Liability Of Legal Representative Under Income Tax Act

Liability Of Legal Representative Under Income Tax Act

As we are aware that under normal circumstances, tax is levied upon the person, who has earned income. The income tax considers him/her as assessee and income tax will be levied on all income he has earned in previous year. There are three types of assessees such as Resident and Ordinary Resident, Resident but not ordinary resident and non-resident. The income tax will be

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Derivative/ F&O Trader and Taxation

Derivative/ F&O Trader and Taxation

F&O trading is reported as a business Trading in futures & options must be reported as a business unless you have only a few trades (say if only 2-3 trades) in the financial year. Remember this also applies to individuals. You may have filed ITR-1 or ITR-2 before but you must check ITR form applicability every year based on each income earned in that

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Form 26AS: Hotel Bills, Medical Insurance Premium Over Rs. 20000 Etc

Form 26AS: Hotel Bills, Medical Insurance Premium Over Rs. 20000 Etc

So, as part of the rehaul Form 26AS, the statement that shows a detailed account of all the tax deducted at source (TDS) against your PAN, will now be an elaborative one asking for a lot more details on your financial transactions. Likewise, hotel bills or medical insurance premium over Rs. 20000, school fees over Rs. 1 lakh, electricity payment of over Rs 1

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GST and Income Tax Implications for YouTubers

YouTubers/Google Business Model YouTube is a subservient unit of Google and completely synonymous with its parent body Google which controls it thoroughly. Accounts on both sites are linked up, search algorithms match each other. If given the option, Google will provide video results to YouTube before any other video hosting site. The two works seamlessly, the world’s most powerful search engine matched with the

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Why you get Income Tax Notice – Understand the reason

Why you get Income Tax Notice – Understand the reason

1. Section 139(9): Defective Income Tax Return In this case, Assessing Officer is of the opinion that ITR filed by the assessee is defective. The assessee is given an opportunity to respond within 15 days from the date of intimation or before it is assessed. If you don’t respond within 15 days then your return will be rejected by the AO. The defect u/s

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