IncomeTaxManagement: Investment Planning for Tax Savings

· Income Tax Assessment Procedure in details 1. Self-Assessment [Section 140A] before Submitting Return of Income Every person, before submitting a return of income under: (i) …

· Input Tax Credit or ITC under GST Under the GST regime. the Centre will give input tax credit for Central GST/IGST and the States will give input…

· Block of Assets on the basis of Class of Assets and Rates of Depreciation - for Computing Profits and Gains of Business or Professions 1. “Buildings” - Block of Assets with Rate of Depreciation Block 1 Buildings which are used mainly for residential purposes…

· TDS from Salary [Section 192] 1. [Section 192(1)]- Tax to be Deducted at average of Income-Tax: Any person responsible far paving any income chargeable under…

· [Section 195]- TDS on Payment to a Non-Resident 1. TDS on income of Non-Resident: Any person responsible for paying to a non-resident, not being a company, or to…

· Appeals & Revisions under Income Tax Act. 1. First Appeal Filed by the Assessee The first appeal against the order of Assessing Officer shall lie to the…

· Tax Treatment of ‘Allowances’ Income to be included in Gross Salary- for computing Salary Income Allowance is a fixed monetary amount paid by the employer to the employee for meeting some particular expenses, whether personal…

· Deductions from Gross Total Income for computing Taxable Income 1. [Section 80CCC]- Deduction in respect of Contribution to certain Pension Fund Essential Conditions for Claiming Deduction under this Section…

· Chapter VI of Central Goods and Services (CGST) Rules, 2017 Chapter VI of Central Goods and Services (CGST) Rules, 2017 has laid down various rules relating to— (1) CGST…

· [Section 30 to 37]- Expenses Allowed as a Deduction for computing Income under ‘Profit & Gains of Business or Profession’ 1. [Section 30]- Rent, Rates, Taxes, Repairs and Insurance for Buildings – for computing Profit & Gains of Business or…

· [Section 2(24)] - ‘Income’ Under Income Tax Act.– Concept & Definition The word 'Income' covers receipts in the shape of money or money's worth which arise with certain regularity or expected…

· [Section 64]- Clubbing of Income of an Individual with income of Spouse, Minor Child, etc. 1. [Section 64(1)(ii)]- Remuneration of Spouse from a Concern in which the Other Spouse has Substantial Interest: In computing…

· Exemption of Capital Gains under Sections 54, 54B, 54D, 54EC, 54EE, 54F, 54G. 54GA and 54GB 1. [Section 54]- Exemption of Capital Gain on Transfer of House Property used for Residence Capital gain arising on the…

· [Section 269T]- Mode of repayment of certain Loans or Deposits and Specified Advance Received (a) No branch of a banking company or a co-operative bank, and (b) No other company or co-operative…

· [Section 80C]- Deduction in respect of Life Insurance Premium, Deferred Annuity, Contribution to Provident Fund, Subscription to certain… (A) Which assessees are allowed Deduction U/s 80C This deduction is allowed only to the following assessees from their…

· Tax Invoice , Credit and Debit Notes under Section 31, 33, 34 of CGST / SGST Act, 2017 GST Acts give immense importance to invoice and named it as tax invoice because it is one of the most…

· [Rule 31]- Forms and Time limit of Issue of TDS Certificate The person responsible for deducting the TDS is required to issue a certificate in the prescribed forms to the employee/payee…

· In which Cases Income of Previous Year is Assessed in the Same Year As a normal rule, the income earned during any previous year is assessed or charged to tax in the immediately…

· Set Off or Carry Forward and Set Off Of Losses under Income Tax Act Income-tax is a composite tax on the total income of a person earned during a period of one previous year. …

· GST Return under GST Act. A GST Return is a summarised statement furnished by the tax payer to the tax administrators containing details of specified…

Investment Planning for Tax Savings

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Revision by the Principal Commissioner or Commissioner under Income Tax Act.

[Section 285BA]-Obligation to Furnish Statement of Financial Transaction or Reportable Account

Service of Notice under the Income-tax Act [Sections 282 to 284]

[Section 281B]- Provisional attachment of Property to protect revenue in certain cases

Restriction on Cash Transactions [Section 269ST and 271DA]

[Section 269T]- Mode of repayment of certain Loans or Deposits and Specified Advance Received

[Section 269SS]- Mode of taking or accepting certain Loans, Deposits and Specified Sum

Appeals to Appellate Tribunal [Section 253(1) and (2)]

First Appeal Filed by the Assessee

[Section 273A]- Power to Reduce or Waive Penalty