Amendment to Rule 12 of the Income Tax Rules, 1962

Rule 12 of the Income Tax Rules, 1962 The Central Board of Direct Taxes, vide notification no. 32/2019 dated 1st April 2019, introduced the Income Tax (Second Amendment) Rules, 2019 which are made effective from 1st April 2019. Vide the said…

Comprehensive Karasamadhana Scheme

Comprehensive Karasamadhana Scheme Karnataka State Government has approved the Comprehensive Karasamadhana Scheme in order to reduce the arrears arising out of the enactments that are administered by the Commercial Taxes Department. With the establishment of this Act, a scheme for…

Portuguese Civil Code

Portuguese Civil Code Portuguese Civil Code refers to a common feature in Income Tax Return (ITR) forms that require taxpayers to state the applicability with the Code. This mandatory column, which was introduced in AY 2013-14, applies to residents located…

ITR Forms for AY 2019-20

ITR Forms for AY 2019-20 The Central Board of Direct Taxes (CBDT) has on the 1st of April, 2019, notified new ITR forms for AY 2019-20. The forms so notified include ITR-1 Sahaj, ITR 2, ITR 3, ITR 4 Sugam,…

PAN-Aadhaar Linking Due Date

PAN-Aadhaar Linking Due Date In June last year, the Government of India had said that Permanent Account Number (PAN) has to be linked with the Adhaar by March 31. The Government on March 31, 2019, extended the deadline for linking…

e-Return Intermediary

e-Return Intermediary Electronic Furnishing of Return of Income Scheme was launched by the Income Tax Department (ITD) to enable assessees to electronically file their returns of income through authorised e-Return Intermediary on their behalf. The registered e-Return Intermediaries are allowed…

International Transaction

International Transaction The term International Transaction refers to the transactions between two or more associated enterprises, where at least one of the parties is a non-resident. Such transactions could be in the form of purchase, sale or lease of tangible…

Income Tax Welfare Fund Rules, 2007

Income Tax Welfare Fund Rules, 2007 The Income Tax Welfare Fund Rules 2007, has been formulated to govern the administration of the income tax welfare fund, which has been established to cater to the officers and the staffs of the…

Leave Travel Allowance

Leave Travel Allowance In order to cover the travel expenses incurred by the employee at the time of leave, Leave Travel Allowance (LTA), also known as Leave Travel Concession (LTC), is provided by an employer to employees. Exemption from tax…

NRI Selling Property in India

NRI Selling Property in India Guide to the tax implications relating to NRI selling property in India. In order to understand the tax implications, under the article, it has been assumed that the person based in the USA has sold…