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view of the Board, hereby, clarify that delay in making refund claim as well as claim of carry forward of losses, both can be condoned in cases where returned income is a loss, provided other conditions are satisfied. The monetary limits prescribed for condonation of delay in making refund claims, by different IT authorities, will apply to condonation of delay in cases of claim of carry forward of losses as well.
A taxpayer can apply for the certificate of deduction of tax at lower rate u/s 197 of the I.T. Act . Till this time certificate issued under section 197 of the I.T.Act were done manually with no database in income tax department. Now Central Board of Direct Taxes has issued instruction no 4 /2010 stating that now onwards lower [...]
Exemption of income tax on salary can be claimed u/s 10(5) of the I T Act for the money received on account of Leave Travel Assistance . Therefore, employees receiveing LTC or LTA must know following eight points related to it , take the most benefit out of section 10(15) . 1. The assessee can...
No, as per section 72 (2) of the I T Act .While the current year business loss can be adjusted with any other head of income , same is not true for the carried forward business loss . When the business loss is to be carried forward to the subsequent year, it can be adjusted...
Form 15G or 15H are declaration for individual residents and HUF that they have neither taxable … [Read More...]
Deduction u/s 80D of the Income Tax Act provides relief to tax payer by allowing a deduction in … [Read More...]
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