Category Archives: Taxes on Salary

Significant Changes in Tax Returns in FY 2017-18

The Modi government is now linking all taxpayers under Income Tax and GST. Details filed in GST returns are also to be reflected in Income Tax Returns. Whatever GST details are given in ITR forms will be cross checked by the Income Tax Department. Hence, taxpayers... read more

Presumptive Taxation Scheme of Section 44ADA

Section 44ADA is the newly inserted section and it will take effect from 1st April, 2017. It will apply in relation to the assessment year 2017- 2018 and subsequent years. For whom is the presumptive taxation scheme of section 44ADA designed? It is designed to give... read more

Changes in Direct Taxes made by Budget FY 2016 – 2017

1. Relief to small tax payers (a) Rebate under Sec 87A: With the objective of providing relief to resident individuals in the lower income slab i.e. total income not exceeding Rs. 5,00,000, section 87A is proposed to be amended so as to increase the maximum amount of... read more

Penalties under Income Tax Act

  Section Nature of Default Basis of Charge Quantum of penalty 221(1) Failure to pay tax; i.e., non-payment of tax required by notice u/s. 156. — Amount of tax in arrears 271(1)(b) Non-compliance with notice u/s. 142(1) to file returns or to produce documents... read more

PAN Basics

What is PAN and its utility? Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department, to any “person” who applies for it or to whom the department allots the number without an... read more

All about TDS for the layman

TDS is one of the modes of collection of taxes, by which a certain percentage of taxable amount is deducted by a person at the time of making/crediting certain specific nature of payment to the other person. This deducted amount is then remitted to the Government... read more
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