General Discussion

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Question Category : General Discussion

    • Impact of GST in India?

      GST is expected to boost competitiveness and overall performance in India’s manufacturing region. Declining exports and excessive infrastructure spending are just a number of the worries of this zone. Multiple indirect taxes have also increased the executive charges for manufacturers and vendors and it is being hoped that with GST in place, the compliance burden will ease and this region will develop extra strongly. Read More :

      Profile photo of Pardeshi Asked By: Pardeshi 0 replies 0 helpful answers Last Updated: 1 week ago
    • How to treat EPF Withdrawal in Income (less than 5 years of

      I withdrew my EPF in last FY year and had less than 5 years of service. hence, the EPF withdrawal is taxable. However, I have the following questions:
      1) I never took 80C deduction from EPF in my last year return as it used to be mainly covered by PPF and LIC payment. So, is employee contribution taxable? If no, then where am i supposed to declare the employee contribution portion?
      2) I think Employer contribution and interest on employer contribution is taxable and should be shown as salary income. If yes should I show the TAN of previous employer or TAN of EPFO in Schedule S of ITR-2
      3) I also withdrew EPS (employee pension service) money and the EPFO didn’t decuct any TDS on that. Is that taxable or non-taxable. If taxable, then under which head.

      Profile photo of Anuj Asked By: Anonymous 1 replies 1 helpful answers Last Updated: 3 months ago
    • Advance tax payment not reflecting in form 26 AS

      I made advance tax payment on income tax official website for the assessment year 2017-2018, and I got the confirmation receipt for the same. But the same is not reflecting in form 26AS. Could anyone please help me figure out what should be done now?

      Profile photo of Krishna Agarwal Asked By: Anonymous 2 replies 0 helpful answers Last Updated: 3 months, 1 week ago
    • how shall I submit ITR 1 without Sch TDS2

      I am a Senior Citizen and my annual income is slightly more than Rs. 200,000 p.a and that is mostly from interest and therefore I submit Form 15H to the bank for non deduction of tax from source. Now at the time of submission of return ITR 1 how shall I get Sch TDS 2 form. Please guide. Is is mandatory to submit Return. Please guide. Tapas Dutta

      Asked By: Anonymous 1 replies 1 helpful answers Last Updated: 3 months, 1 week ago
    • Clubbing of income under section 64(1)(iv)-"only the fi

      Under section 64(1)(iv) of IT act, the first income from an asset transferred to his spouse without adequate consideration is clubbed with the income of Transferor. The statement is “only the first income would be clubbed & not the subsequent incomes”. What does this statement means. The doubt is ‘whether the first income derived from the transferred asset in the year of transfer is clubbed OR first income derived in every subsequent years are also clubbed.’Pl.explain & clarify.

      Profile photo of Venkateshaiah Chandra Asked By: Venkateshaiah 1 replies 0 helpful answers Last Updated: 3 months, 1 week ago
    • 194J related income tax related in annual income

      my monthly income is 100000 and total annual income is 1200000 which comes under 194J section and they debit 10% TDS. As per income tax slab i come under 30 % according to total income of 12 lakhs. please clarify that should i pay tax as per 30 % slab or no extra tax will be paid as i come under 194 J section for professional fees while filing the returns

      Profile photo of ankush gupta Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 3 months, 1 week ago