bubna.manish@………in Asked : I want to know that commodity trading (Futures) profits/ loss comes in which chapter/head in Income tax? whether it is a business profit/ capital gain/ speculation gain? The trading in commodity futures can happen either with delivery or without delivery. In normal circumstance, when delivery takes place ,the future commodity trading shall…
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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 !
The harsh reality of deducting tax on buying the property under section 194-IA of IT Act effective from the 1st day of June, 2013, , has percolated down to every stakeholder-buyer and the builders. Readers will note that earlier , this website had brought out an explanatory video on tds on purchase of property ....
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.