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Statement of Financial Transactions in Form 61A

Statement of Financial Transactions (previously called Annual Information Return – AIR) is to be filed by specified persons in respect of specified financial transactions in Form no. 61A. Form 61A can be filed only electronically and with use of digital signature (DSC). Last …

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Residential Status under Income Tax Act

Residential status of an Individual Tax Planning in respect of Residential Status by Individual Residential Status of HUF Residential Status of a Firm of Association or Persons (AOP) Residential Status of Company Residential status is very important in Income Tax Act as …

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Marginal Relief on Surcharge

Surcharge is applicable on income tax if the income exceeds the specified limit. So, a minor increase in income may exceed the specified limit and increase the tax liability to a great extent. Marginal relief is available to the assessee if the …

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Definitions under Income Tax Act

What is Assessment year? Assessment year is the year in which the income of the previous year is to be assessed. In other words assessment year is the succeeding year of the year whose income is to be taxed. For example if …

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