Quoting of Aadhar Number.

Section 139AA – Quoting of Aadhar Number. 1. Applies To – Every person who is eligible to obtain an Aadhar Number. From – on or after 1 July 2017 Where to quote – (a) in application form for PAN allotment (Form 49A) (b) in the return of Income (ITR1, ITR2, ITR3, ITR4). If not having…

Deduction under Section 80JJAA

Download a copy of this document in PDF. Sl. No. CRITERIA CONDITIONS 1 Eligible Business 1. Section 44AB applies to the assessee. 2. Gross Total Income of the assessee includes any profits and gains derived from business 2 Amount of Deduction 30% of additional employee cost incurred in the course of such business. 3 Period…

Tax Technicale : Gift Tax on Engagement Rings

Ever worried about taxmen knocking your doors when you exchanged Rings with your would-be spouse. Yes, technically there is Income-tax on Engagement Rings in India. Under the Gift Tax provisions (Section 56(1)(vii) of Income Tax Law in India, one may be liable to tax on exchange of Engagement Rings. Sounds absurd, but well it’s true.…