Phoenix Auditing

Month: April 2020

benefits of Aadhaar-PAN linking you must be aware of

By linking the PAN and Aadhaar card, the government will be able to link the identity of an entity through his/her Aadhaar card, and subsequently have details of all financial transactions made through the linked PAN card. What is the meaning of Adhar card? Aadhaar is a 12-digit unique identification number issued by the Indian government to every individual...

What happens if we don’t file ITR?

Filing an ITR is a way to inform the Government about your income.  If you don’t inform the government, you have to face penalties and problems. If you are in the taxable position, then you must file income tax returns. The Income Tax Department has been reminding several times...

Benefits of filing ITR even when income is below exemption limit

Why you need to file ITR “Income tax return gives you a detailed picture of your total income earned during a year and taxes paid on it. … Carry-forward of losses: Income tax rules allow carry-forward losses to set them off against capital gains only to those who file ITR in the relevant...

Deductions on section 80G, 80GGB, 80GGC

 1 Section 80G – Donations Deduction for donations towards Social Causes The various donations specified in 80G are eligible for deduction up to either 100% or 50% with or without restriction. From FY 2017-18 any donations made in cash exceeding Rs 2,000 will not be allowed as deduction.  A. Donations with...

Section 18A of income tax act Significance of PBO Status

What is a Section 18a certificate? Section 18A in essence allows a taxpayer, who has made a bona fide donation to a PBO or certain other institutions, to claim a tax deduction subject to a limit. … The section 18A certificate may only be issued in respect of donations received in cash...

Section 17(1) income tax act

According to Section 17(1) salary includes the following amounts received by an employee from his employer, during the previous year : … any annuity or pension. Income by way of Salary [Section 17(1)] Wages any gratuity any annuity or pension any advance of salary any fees any payment received by an employee...