India 2018 Budget Impact on Tax

Tax

Finance Minister Mr. Arun Jaitley tabled the financial plan in Parliament. The senior citizen’s expense will descend by nearly Rs 15,450 because of the tax exemption for up to Rs 50,000 interest earned from bank deposits and Post Office schemes. Budget Impact on Tax In any case, senior citizen taxpayers are separated from everyone else in this celebration. Most other citizens, particularly high-income workers and investors in stocks and mutual funds, have been woefully disappointed by the tax proposition in the Budget. The Budget 2018 has increased the cess on…

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Section 195 of Indian Income Tax Act

Section 195 is related to the deduction of TDS on any payment made to non-resident. As per this section, if any person is responsible for any payment to any non-resident (not being a company) or to a foreign company by way of interest or any other sum chargeable under the provisions of income tax excluding salary, he is liable to deduct TDS at the rates in force. Section 195 of Indian Income Tax Act However, in case of interest payable by the government or public sector bank or a public…

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Section 139 B, 139C & 139D of Income Tax Act

For the purpose of enabling any specified class or classes of persons in preparing & furnishing returns of income, the Board may, without prejudice to the provisions of section 139, frame a scheme, by notification in the Official Gazette, providing that such persons may provide their returns of income through a Tax Return Preparer approved to act as such under the Scheme. Section 139B-Submission of Returns through Tax Return Preparers Every Tax Return Preparer shall assist the persons furnishing the return of income in such a manner as may be…

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Section 147-Income Escaping Assessmeent

As per section 147 of the income tax act; where the AO has reason to conclude that any income liable to tax has escaped the assessment for any AY; he may, subject to the provisions of section 148 to 153, assess or reassess such income. He may also evaluate any other income chargeable to tax; which has escaped the assessment and came to his notice consequently in the course of the proceedings. He may recompute the loss or the depreciation allowance or any other allowance for the AY concerned. Section…

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Section 149 – Time Limit for Notice Act

Section 149 of the income tax act cover provisions regarding the time limit for issue of notice. Here, we will cover section 149 as well as its sub-sections. Section 149(1) of the Indian Income Tax Act Under section 149(1), no notice u/s 148 shall be issued for the relevant AY if; Four years have lapsed since the end of the relevant AY unless the case falls under clause (b) or (c); 4 years, but not more than 6 years, have elapsed from the end of the relevant AY; unless the…

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