Cash transaction limits

Q: How much cash can be kept at home by any person legally? A: There is no such limit for cash to be kept at home. But, in case of any inquiry, you need to explain the source of such cash balance. Unexplained source can lead to a penalty up […]

Interest on tax payable – ITR date extension impact

Recently the Government has extended the Income Tax return (ITR) filing date for assesees who are not covered under any audit. The date has been extended to 31st August 2019 from 31st July 2019 earlier. This was much required this time due to increased disclosure requirements and frequent changes in ITR schema […]

TDS on payment made to Transporters

Introduction to Section 194C As per Section 194C of the Income Tax Act, 1961 any payment to a transporter is subject to a Tax Deduction at Source (TDS) at the rate of: 1% in case if the payee is an Individual or a HUF, and 2% in case of other […]

Clubbing of Income / Income tax on gifts

Although the Gift tax in India is abolished although certain provisions in Income Tax law makes gifts or income derived from gifts taxable. The below article explains the summary of related gift related provisions under the Income Tax Act. SECTION NATURE OF TRANSACTION TO BE CLUBBED IN THE HANDS OF CONDITIONS/EXCEPTIONS Section […]