance Policy is major investment by all individuals and each person has atleast one LIC policy in...

Exemption u/s 54 available only once in lifetime? Rs. 2 crore limit

March 2, 2020 - Updated on August 11, 2020

In India investment in property is a very common thing and many people earn huge amount of money from buying...

Major amendment for salaried employee – Budget 2020

February 29, 2020 - Updated on April 11, 2020

Our Finance Minister had announced the Budget for Financial year 2020-21 on 01.02.2020 and major amendments were announced. However in...

Decoding Audit provision u/s 44AB amended by Budget 2020 | New tax audit limit.

February 28, 2020 - Updated on June 17, 2020

In 2016 it was the first time when confusion was created between presumptive taxation u/s 44AD and Audit u/s 44AB...

Tax in India on income earned from RSU vested in foreign countries and exemption from such income

February 28, 2020 - Updated on July 27, 2020

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A restricted stock unit (RSU) is a form of compensation issued by an employer to an employee in the form...

Official proposed amendments to Vivad se Vishwas Bill, 2020

February 25, 2020 - Updated on February 26, 2020

The below mentioned amendments have been discussed in a recent video conferencing between the officials regarding various concerns raised by...

Notice u/s 143(1)(a) for A.Y. 2019-20 for various reason such as Capital gain, Late fee etc:

Individuals, company and trust are receiving notice u/s 143(1)(a) – This is the reason

February 24, 2020 - Updated on February 25, 2020

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143(1)(a) is a notice which is issued by CPC, Bangalore the return processing department of CBDT. This notice is issued...

Amendments in TDS and TCS provision by Budget 2020

TDS on income from mutual funds – Section 194K

February 22, 2020 - Updated on April 29, 2020

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In the budget the Finance Minister Nirmala Sitharaman had announced that DDT would be removed as it is creating many...

Guidelines for manual selection of returns for Complete Scrutiny during the financial-year 2019-20-

Condonation of delay u/s 119(2)(b) for Form 9A and 10 in trust cases for A.Y. 2016-17, 17-18, 18-19

February 21, 2020 - Updated on March 12, 2020