Awards instituted by central government or state government or instituted by any other body in public interest or notified for this purpose are tax free under section 10(17) of the Income tax Act. A reader Abhishek Singh, Delhi has asked “I am an army officer who has been awarded Sena Medal for Gallantry. I am in active service, what kind of tax benefits/exemptions do I get. Please tell me the authority, act etc which I can quote to the relevant authorities. “
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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 […]
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Form 15G or 15H are declaration for individual residents and HUF that they have neither taxable income nor do they have interest or dividend or withdrawal u/s 80CCA more than the exemption limit. If these forms are submitted to the payer of interest , like banks, there will not be any deduction of tax at...
Finance Act 2012 brought in specified domestic transactions within the transfer pricing provision under Income Tax Act .As you are made aware through previous posting that 8 Cases Under Which Domestic Transfer Pricing Rule May Not Be Applicable to Your Business ! and also that while computing the threshold of amount of transaction fixed at 5o million...
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.