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File your Income Tax Returns in India, before 31st July 2018

Category: Tax Date: 2020-09-30 07:10:45

Hello guys, Have you filed tax returns for FY 2017-18? With Tax Assist it takes only 3 days to complete it. All you have to do is, send us the Form 16 and the remaining we will do the needful. To begin with Filing NOTE: For Filing FY 2017-18 this year, government have started a penalty system of Rs 5000 late fee for people filing after 31st of July 2018. To avoid getting penalised, hurry now and start your filing today. If you file your income tax returns on time you may get a

Budget 2018: 4 Things a Taxpayer shouldn’t miss

Category: Tax Date: 2020-09-30 07:14:02

There are four things that you should keep in mind before filing the I-T returns this year: 1. TDs is deducted by the employer from the salary and issuing a Form 16 but this does not absolve you of your responsibility to file your Income Tax Return. 2. If you have missed the I-T return filing deadline of 31st of July then you can still file a belated return within a year. For example, belated return for the financial year (FY) 2017-18 can be filed by 31st of March, 2019. 3. The Interest in yo

Time Limit and Consequences of Delay of Filing Income Tax Return

Category: Tax Date: 2020-09-30 07:15:49

Persons required to file the return of income In the case of companies: It is mandatory for a company to file income tax return regardless of its income or loss. In the case of partnership firms: A partnership firm (including LLP), has to file their return of income compulsorily, irrespective of its income being profit or loss. In other words, it is essential for every partnership firm to file the return of income irrespective of its income or loss. In the case o

Why is your Income Tax Returns important for Accidental Death & Compensation?

Category: Tax Date: 2020-09-30 07:17:38

How can your Accidental Death & Compensation Increase due to Income Tax Returns? (Income Tax Return Required) Income Tax Returns have become very important even for Claiming Accidental Death compensation for family members of the deceased. As per the Supreme Court If a person is filing his Income Tax Returns for the last three years and has an accidental death, then the government is obliged to give ten times the average annual income of the last three years to that

Penalty U/s 271DA For Violation Of S. 269ST Of The Income-tax Act, 1961

Category: Tax Date: 2020-09-30 07:19:00

Here has been examined the entire law applicable to sections 269ST and 271DA of the Income-tax Act, 1961. These provisions were inserted by the Finance Act 2017 to prohibit specified cash transactions and levy a penalty for contravention. The author has analyzed numerous judgements and explained with clarity the precise impact of these provisions In order to curb black money and related unaccounted wealth and to achieve the vision of the Government to move towards a cash less economy, the Finan

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FAQ

When are the provisions of the Valuation Rules applicable?

The provisions of the Valuation Rules are applicable only when,

(i) consideration not in money terms which is either wholly or partly;
(ii) parties are relevant or supply by any stated category of supplier; and
(iii) transaction value is not reliable to be declared.

What does a property valuation
require?

During a property valuation, a valuer should inspect the property physically, measure the land and adequately verify it against the title or plan of subdivision. The appointed valuer will measure the house physically, taking a description of its condition and improvements, taking a photo and review a minimum of three proportionate sales from which to conduct a sales inquiry. This information is further used to regulate the value of the property and then the valuer will prepare a written report depending on his/her findings.

What are the key factors that contribute to a property’s value?

The key factors that contribute to a property’s value are dependent on the land, size, location, topography, shape and aspect can, in some instances, accounts for up to 70% of a property’s value. Also the land component will acknowledge where building structures will always deteriorate. The other factors that can influence the value of the property includes architectural style and uniqueness, design and layout, potential for the future development or renovation, the number of bedrooms and bathrooms, and the quality of the

Other factors which can influence the value of a property include architectural style and uniqueness, design and layout, potential for future development or renovation, the number of bedrooms and bathrooms, and the quality of equipments and fittings, just to mention a few.

Is contract price not sufficient to determine valuation of supply?

Contract price is more accurately referred to as the transaction value and that is the basis for enumerate the tax. Therefore, when the price is determined by the factors such as relationship of the parties or where assertive the transactions are assumed to be supply, which do not have a price, the value has to be settled in conformity with the GST Valuation.