Simplifying Tax for C.A's and Taxpayers

Know the ITR forms for Assessment Year 2017-18

Know the ITR forms for Assessment Year 2017-18

This time, the CBDT has notified the new ITR forms well in advance before the commencement of the tax filing season, providing an opportunity to tax payers to avoid last minute hassles in return filing. The new ITR forms for all categories of taxpayers for assessment year 2017-18 were notified vide Notification No. 21/2017 dated 30 March 2017. Read More

Your “Yes” to Cash means “No” to tax benefits!!!

Your “Yes” to Cash means “No” to tax benefits!!!

Budget 2017-18 definitely means that and surely propagates “Beware of cash!”

By proposing a series of amendments aimed at less cash transactions, it is, invariably gearing towards promoting a less cash economy as well as curbing generation and circulation of black money. In this article, we are presenting those proposed amendments for your knowledge so that you can plan your transactions to continue enjoying tax benefits. The list of amendments is as follows: Read More

Section 194-IB proposed to extend TDS provisions for rent to individuals and HUFs not covered by Section 194-I

Section 194-IB proposed to extend TDS provisions for rent to individuals and HUFs not covered by Section 194-I

Section 194-I of the Indian Income tax Act, deals with the deduction of tax at source from payment of rent. The tax is required to be deducted by specified classes of assesses on payment of rent above specified limit at a prescribed rate. Budget 2017-18 has proposed to insert a new section 194-IB to cover more taxpayers. Read More

When does your Provident fund become inoperative?

When does your Provident fund become inoperative?

Two years ago, Sameer got an exciting opportunity and he switched job. While joining the new company, he was asked to share his previous PF account number so that same could be transferred or else open a new PF account with new employer. Sameer envisaged some funds requirement near the year end, so he decided to use the existing PF and open a new PF account. Few months later, he realized he forgot to withdraw previous PF balance. He later came to know that the account has become inoperative! Read More

Learn About Carbon Credits

Learn About Carbon Credits

Income from transfer of carbon credit shall be taxable at concessional rate of 10% plus applicable surcharge and cess.” (Budget 2017-18)

Though I have read this term “carbon credit” many times, but since it was never a subject of significance to me, I never attempted to understand them. But while reading the proposed tax amendments in Budget 2017-18, proposal to tax income from carbon credits at 10% as mentioned above, ignited in me a curiosity to learn about them. Yes, it is time to unveil them.

I read many articles and felt like sharing my understanding with my readers. Read More