Umpteen numbers of intimation showing wrong tax on capital gains and in total income whenever the capital gains are shown by the tax payer. CPC Banglore have identified five most common cause of errors. The errors are cropping up because mistakes while filling out the Schedule CG . These are explained below 1 Provide Complete Breakup of capital gains: Give complete breakup since the totals are re-calculated while processing the...
There is express provision to consider a gift from unknown persons under clause VII of section 56 (2) of the I T Act . However the proviso to said section 56(2) provides certain exception under which section 56(2) is not applicable
The income from share transaction can occur in following forms 1. Share trading 2. Speculative trade 3. F & O transactions 4. Capital Gains Allowance of STT for First three types (1, 2 & 3) From Assessment Year Asst Year 2009-10 (FY 2008-09 ) , Securities Transaction Tax (STT) is defined as an expense u/s