INCOME TAX: AUDIT REQUIREMENTS, INTEREST RATES, PENALTY, APPEL FEES, DEDUCTIONS, CAPITAL GAIN RATES AND EXEMPTION ETC
INDEX
- COMPULSORY E-FILING OF RETURNS
- TAX AUDIT REQUIREMENTS
- INCOME TAX INTEREST RATES
- PENALTY & APPEAL FEES
- INCOME TAX DEDUCTIONS
- TRANSFER PRICING REGULATIONS
- CAPITAL GAIN RATES AND EXEMPTION
- PROVISIONS RELATING TO GIFT
COMPULSORY E-FILING OF RETURNS
TAX AUDIT REQUIREMENTS
INCOME TAX INTEREST RATES
PENALTY & APPEAL FEES
INCOME TAX DEDUCTIONS
TRANSFER PRICING REGULATIONS
Tax Audit Required in Business If
- Turnover INR. 1 Crore or more OR
- Net Profit is less than 8% of turnover OR
- More than 10 vehicles
Tax Audit Required in Profession If
- Gross Receipt INR. 25 lacs or more
CONTINUE READING......
You may pay Interest If
- Delay in Income Tax Return Submission U/S.234A
- Income Tax Return Non-submission U/S.234A
- Failure to pay Advance Tax U/S.234B
- Deferring Advance tax U/S.234C
- Failure to Deduct TDS U/S.201(1A)
- Failure to Deposit TDS In time U/S.201(1A)
CONTINUE READING......
PENALTY & APPEAL FEES
INCOME TAX DEDUCTIONS
Deductions U/s.80
- U/s.80CP: LIC/NSC/PPF/ULIP/ ELSS MF/ Bank FDR (5 yrs)/ Home Loan Repayment/EPF/ School Fees/Sukanya Samriddhi Scheme,
- U/s.80CCC: Pension Fund,
- U/s.80CCD: Contribution to Pension Scheme
- U/s.80D: Mediclaim, Preventive Health Check-up
- U/s.80E: Interest on Loan for Higher Education
- U/s.80EE: Deduction of Interest of Housing Loan
- U/s.80G: Donation
- U/s.80GGB/80GGC: Political Parties Contribution
- U/s.80TTA: Interest on Deposits in Savings Account
Conditions to be satisfied by the Assessee for Sec 80EE
Carry forward and Set off of Losses
CONTINUE READING......
- Transfer Pricing Provisions are intended to introduce a uniform and internationally accepted mechanism of determining reasonable, fair and equitable profits and tax in India in the case of such multinational enterprises.
- Regulations relating to Transfer Pricing are applicable to the all enterprises that enter into an 'International Transaction' with an 'Associated Enterprise'.
- As per Transfer Pricing Regulations, any income arising from International Transaction between Associated Enterprises has to be computed having regard to Arm's Length Price.
Note:
The threshold limit for specified domestic transactions of Rs.5 crore u/s 92BA has been extended to Rs.20 crore from the A.Y. 2016-17.
CAPITAL GAIN RATES AND EXEMPTION
Short-Term Long-term Capital Gain Tax Rates
- Individuals (Resident & Non Resident)
- Firms, Domestic Companies
- Foreign Companies
- Local Authority
- Co-Operative Society
Capital Gain Rates and Exemption
PROVISIONS RELATING TO GIFT
Where any sum of money is received without consideration, by an individual or a Hindu undivided family, the aggregate value of which exceeds fifty thousand rupees in previous year from any person or persons, the whole of the aggregate value of such sum is taxable.
* Excluding gifts received under any of the above 7 circumstances.
** Excluding companies in which public is substantially interested.
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