New Business Codes for ITR Forms AY 2019-20 – Download PDF

Business Codes for A.Y. 2019-20 Central Board of Direct Taxes (CBDT) has published new business codes for filing income tax return for A.Y. 2019-20. We are giving here the complete PDF file. You can download the PDF file to check revised business codes to file income tax return for A.Y. 2019-20. Download New Business Codes … Read more

Preparing to File Your Income Tax Return for A.Y. 2019-20

The season for filing income tax returns (ITR) is gathering pace as the due date of 31st July is approaching for the majority of taxpayers. Before you actually sit down to file your ITR or visit the office of your tax advisors, you need to do some ground preparation so that the information given in … Read more

Section 194E – TDS from Payment to Non-resident Sportsman

Section 194E – TDS from Payment to Non-resident Sportsman or Entertainer or Sports Association: If you are responsible to pay any amount in the way of income to any non-resident sportsman (including an athlete) who is not a citizen of India, you are required to deduct tax at source @ 20% plus surcharge as applicable … Read more

How to Avoid TDS on FD Interest by Form 15G & 15H

First of all you need to understand that tax has to be deducted at source by banks on your FD interest. The bank will deduct TDS on interest payment or credited on your fixed deposits. Now, the question is that is there any possibility to avoid TDS on your fixed deposits? The answer is yes, … Read more

Section 194C – TDS on Contract Payments [A.Y. 2019-20] Up to Date

There is a duty of payer to deduct TDS u/s 194C on making of payment/credited to contractor. Contractor includes a sub-contractor. In this article we will discuss about the TDS deduction and related procedure on payment to contractors & sub contractors. The article is up to date with latest amendment as per finance act 2019. Quick … Read more

Section 194A – TDS Interest other than Interest on Securities F.Y.2019-20

Here we will discuss about the complete detail about TDS deduction on interest other than interest on securities u/s 194A. You can find here TDS rates, exemption limit, responsible persons, time of deduction, TDS returns, time limit for deposit TDS and more. Quick Summary Person Responsible to Deduct Tax All Assessee except those individual and HUF … Read more

Advance Tax Due Dates F.Y.2019-20 A.Y.2020-21

Advance Tax is pre paid tax by the assessee on the income earned during the year. In simple words, you can say that assessee have to paid taxes in advance on the estimate income during the year in installment for individual assessee, companies and corporate assessees. For example, for financial year 2019-20 (relevant to assessment … Read more

Who is Liable to Pay Advance Tax?

Tax payers are required to pay advance tax on their income which they expect to earn during the current year. For example, for financial year 2019-20/assessment year 2020-21 advance tax is payable in instalments during 2018-19 itself. The advance tax so paid is adjusted against the total tax assessed for that assessment year i.e. A.Y.2019-20. … Read more

How to Deposit Advance Tax Online or Offline?

The procedure to deposit advance tax is similar to income tax. Advance tax is itself a income tax. We call it advance tax as we deposit it advance before due date of income tax. So the procedure is the same as income tax. After calculation of advance tax, you can deposit advance tax offline or online.  … Read more

TDS Rates Chart

TDS Rates Chart for (A.Y.2022-23 F.Y.2021-22) – Check Here Here is the TDS Rates Chart for F.Y.2019-20/A.Y.2020-21 (From 1-4-2019 to 31-3-2020). You can check here compact TDS rates chart & detail TDS rates chart. The compact TDS rates chart to check TDS rates fast without any delay. You can also save the image of TDS … Read more

Waiver & Interest on Excess Payment of Advance Tax

As we are liable to pay interest u/s 234A, 234B and 234C for late payment or non payment of advance tax. In the similar manner the Government is also liable to pay interest if we pay advance tax more than due. But there is huge difference of interest rate in the case of Government liability. … Read more

Interest on Short or Non Payment of Advance Tax A.Y. 2019-20

Interest for Short Payment or Non-Payment of Advance Tax u/s 234B Advance Tax calculated on estimate income should be nearest. But if there is short payment more than 10% or non payment or late payment of advance tax, interest shall be payable on the amount of shortfall. The following chart will help you to calculate … Read more

Complete Guide to File Income Tax Return for A.Y. 2019-20

How to Pay Income Tax Online? ePayment of Income Tax | Easy Steps! How to File Income Tax Return Online for A.Y. 2019-20? How to File Income Tax Return Without Form 16? Due Dates to File Income Tax Return for A.Y.2019-20 Never Forget to Consider Interest Income in Income Tax Return How to Reset Password … Read more

How to File Income Tax Return Online for A.Y. 2019-20?

Assessee who are required to file income tax return online must e-file their return. Otherwise it is your choice to file income tax return online or offline. In previous article we have given detail guidelines about how to file income tax return online, offline or TRP schemes. You can file income tax return online for … Read more

How to File Income Tax Return Without Form 16?

Form 16 is a certificate issued by employer for the TDS deducted by employer on the salary of the employee. The employer has to issue the Form 16 once in a year on before 31st May of the next year immediately following the financial year in which the TDS is deducted. Form 16 is a … Read more

6 Most Common Questions on Tax Audit – All Clarified

Q.1) What is tax audit? The dictionary meaning of the term “audit” is check, review, inspection, etc. There are various types of audits prescribed under different laws like company law requires a company audit, cost accounting law requires a cost audit, etc. The Income-tax Law requires the taxpayer to get the audit of the accounts … Read more

Income Tax Filing Due Dates FY 2020-21, AY 2021-22

Here is the updated due dates of income tax and income tax return filing for the financial year 2020-21 and assessment year 2021-22. As you all know because of Covid-19 restrictions, there are lots of changes in due dates of income tax filing. So, here you can find updated due dates of all income tax … Read more