Income tax Expert, Author at Taxontips

October 19, 2019 - Updated on October 21, 2019

Many of the people carrying on business and profession mostly claims refund of their TDS deducted or advance tax paid...

How to memorize deemed dividend sections? (Especially for students)

October 18, 2019 - Updated on October 19, 2019

Here's a special post for some students who are preparing for professional exams. I am also from this community and...

How to check if Income Tax refund has been issued or not and if not then why it has not been issued:

October 17, 2019 - Updated on October 18, 2019

Till now many people would have filed their return of income who were liable to file their return of income...

Part B of Form 16 will also be made available by TRACES

October 15, 2019 - Updated on October 17, 2019

Reading the Topic of post many of you must be wondering what is Part B of Form 16 and how...

What is advance tax and who are liable to pay advance tax?

October 14, 2019 - Updated on October 15, 2019

As the name suggest any payment of tax made during the financial year for that financial year itself is known...

Higher Depreciation for new vehicles purchased in Income Tax w.e.f. 23rd August 2019

October 13, 2019 - Updated on March 26, 2020

Vide notification no. 69/2019, Central Board of Direct Taxes (CBDT) has made an amendment to Income tax rules, 1962 and...

Income tax slab rate for F.Y. 2019-20 i.e. A.Y. 2020-21 is as follows:

Investing your capital gain amount in Bonds under section 54EC still a good option to save capital gain tax?

October 11, 2019 - Updated on October 12, 2019

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Section 54EC was introduced from 01.04.2001 as a section to provide deduction from capital gain earned on any long term...

Due date to link Aadhar card with PAN card extended till 31st December 2019 | Procedure to link PAN with Aadhar

October 8, 2019 - Updated on June 17, 2020

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After Aadhar card was launched it was announced that same needs to be linked with PAN card compulsorily, however the...

Faceless scrutiny in Income Tax is now a reality. New E-assessment procedure started

October 7, 2019 - Updated on March 26, 2020

Hon'ble Finance Minister, while presenting the Budget, 2019, made an announcement in her speech that a new scheme of faceless...

Long Term capital gain on listed shares now taxable @10% u/s 112A of the income tax act.

October 5, 2019

Long term capital gain on sale of listed security shall be Applicable on any sale of listed security after 1.4.2018...

Received notice/ Intimation u/s 143(1) – Know what does it mean and how to reply?

October 2, 2019 - Updated on October 10, 2019

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Whenever we receive any notice from Income Tax department we start worrying even if we hadn’t done anything wrong. In...

Penalty u/s 234F for late filing of income tax return along with some disadvantages

October 1, 2019 - Updated on October 2, 2019

In this post we will discuss about the various penalties, interest and disadvantages you can face if you file your...

Interest u/s 234A applicable even if you pay income tax before due date of filing Income tax Return?

September 30, 2019 - Updated on October 10, 2019

As per section 234A of the income tax Act if you have paid tax before the due date of filing...

Tax rate of domestic companies slashed/ reduced to 15% and 22% – What’s the truth? – A Summary

Section 115BAB – 15% Tax on newly incorporated manufacturing Companies