Taxpayers who do not file their income tax returns (ITRs) on time will have to shell out a penalty of up to Rs. 10,000, but from the 2018-19 Assessment Year (AY).“In order to ensure that return is filed within due…
Month: October 2019
Services Supplied to Nepal and Bhutan: GST Applicable or Not ?
When services are supplied to Nepal or Bhutan, all of the above conditions can be satisfied, except the condition ‘The payment for the service has been received by the supplier in convertible foreign exchange’. In Nepal and Bhutan, there can…
How to calculate income tax ?
Income from salary is the sum of Basic salary + HRA + Special Allowance + Transport Allowance + any other allowance. Some components of your salary are exempt from tax, such as medical reimbursements, telephone bills reimbursement. If you receive…
Know about Sahaj (ITR-1) – Income Tax Return filing
Recently, the Central Board of Direct Taxes (CBDT) notified the launch and use of new income tax return filing forms, named as Sahaj for the fiscal year of 2017-18. This is by far the easiest single page form to have…