Income Tax

A newly incorporated domestic company in the manufacturing sector who is opting for section 115BAB is required to file form 10-ID on or before the due date to file ITR as per section 139 (1)

POEM is a place where the key management and commercial decisions which are necessary to conduct the business are made.

POEM is a place where the key management and commercial decisions which are necessary to conduct the business are undertaken.

Under Hindu Law, an HUF is a Family which consists of all persons lineally descended from a common ancestor and includes their wives and daughters.

1. When should we pay advance tax? Every taxpayer whose estimated tax liability is 10,000/- or more during the previous year is required to pay advance tax before the prescribed due dates (section 208). 2. Who is not liable to pay advance tax? A resident individual of the age of 60 years or above and not having any income

1. What do you mean by residential status? The Taxability of any person in India depends upon the residential status in India for any particular financial year. 2. How is the residential status of individuals decided? The Residential Status of an Individual is determined on the basis of period of stay in India and it

1. What is AMT (Alternate minimum tax)? It is the tax computed @ 18.5% on adjusted total income (plus surcharge and cess as applicable) as per section 115JC of the Income tax act, 1961. 2. What is the AMT rate if the assessee is located in IFSC (International financial services centre)? If the assessee is

1. What is the applicability of presumptive taxation scheme under section 44AE? 2. Who is eligible to take advantage of the presumptive taxation scheme of section 44AE and? Provisions of sections 44AE are applicable to all asseesees. 3. What if the taxpayer owns more than 10 goods carriages at any time during the PY? The

1. Applicability of section 44ADA Section 44ADA is applicable to small taxpayers engaged in specific profession. 2. Who are the eligible persons to adopt presumptive taxation scheme under section 44ADA? This scheme is applicable to resident Individual and partnership firm (other than LLP) engaged in specified professions whose total gross receipts does not exceed 50

1. What is section 54GB of Income-tax Act? Section 54GB of Income-tax Act provides exemption in respect of Long term capital gains arising from transfer of Residential property (land or house). 2. Can I claim exemption under section 54GB in respect of short term capital gain? No, exemption under section 54GB can be claimed only