is there income tax on sitting fees received by the director on attending the board meeting ? If on sitting fees tds has been deducted under 194J ie professional will it be taxed under salary or other source.Alka Gaglani, MumbaiThere has to be employer & employee relationship for treating a receipt by a
Free to Read Articles & News
CBDT has clarified that the date of filing tax return to 17th October 2016 vide its order u/s 119 of the Income-tax Act, 1961 (‘Act’) dated 9th September, 2016 is also for obtaining the tax audit report under section 44AB . Read the explanatory circular below F. No. 225/195/2016-ITA II Government of India Ministry of […]
CBDT has extended the due date for filing tax return on ground of clash of dates with last date for declaration under the Income Declaration Scheme 2016 . It its circular dt 9th September 2016 , reasons cited by the CBDT to remove the inconvenience – “In order to remove inconvenience and to facilitate ease of […]
Video on Tax Issues !
Tax Audit under section 44AB is a very important procedure fixed under Income Tax Act. The return filing date for all those assessee who are supposed to get account audited is 30th September. So , July onwards , there is rush among chartered accountants to complete the tax audit reports and then efile the tax...
Deduction u/s 80E of the Income Tax Act is allowed to individuals who takes education loans for expensive higher studies. The tax benefits in form of deduction has actually made the loan option for funding the education of self or relatives a very popular option for many. Video Tutorial on Deduction u/d 80E for Education...
About Prashant Thakur
The author has spent twenty years with Income Tax department and desire to service common citizen of India which include professionals like tax practioners ,CA,ICMA, CS and tax lawyers by advising them on the direct tax matters for a very affordable fee.