INCOME TAX UPDATES

Business codes for ITR’s | Code finder for Income Tax return| ITR business codes

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Sector Sub-Sector Code AGRICULTURE, ANIMAL HUSBANDRY & FORESTRY Growing and manufacturing of tea 01001 Growing and manufacturing of coffee 01002 Growing and manufacturing of rubber 01003 Market gardening and horticulture specialties 01004 Raising of silk worms and production of silk 01005 Raising of bees and production of honey 01006 Raising of poultry and production of […]

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SECTION 44AD, 44AE, 44ADA (PRESUMPTIVE TAXATION), HOW TO FILE ITR4

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What is Business Income on Presumptive Basis: As per section 44AA income Tax act 1962, every person who is carrying on business or profession is required to maintain books of accounts. However, to give relief to small tax payers from maintaining books of accounts Income tax act has come up idea of presumptive taxation scheme

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NON ITR FILLERS OR PERSONS WHO STOPS FILING OF INCOME TAX RETURN WILL SOON RECEIVE NOTICES

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NON ITR FILLERS OR PERSONS WHO STOPS FILING OF INCOME TAX RETURN WILL SOON RECEIVE NOTICES DIRECTORATE OF INCOME TAX (SYSTEM) ARA Center, Ground Floor, E-2, Jhandewalan Extension, – 110055, New Delhi – 110055 F.No. System/ITBA/Instruction/ITR Processing/2019-20    Dated: 29/08/2019 To, All Principal Chief Commissioners of Income Tax/ CCsIT (By Name), All Principal Director Generals of

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Taxability of Pension, Family Pension, Nature of Pension, treatment and tax exemptions

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TYPES OF PENSION: 1) PENSION AFTER RETIREMENT FROM JOB 2) FAMILY PENSION PENSION AFTER RETIREMENT FROM JOB: Pension is taxable under the head salaries in your Income Tax Return. • Usually pension is paid out periodically, on a monthly basis, • you may also choose to take pension as a lump sum (also called commuted

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Documents required for Income Tax Return filing

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Following Documents are required for income tax return filing: GENERAL DOCUMENTS OF INDIVIDUAL PAN CARD AADHAAR CARD BANK ACCOUNT STATEMENTS TDS CERTIFICATES 26AS TAX PAYMENT CHALLAN (ADVANCE TAX OR SELF ASSESSMENT TAX) INCOME FROM OTHER SOURCES PROOF SAVINGS/INVESTMENTS PROOFS DOCUMENTS IN CASE OF INCOME FROM SALARY: FORM 16/SALARY CERTIFICATES PENSION CERTIFICATES FULL AND FINAL SETTLEMENT

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List of benefits available to Salaried Persons (Exempt Allowance u/s 10)

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S. N. Section Particulars Benefits A. Allowances 1. 10(13A) House Rent Allowance (Sec. 10(13A) & Rule 2A) Least of the following is exempt:a) Actual HRA Receivedb) 40% of Salary (50%, if house situated in Mumbai, Calcutta, Delhi or Madras)c) Rent paid minus 10% of salary* Salary= Basic + DA (if part of retirement benefit) + Turnover based

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TRADEMARK REGISTRATION CLASS, TRADEMARK CLASS

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Following is Trademark class list: THE FOURTH SCHEDULEClassification of goods– Name of the classes(Parts of an article or apparatus are, in general, classified with the actual article or apparatus, except wheresuch parts constitute articles included in other classes)Class 1. Chemical used in industry, science, photography, agriculture, horticulture and forestry;unprocessed artificial resins, unprocessed plastics; manures; fire

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Circular No. 21 of 2019 Dated: 27th August, 2019 (Clarifications in respect of filling-up of the ITR forms for the Assessment Year 2019-20 )

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The Income-tax Return (ITR) forms for the Assessment Year (A.Y.) 2019-20 were notified vide notification bearing G.S.R. 279(E) dated the 01st day of April, 2019. Subsequently, instructions for filing ITR forms were issued and the software utility for efiling of all the ITR forms were also released. After notification of the ITR forms, various queries

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