FAQ from incometaxindia.gov.in
- Where should the books of account of business be kept and for how long?
- What books of account have been prescribed to be maintained by a person carrying on business/profession under the Income-tax Act?
- What does Profession mean?
- What does Profession mean?
- If my income is taxed in India as well as abroad, can I claim any sort of relief on account of double taxation?
- What is Income-tax?
- Is it necessary to file a valuation report of an undisclosed income represented in the form of investment in asset along with the declaration under the Scheme?
- If a person declares income under this scheme then what is the due date for payment of tax calculated on declared income?
- Will the declarations made under the Scheme be kept confidential?
- Whether at the time of declaration under the Scheme, will the Principal Commissioner/Commissioner do any enquiry in respect of the declaration made?
- Can a person declare under the Scheme his undisclosed income which has been acquired from money earned through corruption?
- If a person declares only a part of his undisclosed income under the Scheme, then will he get immunity under the Scheme in respect of the part income declared?
- What is the validity of PAN?
- If my PAN card is lost then what to do?
- Should I intimate my PAN to deductor i.e. person deducting tax?
- Is it mandatory to file return of income after getting PAN?
- After making the PAN application how can I check the status of my PAN application?
- How to sign the PAN application i.e. Form 49A/49AA?
- How can any change in address or details on the basis of which TAN was allotted be rectified?
- Can we quote Permanent Account Number (PAN) in place of TAN?
- What do we have to do if we have been allotted a duplicate TAN by oversight?
- In case duplicate TAN has been allotted, which TAN should be used?
- What is duplicate TAN?
- Can an e-TDS return be filed without TAN or in case TAN has not been alloted?
- What is the penalty for not getting the accounts audited as required by section 44AB?
- What is the due date by which a taxpayer should get his accounts audited?
- What are Form Nos. 3CA/3CB and 3CD?
- If a person is required by or under any other law to get his accounts audited, then is it compulsory for him to once again get his accounts audited to comply with the requirement of section 44AB?
- As per section 44AB, who is compulsorily required to get his accounts audited, i.e., who is covered by tax audit?
- What is the objective of tax audit?
- What are the benefits available in respect of expenditure incurred on account of medical insurance premium/ medical expenditure to a senior citizen/very senior citizen and on account of?
- What are the benefits available in respect of expenditure incurred on account of medical treatment of specified diseases on treatment of a senior citizen or a very senior citizen?
- Is a Resident senior citizen granted exemption from payment of advance tax?
- Is a very senior citizen granted exemption from e-filing of income tax return?
- Is there any special benefit available under the Income-tax law to senior citizens?
- Is there any special benefit available under the Income-tax law to very high aged person, i.e., very senior citizens?
- What are the major provisions covered in FEMA, 1999?
- What is current account transaction?
- What is capital account transaction?
- What is the objective of FEMA?
- What are the other provisions under the Income-tax Act which are applicable to a Non-Resident?
- When is a business connection said to be established?
- What recourse is available to me if I am not satisfied with the order passed by my Assessing Officer? | What is the fees of filing appeal and Which form is required to file an appeal ?
- What is the time limit for making the assessment under section 147 i.e. income escaping assessment?
- What is the procedure adopted for making the assessment under section 147 i.e. income escaping assessment?
- What are the circumstances under which assessment under section 147 i.e. income escaping assessment can be carried out?
- What is assessment under section 147?
- What is the procedure adopted for making the assessment under section 144 i.e. best judgment assessment?
- Are there any special provisions in case of carry forward and set off of loss in case of a company in which public are not substantially interested?
- Are there any special provisions in case of carry forward of loss in case of a partnership firm if any partner of the firm retires?
- In case of change in the constitution of business, can the loss be carried forward by the reconstituted entity?
- What are the provisions framed under the Income-tax Law relating to set off of unabsorbed depreciation, unabsorbed capital expenditure on scientific research and unabsorbed capital expenditure on promoting family planning amongst the employees?
- What is the meaning of unabsorbed depreciation, unabsorbed capital expenditure on scientific research and unabsorbed capital expenditure on promoting family planning amongst the employees?
- What are the provisions framed under the Income-tax law in relation to carry forward and set off of capital loss?
- What is alternate minimum tax?
- What is minimum alternate tax?
- What is marginal relief and how it is computed?
- What is surcharge and how it is computed?
- Can a non-resident claim rebate under section 87A?
- Can a partnership firm or HUF claim rebate under section 87A?
- Will any clubbing provision apply in case of transfer of asset to Hindu Undivided Family (HUF) by its member?
- Is minor child’s income clubbed with the income of parent? |How can parent claim TDS deducted on his minor child’s income?
- Can income from assets transferred to any person for the benefit of spouse or for the benefit of son’s wife without adequate consideration be clubbed with the income of transferor?
- Can income from assets transferred to son’s wife without adequate consideration be clubbed with the income of transferor, i.e., father-in-law/mother-in-law?
- Are there any situations in which the clubbing provisions do not apply in case of income from assets transferred to spouse?
- Can income from assets transferred to spouse without adequate consideration be clubbed with the income of transferor-spouse?
- What is the meaning of stamp duty value and what is its relevance while computing capital gain in case of transfer of capital asset, being land or building or both?
- Are there any bonds in which I can invest my capital gains to claim tax relief?
- Is there any benefit available in respect of reinvestment of capital gain in any other capital asset?
- At what rates capital gains are charged to tax?
- Are any capital gains exempt under section 10?
- I have sold a house which had been purchased by me 5 years ago. Am I required to pay any tax on the profit earned by me on account of such sale?
- Are there any cases in which prescribed movable property received for less than its fair market value by an individual or HUF is not charged to tax?
- Does any taxability arise if prescribed movable property is received by an individual or HUF for less than its fair market value?
- An individual received gift of jewellery from his friends. The total value of jewellery received during the year as gift from all the friends amounted to Rs. 84,000. What will be the tax treatment of gift in this case?
- Are there any cases in which the value of prescribed movable property received without consideration, i.e., received as gift by an individual or HUF is not charged to tax?
- Are gifts of movable property received by an individual or HUF charged to tax?
- Are there any cases in which immovable property received by an individual or HUF for less than its stamp duty value is not charged to tax?
- What provisions will apply if a person does not opt for the presumptive taxation scheme of section 44AE and declares his income at a lower rate?
- If a person adopts the presumptive taxation scheme of section 44AE, then is he liable to pay advance tax in respect of income from business covered under section 44AE?
- If a person adopts the presumptive taxation scheme of section 44AE, then is he required to maintain books of account as per section 44AA?
- As per the presumptive taxation scheme of section 44AE, income of a taxpayer will be computed at the rate of Rs. 7,500 per goods vehicle per month and in such a case can the taxpayer claim any further deductions from the presumptive income declared?
- What is the manner of computation of taxable business income in case of a person adopting the presumptive taxation scheme of section 44AE?
- Can a person who owns more than 10 goods vehicles adopt the presumptive taxation scheme of section 44AE?
- I have 5 separate let out properties. Should I calculate the house property income separately for each individual property or by clubbing all the rental receipts in one calculation?
- What is the tax of treatment of unrealised rent which is subsequently realised?
- How to compute income from a property, when part of the property is self-occupied and part is let-out?
- How to compute income from a property which is self-occupied for part of the year and let out for part of the year?
- In case of a self-occupied property, how much of interest on housing loan can be claimed as deduction?
- I own two houses both of which are occupied by me and my family. Is there any tax implication?
- Are receipts from life insurance policies on maturity along with bonus taxable?
- Is leave encashment taxable as salary?
- My income from let out house property is negative. Can I ask my employer to consider this loss against my salary income while computing the TDS on my salary?
- Can my employer consider relief u/s 89 for the purposes of calculating the TDS from salary?
- Are arrears of salary taxable?
- Are retirement benefits like PF and Gratuity taxable?
- What is the difference between PAN and TAN?
- If I buy any land/building then is there any requirement to deduct tax from the sale proceeds to be paid by me to the seller?
- I have not received TDS certificate from the deductor. Can I claim TDS in my return of income?
- Would I face any adverse consequences if instead of depositing TDS in the government's account I use it for my personal needs?
- I do not have PAN. Can I furnish Form 15G/15H for non-deduction of TDS from interest?
- However, the provisions of section 206AA shall not apply in the following cases:-
- What precautions should be taken while filing the return of income?
- What to do if discrepancies appear in actual TDS and TDS credit as per Form 26AS?
- What is Form 26AS?
- Am I liable for any criminal prosecution [arrest/imprisonment, etc.] if I don’t file my Income-tax return, even though my income is taxable?
- Why is return filing mandatory, even though all my taxes and interests have been paid and there is no refund due to me?
- Am I required to keep a copy of the return filed as proof and for how long?