TDS on Rent Income – Demystifying Tax rules

TDS on Rent Income – Demystifying Tax rules

TDS on Rent is deducted under what condition? My father is a senior citizen, he has income from pension and rental income from the property. His annual income from rented property is above 1.8 Lac, a tenant is deducting 10% TDS on rent under section 194I. Is it correct? This query was posted on my e-mail address. My answer to the query is TDS is not applicable in above case as a father is not eligible for tax audit under […]


Income Tax Non-filers Monitoring System (NMS)

Income Tax Non-filers Monitoring System (NMS)

Non-filers Monitoring System (NMS) – Beware! If you have not filed income tax return and deposited old high denomination notes in your account above the threshold limit. Get ready to hear from Income tax department. Income Tax department has started issuing non-compliance notice under non-filers monitoring system.Non-filers monitoring system is introduced by income tax department to find out potential tax evaders. If you have done any high-value transactions and not filed your income tax return or not paid income tax […]


Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS) 2016

Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS) 2016

The Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS) 2016 along with new income tax amendment is notified on 17th December, 2016. A Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS) is second income declaration scheme. You can declare your unaccounted income under this scheme from 17th December 2016 to 31st March, 2017. The government has kept a longer period for this scheme because the government wants a voluntary declaration of black money by maximum people. Let’s take a look at key […]


Income Tax Search survey and raid – What to do?

Income Tax Search survey and raid – What to do?

Be Cautious and get ready for Income Tax search survey scrutiny or raid. In past few days if you have deposited a large amount of cash in your account, if you have done high-value transactions or if you have opened fixed deposit, a current account without PAN card, earned capital gain via penny stocks, taken bogus loan entry or donation than you are under scanner of Income tax department. You are likely to get Income tax notice and in case […]


15 High Value Transactions tracked by Income Tax

15 High Value Transactions tracked by Income Tax

The transactions done in the high denomination is known as high value transactions. All high value transactions are tracked closely by the Income Tax department. It is mandatory to report all high value transactions in the prescribed format by the banks and all other financial institutions. The prescribed format is called as a Form 61A or Annual Information Return (AIR). Any mismatch found in Income reported in ITR vs investment/expenditure may lead to Income tax notice. So, you need to […]


No Income Tax in India – Modi’s Next move

No Income Tax in India – Modi’s Next move

Imagine how good it is if Income Tax is abolished in India? No tax means more money to every individual. You must be thinking is it a joke or what? Well, it is not a joke. No income tax in India is expected to be Modi’s next move. After demonetization of old high denomination notes, the government is expected to roll out next economic reforms and No Income tax could be one of them. Let’s discuss how this dream can […]