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Income Tax department has issued a notification regarding an amendment for change in Form 15H dated 22.05.2019 under which a clarificatory type note has been added under the notes.  Form 15H is a Declaration ,which can be filed by senior citizen under sub-section (1C) of section 197A of the Income-tax Act, 1961, claiming certain receipts without deduction of tax.Like if a senior citizen is...

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Balwant Jain The season for filing income tax returns (ITR) is gathering pace as the due date of 31st July is approaching for the majority of taxpayers. Before you actually sit down to file your ITR or visit the office of your tax advisors, you need to do some ground preparation so that the information given in the form is full and correct. In this article, we will discuss the matters for which...

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The Institute of Chartered Accountants of India (ICAI) has been playing a notable role towards empowering/capacity building of professionals by updating the member’s knowledge and skill sets on the provisions of existing as well as upcoming laws to enable them to render professional and consultancy services to stake holders in dynamic economic and commercial scenario. The ‘Banning of Unregulated...

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We are pleased to share that the Accounting Standards Board (the Board/ ASB) of Institute of Chartered Accountants of Indian (ICAI) has released e-version of Compendium of Indian Accounting Standards (Ind AS). As you are aware the Ind AS recommended by the ICAI, are prescribed by the Central Government, under Section 133 of the Companies Act, in consultation with and after examination of the...

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A number of issues have been raised regarding the new GST rate structure notified for real estate sector effective from 01-04-2019. A compilation of Frequently Asked Questions (FAQs) is presented below. The answers to the FAQs have been given in simple language for guidance and easy understanding of all stakeholders in the real estate sector. They do not have force of law. In case of conflict,...

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Balwant Jain Mutual Funds are like a department store where many products are on display and every one can get product suitable to his needs, risk appetite, investment horizon. From product for parking your overnight funds to investing for decades, mutual funds can cater to needs to all investors. As the products offered by mutual fund houses differ, so does the tax treatment of various mutual...

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The Central Board of Direct Taxes (CBDT) has made it mandatory for all deductors to issue the TDS certificate in Part B of Form no. 16 (TDS on salary) by downloading it through TRACES Portal. This will be applicable in respect of all sums deducted on or after April 1, 2018 under the provision of Section 192. Form 16 is a certificate issued by employer to employees showing details of salary,...

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There is a lot of confusion among the Taxpayers and tax professionals regarding taxability of the Maturity amount received from Life insurance company specially on such amount on which life insurance company has deducted tax at source @1 % from the amount paid under section 194DA and amount received by the assessee has been shown in Form 26AS of the person. I have read above question in...

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  1.      TDS RATE CHART FY 2019-20 Ay 2019-20   Read more »

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1 Purpose  The Income Tax Department has provided free return preparation software in downloads page which are fully compliant with data quality requirements. However, there are commercially available software or websites that offer return preparation facilities as well. In order to improve the data quality received through in ITRs prepared through such commercially available software,...

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