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Income Tax - Frequently Asked Questions (FAQs)
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Income Tax - Frequently Asked Questions (FAQs)
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  1. 1. FAQs on TDS on Rent

  2. What are the provisions in the Income-tax Act that govern the deduction of tax at source on rent payments?
  3. What is the meaning of Rent for the purpose of section 194-I and section 194IB?
  4. Who is liable to deduct tax at source (TDS) on rental payments under section 194-I?
  5. When the tax is required to be deducted under section 194-I?
  6. What is the threshold limit prescribed for the deduction of tax under section 194-I?
  7. What is the rate at which tax is required to be deducted under section 194-I?
  8. What will be the rate of TDS under section 194-I if the payee does not furnish PAN?
  9. What will be the rate of TDS under section 194-I if payee is a non-filer of income-tax return?
  10. What will be the rate of TDS under section 194-I if payee is a non-filer of income-tax return and also doesn't furnish his PAN?
  11. How to deduct tax at source under section 194-I in case the building is let out along with machinery or other equipment?
  12. Whether payee can claim for nil/lower deduction of tax under section 194-I?
  13. What is the time limit to deposit the tax amount deducted under section 194-I?
  14. Is there any requirement to furnish TDS Statement for tax deducted under section 194-I?
  15. Whether the deductor is required to issue TDS Certificates to the deductee?
  16. Who is required to deduct tax on rent under section 194-IB?
  17. When it is required to deduct tax at source under section 194IB?
  18. What is the threshold limit prescribed for rent for section 194IB?
  19. What is the rate at which tax is required to be deducted under section 194IB?
  20. What will be the rate of TDS under section 194-IB if the payee does not furnish PAN?
  21. What will be the rate of TDS under section 194-IB if payee is a non-filer of income-tax return?
  22. Whether assessee is required to obtain Tax Deduction or Collection Number (TAN) in case tax is to be deducted under section 194-IB?
  23. What is the time limit to deposit the tax amount deducted under section 194-IB?
  24. Whether the deductor is required to issue TDS certificates to the deductee under section 194-IB?

  25. 2. FAQs on Maintenance of books of accounts

  26. Who is required to maintain books of accounts?
  27. What is mandatory to maintain books of account in the case of specified professionals?
  28. What is mandatory to maintain books of account in the case of non-specified professionals?
  29. How to check the threshold limit if business or profession is set up during the previous year?
  30. What is mandatory to maintain books of account in the case of taxpayers who opted for a presumptive tax scheme?
  31. Which books of accounts are required to be maintained?
  32. Where books of account and other documents should be kept and maintained?
  33. How long should books of account and documents be kept and maintained?
  34. What is the penalty for failure to keep, maintain or retain books of account and documents?

  35. 3. FAQs for e-Verification Scheme 2021

  36. Where can I see my financial transaction reported to Income Tax Department by Sources/Reporting Entities?
  37. What should I do if I find a transaction which is incorrectly recorded or which does not pertain to me?
  38. What happens after I raise my objection to any transaction reported in AIS?
  39. What is the e-Verification Scheme, 2021?
  40. What is the usefulness of the e-Verification Scheme, 2021?
  41. Is the e-Verification Scheme same as e-Verification of return?
  42. Where do I see the notice u/s133(6) issued to me seeking my explanation on a transaction not included by me in the Return of Income? How do I file my response to the notice u/s 133(6) issued under the e-Verification Scheme, 2021? or What should I do when I receive notice for e-Verification?
  43. At the time of responding to the notice of e-Verification, after log in, nothing appears and only a blank screen page opens up. What should I do?
  44. How do I know that notice under e-Verification has been issued to me?
  45. What do I do in case I am having difficulty in accessing the Compliance Portal for viewing notices or submitting responses?
  46. How does the taxpayer verify the genuineness of the notice received?
  47. While responding to the notice issued u/s.133(6) of the Income-tax Act in the Compliance portal, the system/portal is not accepting the attachments of size above 10 MB. How to submit such large documents?
  48. What happens if my explanation is found to be satisfactory?
  49. What happens if the explanation is not found satisfactory?
  50. What can I do if I realize that I have missed a transaction while calculating my income in the Return of Income already filed by me?
  51. Can I respond to the notice u/s133(6) of the I.T. Act, 1961 that I have updated my return of income by paying additional tax on the transaction being e-verified by Income Tax Department?
  52. Do I need to pay any penalty while updating my return?
  53. Is it possible for me to have a physical hearing with the officer?
  54. Why should I update my return?
  55. What is updated return and its utility to the taxpayer?
  56. How is the e-Verification Scheme different from scrutiny assessments/reassessments?
  57. What should the taxpayer do if information provided by the Income Tax Department is not correct? | What should I do if the duplicate entries are there in notice received by me under the e-Verification Scheme?
  58. What if you agree to the mismatch between return of income and information explained to you in the notice u/s 133(6) of the IT Act, 1961, under e-Verification Scheme?
  59. What are the possible reasons for difficulties faced in filling responses to the notice u/s 133(6) of the IT Act, 1961?

  60. 4. FAQs on Section 80TTA and Section 80TTB

  61. What is Section 80TTA of the Income-tax Act?
  62. Who can claim deduction under section 80TTA?
  63. Who cannot claim a deduction under section 80TTA?
  64. Which income is eligible for deduction under section 80TTA?
  65. How much deduction can be claimed under section 80TTA?
  66. What is Section 80TTB of the Income-tax Act?
  67. Who can claim deduction under section 80TTB?
  68. Which income is eligible for deduction under section 80TTB?
  69. How much deduction can be claimed under section 80TTB?
  70. Can deduction under section 80TTA and 80TTB be claimed by an assessee opting for Alternative Tax Regime under section 115BAC?

  71. 5. FAQs on Direct Tax Vivad Se Vishwas Act, 2020

  72. Which appeals are covered under the Vivad se Vishwas?
  73. If there is no appeal pending but the case is pending in arbitration, will the taxpayer be eligible to apply under Vivad se Vishwas? If yes what will be the disputed tax?
  74. Whether Vivad se Vishwas can be availed for proceedings pending before Authority of Advance Ruling (AAR)? If a writ is pending against order passed by AAR in a HC will that case be covered and how disputed tax to be calculated?
  75. An appeal has been filed against the interest levied on assessed tax; however, there is no dispute against the amount of assessed tax. Can the benefit of the Vivad se Vishwas be availed?
  76. What if the disputed demand including interest has been paid by the appellant while being in appeal?
  77. Can the benefit of the Vivad se Vishwas be availed, if a search and seizure action by the Income-tax Department has been initiated against a taxpayer?
  78. If assessment has been set aside for giving proper opportunity to an assessee on the additions carried out by the AO. Can he avail the Vivad se Vishwas with respect to such additions?
  79. Imagine a case where an appellant desires to settle concealment penalty appeal pending before CIT(A), while continuing to litigate quantum appeal that has travelled to higher appellate forum. Considering these are two independent and different appeals, whether appellant can settle one to exclusion of others? If yes, whether settlement of penalty appeal will have any impact on quantum appeal?
  80. Is there any necessity that to qualify under the Vivad se Vishwas, the appellant should have tax demand in arrears as on the date of filing declaration?
  81. Whether 234E and 234F appeals are covered?
  82. In case where disputed tax contains qualilYing tax arrears as also non-qualifying tax arrears (such as, tax arrears relating 10 assessment made in respect of undisclosedforeign income): (i) Whether assessee is eligible to the Vivad se Vishwas itself? (ii) If eligible, whether quantification of disputed tax can exclude/ignore non-qualifying tax arrears?
  83. If a writ has been filed against a notice issued under section 148 of the Act and no assessment order has been passed consequent to that section 148 notice, will such case be eligible to file declaration under Vivad se Vishwas?
  84. With respect to interest under section 234A, 234B or 234C, there is no appeal but the assessee has filed waiver application before the competent authority which is pending as on 31st Jan. 2020? Will such cases be covered under Vivad se Vishwas?
  85. Whether assessee can avail of the Vivad se Vishwas for some of the issues and not accept other issues?
  86. Will delay in deposit of TDS/TCS be also covered under Vivad se Vishwas?
  87. Are cases pending before DRP covered? What if the assessee has not filed objections with DRP and the AO has not yet passed the final order?
  88. If CIT (Appeals) has given an enhancement notice, can the appellant avail the Vivad se Vishwas after including proposed enhanced income in the total assessed income?
  89. Are disputes relating to wealth tax, security transaction tax, commodity transaction tax and equalisation levy covered?
  90. The assessment order under section 143(3) of the Act was passed in the case of an assessee for the assessment year 2015-16. The said assessment order is pending with ITAT. Subsequently another order under section 147/143(3) was passed for the same assessment year and that is pending with CIT (Appeals)? Could both or one of the orders be settled under Vivad se Vishwas?
  91. In a case there is no disputed tax. However, there is appeal for disputed penalty which has been disposed off by CIT (Appeals) on 5th January 2020. Time to file appeal in ITAT against the order of Commissioner(Appeals) is still available but the appeal has not yet been filed. Will such case be eligible to avail the benefit?
  92. In a case ITAT has quashed the assessment order based on lack Of jurisdiction by the AO. The department has filed an appeal in HC which is pending. Is the assessee eligible to settle this dispute under Vivad se Vishwas and if yes how disputed tax be calculated as there is no assessment order?
  93. In the case of an assessee prosecution has been instituted and is pending in court. Is assessee eligible for the Vivad se Vishwas?
  94. If the due date of filing appeal is after 31.1.2020 the appeal has not been filed, will such case be eligible for Vivad se Vishwas?
  95. If appeal is filed before High Court and is pending for admission as on 31.1.2020, whether the case is eligible for Vivad se Vishwas?
  96. In a case appeal or arbitration is pending on the specified date, but a rectification is also pending with the AO which if accepted will reduce the total assessed income. Will the calculation of disputed tax be calculated on rectified total assessed income?
  97. Refer to question number 5. How will disputed tax be calculated in a case where disputed demand including interest has been paid by the assessee while being in appeal?
  98. Refer to question no 7. How will disputed tax be computed in a case where assessment has been set aside for giving proper opportunity to an assessee on the additions carried out by the AO?
  99. What amount of tax is required to be paid, if an assessee wants to avail the benefit of the Vivad se Vishwas?
  100. Whether credit for earlier taxes paid against disputed tax will be available against the payment to be made under Vivad se Vishwas?
  101. Where assessee settles TDS appeal or withdraws arbitration (against order U/S 201) as deductor of TDS, will credit of such tax be allowed to deductee?
  102. Where assessee settles TDS liability as deductor of TDS under Vivad se Vishwas (i.e against order u/s 201), when will he get consequential relief of expenditure allowance under proviso to section 40(a)(i)/(ia)?
  103. When assessee settles his own appeal or arbitration under Vivad se Vishwas, will consequential relief be available to the deductor in default from liability determined under TDS order U/S 201?
  104. Where DRP order passed on or after 1st July, 2012 and before 1st June, 2016 have given relief to assessee and Department has filed appeal, how assessed tax to be calculated?
  105. Appeals against assessment order and against penalty order are filed separately on same issue. Hence there are separate appeals for both. In such a case how dispuled tax to be calculated?
  106. If there is substantive addition as well as protective addition in the case of same assessee for different assessment year, how will that be covered? Similarly if there is substantive addition in case of one assessee and protective addition on same issue in the case of another assessee, how will that be covered under Vivad se Vishwas?
  107. In a case ITAT has passed order giving relief on two issues and confirming three issues. Time to file appeal has not expired as on specified date. The taxpayer wishes to file declaration for the three issues which have gone against him. What about the other two issues as the taxpayer is not sure if the department will file appeal or not?
  108. There is no provision for 50% concession in appeal pending in HC on an issue where the assessee has got relief on that issue from the SC?
  109. Addition was made u/s 143(3) on two issues whereas appeal filed only for one addition. Whether interest and penalty be waived for both additions ?
  110. DRP has issued directions confirming all the proposed additions in the draft order and the AO has passed the order accordingly. The issues confirmed by DRP include an issue on which the taxpayer has got favourable order from ITAT (not reversed by HC or SC) in an earlier year. The time limit to, file appeal in ITAT is still available. The taxpayer is eligible for Vivad se Vishwas treating the situation as taxpayer’s deemed appeal in ITAT. In this case how will disputed tax be calculated? Will it be 100% on the issue allowed by ITAT in earlier years or 50%?
  111. Where there are two appeals filed for an assessment year– one by the appellant and one by the tax department, whether the appellant can opt for only one appeal? If yes, how would the disputed tax be computed?
  112. How much time shall be available for paying the taxes after filing a declaration under the Vivad se Vishwas?
  113. If taxes are paid after availing the benefits of the Vivad se Vishwas and later the taxpayer decides to take refund of these taxes paid, would it be possible?
  114. Where appeals are withdrawn from the appellate forum, and the declarant is declared to be ineligible under the Vivad se Vishwas by DA at the stage of determination of amount payable under section 5(1) or, amount determined by DA is at variance of amount declared by declarant and declarant is not agreeable to DA’s determination of amount payable, then whether the appeals are automatically reinstated or a separate application needs to be filed for reinstating the appeal before the appellate authorities ?
  115. Section 5(2) requires declarant to pay amount determined by DA within 15 days of receipt of certificate from DA. Clarification is required on whether declarant is to also intimate DA about fact of having made payment pursuant to declaration within the period of 15 days?
  116. Will DA also pass order granting expressly, immunity from levy of interest and penalty by the AO as well as immunity from prosecution?
  117. Whether DA can amend his order to rectify any patent errors?
  118. Where tax determined by DA is not acceptable can appeal be filed against the order of designated authority before ITAT, High Court or Supreme Court?
  119. There is no provision for withdrawal of appeal/writ/SLP by the department on settlement of dispute ?
  120. Once declaration is filed under Vivad se Vishwas, and for financial difficulties, payment is not made accordingly, will the declaration be null and void?
  121. Where the demand in case of an assessee has been reduced partly or fully by giving appeal effect to the order of appellate forum, how would the amount payable under Vivad se Vishwas be adjusted?
  122. Will/here be immunity from prosecution?
  123. Will the result of this Vivad se Vishwas be applied to same issues pending before AO?
  124. If loss is not allowed to be adjusted while calculating disputed tax, will that loss be allowed to be carried forward?
  125. If the taxpayer avails Vivad se Vishwas for Transfer Pricing adjustment, will provisions of section 92CE of the Act apply separately?
  126. The appellant has settled the dispute under Vivad se Vishwas in an assessment year. Whether it is open for Revenue to take a stand that the additions have been accepted by the appellant and hence he cannot dispute it in future assessment years?
  127. Appeal or arbitration is pending with appellate authority as on 31st Jan 2020 (or time for filing appeal has not expired as on 31st Jan 2020). However, subsequent to that date, and before filing of the declaration, the appeal has been disposed of by the appellate authority. Whether it is still eligible under Vivad se Vishwas? If yes, how the amount payable under Vivad se Vishwas shall be computed?
  128. Whether Vivad se Vishwas can be availed in a case where the enforceability of an assessment order passed by the AO has been stayed by the High Court or Supreme Court?
  129. Appeal or writ against order under section u/s 263 of the Act was pending on 31st Jan, 2020 (or time to file appeal has not expired on 31st Jan, 2020). Whether Vivad se Vishwas can be availed for settling such appeal?
  130. Whether the taxpayer in whose case the time limit for filing of appeal has expired before 31st Jan 2020 but an application for condonation of delay has been filed is eligible?
  131. Whether cross objections filed and pending as on 31 January 2020 will also be covered by the scheme?
  132. Whether Miscellaneous Application (MA) pending as on 31 January 2020 will also be covered by the scheme?
  133. Whether search cases where assessment was made under section 158BA (i.e. block assessment) of the Act are covered under Vivad se Vishwas?
  134. Whether Vivad se Vishwas can be availed in a case where proceedings are pending before Income Tax Settlement Commission (ITSC) or where writ has been filed against the order of ITSC?
  135. Appeal against assessment order is pending (or time to file appeal against such order has not expired) on 31st Jan 2020. Assessee has also filed application for resolution of assessment order under Mutual Agreement Procedure (MAP). Whether Vivad se Vishwas can be availed?
  136. If AAR has ruled in favour of the taxpayer and the Department has gone in writ or appeal before the High Court/Supreme Court and the total income of the taxpayer was quantifiable on the facts of the case before AAR, is the taxpayer eligible under Vivad se Vishwas?
  137. Appeal has been set aside to CIT(A) / Dispute Resolution Panel (DRP) and was pending as on 31st Jan 2020? Whether it is eligible?
  138. Whether in cases where the appellate authority has quashed the prosecution complaint or ruled in favour of taxpayer and no further appeal is filed by Department on or before filing of declaration are eligible?
  139. Whether the assessee is eligible to opt for Vivad se Vishwas if prosecution has been instituted due to a Tax Deduction at Source (TDS) default?
  140. A trust has been denied registration u/s 12AA of the Act. Whether appeal against such order is eligible for Vivad se Vishwas?
  141. If the assessment order has been framed in the case of a taxpayer under section 143(3) /144 of the Act based on the search executed in some other taxpayer's case, whether it is to be considered as a search case or non-search case under Vivad se Vishwas?
  142. Vivad se Vishwas forms do not contain a specific option to settle appeal filed against intimation u/s 143(1) of the Act. Accordingly, please clarify how to settle such appeal, which is pending as on 31st Jan 2020 (or time to file appeal has not expired on 31st Jan, 2020)?
  143. Whether appeal filed under section 248 of the Act is eligible for Vivad se Vishwas?
  144. In the case of a taxpayer, prosecution has been instituted for assessment year 2012-13 with respect of an issue which is not in appeal. Will he be eligible to file declaration for issues which are in appeal for this assessment year and in respect of which prosecution has not been launched?
  145. If the prosecution is for a different assessment year and the appeal for a different one, would it debar the assessee from the benefit of this scheme?
  146. Whether cases where the taxpayer/Department has filed declaration/application under section 158A/158AA are eligible under Vivad se Vishwas?
  147. Whether enhancement notice issued by CIT(A) post 31st Jan 2020 is to be taken into account for computation of disputed tax?
  148. Whether any additional ground filed in relation to an appeal is to be considered while computing disputed tax?
  149. In case of appeals pending against both assessment and reassessment where addition is repeated on same issue, would tax be payable twice in respect of the same issue if both appeals are settled?
  150. In a case where assessee accepts certain additions in an order (giving rise to undisputed tax liability) and appeals against certain additions (giving rise to disputed tax liability), how the prepaid taxes will be adjusted against the disputed tax liability or undisputed tax liability?
  151. Whether appeal against penalties that are not related to quantum assessment like penalty u/s 271B, 271 BA, 27IDA of the Actetc. are also waived upon settlement of appeal relating to 'disputed tax?
  152. In respect of some loan, addition was made u/s 68 of the Act. Appeal is pending before CIT(A) and the assessee is eligible for opting Vivad se Vishwas. After making the payment of tax under Vivad se Vishwas, can the assessee make entries in his books by crediting the said loan in his capital account?
  153. Whether the immunity from prosecution is only for the declarant or also for the Director of the company or partner of the firm with respect to the issues settled under Vivad se Vishwas?
  154. If appeal involving issue of disallowance under section 40(a) (i)/(ia) of the Act is settled under the Scheme, whether consequential relief will be available in proceedings under section 201 of the Act initiated qua the same payment/ deduction ?
  155. Tax was not deducted on an income and order under section 201 of the Act was passed in case of the deductor. The said income was also assessed in the case of the deductee. Both deductor and deductee are in appeal or arbitration, which is eligible under Vivad se Vishwas. What would be the amount payable by the deductor and the deductee with reference to the said income under Vivad se Vishwas in the following scenarios - (i) Where the deductor settles his appeal or arbitration and makes payment under Vivad se Vishwas? (ii) Where the deductee settles his appeal or arbitration and makes payment under Vivad se Vishwas?
  156. In the scenarios mentioned in Q. no. 84, what will be the amount of tax credit if the payment of amount on settlement of section 201 appeal is more than 100% of disputed tax for it being a search case or for the reason that the payment is made after 31st March 2021?
  157. Answer to Q. no 31 clarifies that where assessee settles TDS liability as deductor of TDS under Vivad se Vishwas (i.e against order u/s 201 of the Act), he will get consequential relief of expenditure allowance under proviso to section 40(a)(i)/(ia) of the Act in the year in which the tax was required to be deducted. What will happen in a situation where the same amount of TDS was recovered in subsequent year and accordingly the assessee has already claimed deduction in that year?
  158. The declarant has filed a declaration for disputed penalty. He is required to pay 25% or 30% of disputed penalty to settle the dispute. Will interest levied or leviable be waived in this case?
  159. Separate orders were passed u/s 201(1) & 201(1 A) of the Act for a particular assessment year. Assessee has filed two separate appeals for principal portion u/s 201(1) of the Act and interest portion u/s 201(1A) of the Act. Can he file only one declaration under Vivad se Vishwas against 201(1) order and seek 100% waiver of interest levied u/s 201(1A)of the Act ?
  160. Once declaration is filed by assessee u/s 4 of Vivad se Vishwas can the same be revised? If Yes, at what stage of the proceedings will the same be allowed ?

  161. 6. FAQs on interest under section 234A, 234B, 234C and 234D

  162. When is interest under Section 234A levied?
  163. What is the rate of interest that shall be charged under Section 234A?
  164. Which period shall be considered for interest under Section 234A if the return is furnished belatedly?
  165. Which period shall be considered for interest under Section 234A if the return is not furnished?
  166. Which period shall be considered for interest under section 234A if the return is furnished belatedly in re-assessment?
  167. Which period shall be considered for interest under Section 234A if the return is not furnished in re-assessment?
  168. Which period shall be considered for interest under Section 234A if the return is not furnished and an updated return is filed?
  169. Which period shall be considered for interest under section 234A if the return is furnished and an updated return is also filed?
  170. Whether interest under Section 234A shall be levied on the additional income tax payable under Section 140B?
  171. When is interest under Section 234B levied?
  172. What is the meaning of assessed tax?
  173. What is the rate of interest that shall be charged under Section 234B?
  174. Which amount shall be considered to calculate interest under Section 234B if advance tax is not paid?
  175. Which amount shall be taken to calculate interest under Section 234B if the advance tax paid is less than 90% of the assessed tax?
  176. Which period shall be considered for interest under section 234B if self-assessment tax is not paid?
  177. Which period shall be considered for interest under Section 234B if self-assessment tax is paid?
  178. Which period shall be considered for interest under Section 234B in case of re-assessment without regular assessment?
  179. Which period shall be considered for interest under Section 234B in case of re-assessment after the regular assessment?
  180. Whether interest under Section 234B shall be levied on the amount of additional income tax payable under Section 140B?
  181. What are the due dates for payment of advance tax?
  182. When interest under Section 234C shall be levied?
  183. What is the due date for payment of advance tax if the assessee has opted presumptive taxation scheme under Sections 44AD or 44ADA?
  184. When shall interest under Section 234C be charged if the assessee has opted presumptive taxation scheme of Sections 44AD or 44ADA?
  185. How to calculate interest under section 234C?
  186. How to calculate interest under Section 234C if the assessee has opted presumptive taxation scheme of Section 44AD or 44ADA?
  187. What are the exceptional cases where a shortfall in payment of advance tax shall be ignored for calculation of interest under section 234C?
  188. When is interest under Section 234D levied?
  189. What is the rate of interest that shall be charged under Section 234D?
  190. Which amount shall be taken to calculate interest under Section 234D?
  191. Which period shall be considered for interest under Section 234D?

  192. 7. FAQs on Compounding of Offences

  193. What is Compounding of Offence?
  194. Who is a competent authority?
  195. What are the Category A offences?
  196. What are the Category A offences?
  197. What are the Category B Offences?
  198. What are the Category B Offences?
  199. Which specified offences cannot be compounded?
  200. When can Category A Offences not be compounded?
  201. When can Category A Offences not be compounded?
  202. When can Category B Offences not be compounded?
  203. Whether compounding allowed for the offences for which the assessee has been convicted?
  204. Is compounding allowed if the application for such an offence was previously rejected?
  205. Is compounding allowed where the assessee has been found involved in anti-national or terrorist activity?
  206. Can offences under Section 276 be compounded if the outstanding amount in recovery is not deposited before filing the application?
  207. Which form shall be filed for an application for compounding?
  208. What is the time limit for filing of an application for compounding?
  209. Is there any relaxation available on the time limit for filing of application of compounding?
  210. What are the compounding fees specified for various defaults?
  211. What are the other charges which are required to be paid with the compounding fee?
  212. Is any interest levied if the time allowed for the deposit of compounding charges is extended beyond one month from the end of the month of intimation of compounding charges?
  213. Who will be the competent authority where jurisdiction on the applicant lies with more than one Commissioner?
  214. Who will be the competent authority where the applicant has more than one TAN and jurisdiction over these TANs lies with more than one Commissioner?

  215. 8. FAQs on Exemption available from Capital gains

  216. What are the various exemptions available in respect of capital gains arising on the transfer of capital assets?
  217. What is Section 54 of the Income Tax Act?
  218. Who can claim an exemption under section 54?
  219. Which capital asset is qualified for section 54 exemption?
  220. Which new asset should be acquired for claiming exemption under section 54?
  221. What is the maximum amount of exemption allowed under section 54?
  222. Is there any limit on the number of house properties in which further investment can be made?
  223. What is the time limit for making investment in new asset under section 54?
  224. What is the Capital Gains Account Scheme?
  225. What is the time limit to deposit the unutilized amount in Capital Gain Scheme Account?
  226. Whether investment made in a plot for the construction of a residential house are eligible for exemption under section 54?
  227. What are the circumstances in which exemption under section 54 can be withdrawn?
  228. What happens to the unutilised amount if the assessee (individual) dies before utilising the deposit under Capital Gains Scheme Account?
  229. What is Section 54B of the Income-tax Act?
  230. Who can claim exemption under section 54B?
  231. Which capital asset is qualified for section 54B exemption?
  232. Which new asset should be acquired for claiming exemption under section 54B?
  233. What is the maximum amount of exemption allowed under section 54B?
  234. What is the prescribed time limit for investment in new asset under section 54B?
  235. Is the benefit of depositing amount of capital gains in capital gain account scheme is available to claim exemption under section 54B?
  236. What are the circumstances in which exemption under section 54B can be withdrawn?
  237. What is Section 54D of the Income Tax Act?
  238. Who can claim exemption under section 54D?
  239. Which capital asset should be transferred to claim the exemption under section 54D?
  240. Which new asset should be acquired for claiming exemption under section 54D?
  241. What is the maximum amount of exemption allowed under section 54D?
  242. What is the prescribed time limit for investment in new asset under section 54D?
  243. Is the benefit of depositing amount of capital gains in capital gain account scheme is available to claim exemption?
  244. What are the circumstances in which exemption under section 54D can be withdrawn?
  245. What is Section 54EC of the Income Tax Act?
  246. Who can claim exemption under section 54EC?
  247. Which capital asset should be transferred to claim the exemption under section 54EC?
  248. Which new asset should be acquired for claiming exemption under section 54EC?
  249. What is the maximum amount of exemption allowed under section 54EC?
  250. What is the prescribed time limit for investment in new asset under section 54EC?
  251. Is the benefit of depositing amount of capital gains in capital gain account scheme is available to claim exemption under section 54EC?
  252. What are the circumstances in which exemption under section 54EC can be withdrawn?
  253. What is Section 54EE of the Income Tax Act?
  254. Who can claim an exemption under section 54EE?
  255. Which capital asset should be transferred to claim the exemption under section 54EE?
  256. Which new asset should be acquired for claiming exemption under section 54EE?
  257. What is the maximum amount of exemption allowed under section 54EE?
  258. What is the prescribed time limit for investment in new asset under section 54EE?
  259. Is the benefit of depositing amount of capital gains in capital gain account scheme is available to claim exemption under section 54EE?
  260. What are the circumstances in which exemption under section 54EE can be withdrawn?
  261. What is Section 54F of the Income Tax Act?
  262. Who is eligible to claim exemption under Section 54F?
  263. What types of assets qualify for exemption under Section 54F?|what are criterias to claim exemption under section 54F?
  264. What types of new assets are eligible for the exemption under Section 54F?
  265. What is the time limit for investing in the new asset?
  266. What is the maximum amount of exemption allowed under section 54F?
  267. Under what circumstances is the exemption under Section 54F denied?
  268. Under what circumstances can the exemption under Section 54F be forfeited?
  269. What is Section 54G of the Income Tax Act?
  270. Who can claim exemption under Section 54G?
  271. What is considered an "urban area" for the purposes of Section 54G?
  272. What type of capital asset is qualified for Section 54G exemption?
  273. What type of new asset must be acquired or constructed to claim the Section 54G exemption?
  274. What is the time limit for investing in the new asset for Section 54G exemption?
  275. Are there any specific requirements under section 54G for how the capital gain must be invested in the new asset?
  276. What is the maximum amount of exemption allowed under section 54G?
  277. What are the circumstances in which exemption under section 54G can be withdrawn?
  278. What is Section 54GA of the Income Tax Act?
  279. Who can claim exemption under Section 54GA?
  280. What type of capital asset is qualified for Section 54GA exemption?
  281. What type of new asset must be acquired or constructed to claim the Section 54GA exemption?
  282. What is the time limit for investing in the new asset for Section 54GA exemption?
  283. What is the maximum amount of exemption allowed under section 54GA?
  284. What is Section 54GB of the Income Tax Act?
  285. Who can claim an exemption under Section 54GB?
  286. Which capital assets are qualified for Section 54GB exemption?
  287. Where is the assessee required to invest for Section 54GB exemption?
  288. What is an eligible company?
  289. What is considered an eligible start-up?
  290. What is the time limit to invest in new assets for Section 54GB exemption?
  291. What is the time limit to invest in the new asset by the eligible company?
  292. What is the maximum amount of exemption allowed under section 54GB?
  293. How to compute exemption under section 54GB?
  294. What are the circumstances in which exemption under section 54GB can be withdrawn?

  295. 9. FAQs on Disallowance of cash expenses or limit on cash transactions

  296. What is the provision of Section 269T?
  297. Which transactions are covered in the ambit of Section 269T?
  298. What is the threshold limit for Section 269T?
  299. Is there any exception where the provision of Section 269T shall not apply?
  300. What is the penalty for contravention of Section 269SU?
  301. Which payment modes are covered in ‘prescribed electronic modes’ for the provision of Sections 40A(3), 269SS, 269ST, 269SU, and 269T?
  302. What is the provision of Section 40A(3)?
  303. What is the limit if payment is made for plying, hiring, or leasing goods carriages?
  304. Whether payment made to a bank covered in this provision?
  305. Is disallowance made under this provision for the payment made by way of book adjustment?
  306. What is the provision of Section 269SS?
  307. Whether Section 269SS apply if the recipient and depositor both have an agricultural income?
  308. Which transactions are covered in the ambit of Section 269SS?
  309. What is the threshold limit for Section 269SS?
  310. Is there any exception where the provision of Section 269SS shall not apply?
  311. What is the penalty for contravention of Section 269SS?
  312. What is the provision of Section 269ST?
  313. Which transactions are covered in the ambit of Section 269ST?
  314. Which provision prevails if a transaction is covered in the provision of Section 269SS as well as Section 269ST?
  315. Is there any exception where the provision of Section 269ST shall not apply?
  316. What is the penalty for contravention of Section 269ST?
  317. What is the provision of Section 269SU?
  318. Is there any exception where the provision of Section 269SU shall not apply?

  319. 10. FAQs on ICDS

  320. What is the scope of ICDS-III?
  321. Whether ICDS-III shall apply to a service contract?
  322. What is the meaning of a Construction Contract?
  323. What is the process for combining or segmenting contracts in accordance with ICDS?
  324. What disclosures are required in Form 3CD for construction contracts?
  325. What is the scope of ICDS-IV?
  326. Does ICDS-IV apply to construction contracts?
  327. Does ICDS-IV apply to incomes in the nature of interest, royalty, or fees for technical services?
  328. What are the disclosure requirements for ICDS-IV?
  329. What is the scope of ICDS-V?
  330. What is considered a tangible fixed asset?
  331. What disclosures are required to be made in respect of tangible fixed assets for ICDS-V?
  332. What is the scope of ICDS-VI?
  333. Does ICDS-VI apply to the foreign exchange gain or loss arising in respect of capital assets purchased from a foreign country?
  334. What disclosures are required to be made for ICDS-VI?
  335. What is the scope of ICDS-VII?
  336. What is the meaning of Government Grant?
  337. What disclosures are required to be made in respect of government grants for ICDS-VII?
  338. What is the scope of ICDS-VIII?
  339. What is ICDS?
  340. What is the meaning of Securities?
  341. Which transaction or securities are not covered in the ambit of ICDS-VIII?
  342. What is the scope of ICDS-IX?
  343. What is the meaning of borrowing cost?
  344. What is the treatment of borrowing costs?
  345. What disclosures are required to be made in respect of government grants for ICDS-IX?
  346. What is the scope of ICDS-X?
  347. What is the meaning of provision?
  348. What is the meaning of contingent assets?
  349. What is the meaning of contingent liability?
  350. Who is required to comply with ICDS?
  351. What is the meaning of executory contracts?
  352. When shall a provision be recognised as per ICDS-X?
  353. What disclosures are required to be made in respect of provisions for ICDS-X?
  354. What disclosures are required to be made in respect of contingent assets for ICDS-X?
  355. Is there any threshold limit for the applicability of ICDS?
  356. Whether ICDS applicable to all Individuals and HUFs?
  357. Whether ICDS applicable to the assessees opting for a presumptive taxation scheme?
  358. Whether the ICDS are applicable in the case of MAT and AMT Computation?
  359. Whether ICDS are applicable to banks, NBFCs, insurance companies, etc?
  360. If there is a conflict between ICDS and the Income-tax Act, which one prevails?
  361. What happens if an assessee does not follow the ICDS for the computation of income?
  362. What is the scope of ICDS-I?
  363. What are the disclosures required of accounting policies in ICDS-I?
  364. What is the scope of ICDS-II?
  365. What are the exceptions where ICDS-II does not apply?
  366. What is the definition of “Inventories”?
  367. What is the value of opening inventory as per ICDS-II?
  368. Whether interest and other borrowing costs shall be included in the cost of inventories?
  369. Which value shall be taken for inventory valuation on the date of dissolution of a partnership firm or AOP or BOI?
  370. What disclosures are required to be made in respect of Inventories?

  371. 11. FAQs on Penalty provision under IT Act

  372. When penalty under Section 221 shall be imposed?
  373. What is the amount of penalty levied under section 221?
  374. When penalty under Section 270A may be imposed?
  375. What is under-reporting of income?
  376. What is misreporting of income?
  377. What is the amount of penalty levied under section 270A?
  378. When penalty under Section 271A may be imposed?
  379. What is the amount of penalty levied under section 271A?
  380. When penalty under Section 271AA may be imposed?
  381. What is the amount of penalty levied under section 271AA?
  382. When penalty under Section 271AAA shall be imposed?
  383. What is the amount of penalty levied under section 271AAA?
  384. When penalty under Section 271AAB(1) may be imposed?
  385. What is the amount of penalty levied under section 271AAB(1)?
  386. When penalty under Section 271AAB(1A) may be imposed?
  387. What is the amount of penalty levied under section 271AAB(1A)?
  388. When penalty under Section 271AAC may be imposed?
  389. What is the amount of penalty levied under section 271AAC?
  390. When penalty under Section 271AAD may be imposed?
  391. What is the amount of penalty levied under section 271AAD?
  392. When penalty under Section 271AAE may be imposed?
  393. What is the amount of penalty levied under section 271AAE?
  394. When penalty under Section 271B may be imposed?
  395. What is the amount of penalty levied under section 271B?
  396. When penalty under Section 271BA shall be imposed?
  397. What is the amount of penalty levied under section 271BA?
  398. When penalty under Section 271BB may be imposed?
  399. What is the amount of penalty levied under section 271BB?
  400. When penalty under Section 271C shall be imposed?
  401. What is the amount of penalty levied under section 271C?
  402. When penalty under Section 271CA shall be imposed?
  403. What is the amount of penalty levied under section 271CA?
  404. When penalty under Section 271D shall be imposed?
  405. What is the amount of penalty levied under section 271D?
  406. When penalty under Section 271DA shall be imposed?
  407. What is the amount of penalty levied under section 271DA?
  408. When penalty under Section 271DB shall be imposed?
  409. What is the amount of penalty levied under section 271DB?
  410. When penalty under Section 271E shall be imposed?
  411. What is the amount of penalty levied under section 271E?
  412. When penalty under Section 271FA may be imposed?
  413. What is the amount of penalty levied under section 271FA?
  414. When penalty under Section 271FAA may be imposed?
  415. What is the amount of penalty levied under section 271FAA?
  416. When penalty under Section 271FAB may be imposed?
  417. What is the amount of penalty levied under section 271FAB?
  418. When penalty under Section 271G may be imposed?
  419. What is the amount of penalty levied under section 271G?
  420. When penalty under Section 271GA may be imposed?
  421. What is the amount of penalty levied under section 271GA?
  422. When penalty under Section 271GB(1) may be imposed?
  423. What is the amount of penalty levied under section 271GB(1)?
  424. When penalty under Section 271GB(2) may be imposed?
  425. What is the amount of penalty levied under section 271GB(2)?
  426. When penalty under Section 271GB(4) may be imposed?
  427. What is the amount of penalty levied under section 271GB(4)?
  428. When penalty under Section 271H may be imposed?
  429. What is the amount of penalty levied under section 271H?
  430. When penalty under Section 271-I may be imposed?
  431. What is the amount of penalty levied under section 271-I?
  432. When penalty under Section 271J may be imposed?
  433. What is the amount of penalty levied under section 271J?
  434. When penalty under Section 271K may be imposed?
  435. What is the amount of penalty levied under section 271K?
  436. When penalty under Section 272A(1) shall be imposed?
  437. What is the amount of penalty levied under section 272A(1)?
  438. When penalty under Section 272A(2) shall be imposed?
  439. What is the amount of penalty levied under section 272A(2)?
  440. When penalty under Section 272AA shall be imposed?
  441. What is the amount of penalty levied under section 272AA?
  442. When penalty under Section 272B may be imposed?
  443. What is the amount of penalty levied under section 272B?
  444. When penalty under Section 272BB may be imposed?
  445. What is the amount of penalty levied under section 272BB?

  446. 12. FAQs on Prosecution provision under IT Act

  447. When prosecution under Section 275A may be launched?
  448. What is the punishment and fine for the offence under section 275A?
  449. When prosecution under Section 275B shall be launched?
  450. What is the punishment and fine for the offence under section 275B?
  451. When prosecution under Section 276 shall be launched?
  452. When prosecution under Section 276A can be launched?
  453. What is the punishment and fine for the offence under section 276A?
  454. When penalty under Section 276B shall be imposed?
  455. What is the punishment and fine for the offence under section 276B?
  456. When prosecution under Section 276BB shall be launched?
  457. When prosecution under Section 276C(1) shall be launched?
  458. What is the meaning of a wilful attempt to evade tax?
  459. When prosecution under Section 276C(2) shall be launched?
  460. What is the punishment and fine for the offence under section 276C(2)?
  461. When prosecution under Section 276CC shall be launched?
  462. When prosecution under section 276CC shall not be launched?
  463. What is the punishment and fine for the offence under section 276CC?
  464. When prosecution under Section 276CCC shall be launched?
  465. What is the punishment and fine for the offence under section 276CCC?
  466. When prosecution under Section 276D shall be launched?
  467. What is the punishment and fine for the offence under section 276D?
  468. When prosecution under Section 277 shall be launched?
  469. What is the punishment and fine for the offence under section 277?
  470. When prosecution under Section 277A shall be launched?
  471. When prosecution under Section 278 shall be launched?
  472. What is the punishment and fine for the offence under section 278?
  473. When prosecution under Section 280 shall be launched?
  474. What is the punishment and fine for the offence under section 280?

  475. 13. FAQs on Faceless Income-tax Proceedings

  476. What are the salient features of ‘E-Proceedings’ functionality on the ‘e-filing’ portal of the Income Tax department?
  477. How does the new ‘Faceless Assessments’ system under Section 144B of the Income Tax Act differ from the ‘Conventional Manual Mode of Assessments’?
  478. Which are the different Income Tax Units under the new ecosystem of Faceless Assessments under Section 144B?
  479. Which Income Tax Unit will do all the electronic communication/interface with the assessee under the New Scheme of Faceless Assessments under Section 144B?
  480. Where can I see if any query has been raised against my response given against an adjustment made under Section 143(1)(a)?
  481. What notices/orders can I respond to under e-Proceedings?
  482. What is the permissible size of files that can be uploaded in the response window?
  483. Do I need to log in to the e-Filing portal to view and submit a response?
  484. Do I need to e-Verify the response/submission made using the e-Proceedings service?
  485. I have 4 days left before the proceeding limitation date. Why am I unable to submit my response?
  486. Can I view the response I have submitted to the notice issued to me?
  487. Can I edit my response after responding to a notice on the e-Filing portal?
  488. Can I respond to a seek clarification notice without logging on to the e-Filing portal?
  489. Can somebody else on my behalf respond to the notices issued to me by the Income Tax Authority using the e-Proceedings service?
  490. Can I remove an already added /existing Authorized Representative?
  491. Can I add two Authorized Representatives to respond to the notice issued to me?
  492. How do I know if there is any outstanding demand pending against my PAN?
  493. Why do I need to submit a response to an outstanding demand?
  494. What can I do if I disagree with the amount of outstanding demand?
  495. What can I do if the reason for disagreement with the outstanding demand is not listed?
  496. Where can I view the past responses I have submitted?
  497. While selecting reasons on the ‘Response to Outstanding Demand’ page, I get the message “No records found for revised/rectified return for the assessment year”. What can I do?
  498. How do I pay the outstanding tax demand?
  499. What are the different ways in which I can make the payment?
  500. What if I do not have the copy of the challan to be attached? Where can I find it?
  501. When do I need to submit a rectification request?
  502. What kinds of errors can be corrected by submitting a rectification request?
  503. What are the different request types for income tax rectification?

  504. 14. FAQs on agricultural income (Section 2(1A) and Rule 7)

  505. When can income derived from the land be treated as agricultural income under Section 2(1A)(a)?
  506. What is the provision of Section 2(1A)(b)(ii)?
  507. What is the provision of Section 2(1A)(b)(iii)?
  508. When income from farm building may be treated as agricultural income under Section 2(1A)(c)?
  509. When agricultural land is considered situated in a rural area?
  510. When income from nursery operation shall be deemed agricultural income?
  511. What is the provision of Rule 7 of the Income-tax Rules, 1962?
  512. How to determine the market value of agricultural produce where produce is ordinarily sold in the market?
  513. How to determine the market value of agricultural produce where produce has no market?
  514. What is the provision of Rule 7A of the Income-tax Rules, 1962?
  515. Which deduction is allowed while computing income from the sale of the produce of rubber plants?
  516. What is the provision of Rule 7B of the Income-tax Rules, 1962?
  517. Which deduction is allowed while computing income from the sale of coffee grown, cured, roasted, and grounded in India?
  518. What is the provision of Rule 8 of the Income-tax Rules, 1962?
  519. Which deduction is allowed while computing income in respect of the business of growing tea leaves and manufacturing tea?
  520. What is the tax treatment of agriculture income?
  521. What is the taxability of capital gain arising from the sale of agricultural land?

  522. 15. FAQs on Annual Information System (AIS) and Taxpayer Information Summary (TIS)

  523. What is Annual Information Statement (AIS)?
  524. What is Taxpayer Information Summary (TIS)?
  525. Which types of information are covered in AIS?
  526. How to access AIS/TIS?

  527. 16. FAQs on Benami Property

  528. What is the meaning of Benami property?
  529. What is the meaning of the Benami transaction?
  530. Who is Benamidar?
  531. Who is the Beneficial Owner?
  532. What is the definition of property?
  533. What is the meaning of transfer?
  534. Whether property held as benami is liable to confiscation?
  535. What are the prosecution provisions for a person who enters into a Benami transaction?
  536. Can a Benamidar re-transfer the Benami property to the beneficial owner or any other person?
  537. Can a Benamidar sell away Benami property to avoid confiscation? Can the property be confiscated from the purchaser?
  538. Who are the authorities under the PBPT Act?
  539. What are the powers of the authorities to initiate a proceeding under the PBPT Act?
  540. What is the procedure for confiscation of Benami property?
  541. What is the pre-requisite to issue a show-cause notice under Section 24?
  542. How is the show-cause notice to be served?
  543. Whether the show-cause notice has to be served to the beneficial owner also?
  544. What is the procedure for the provisional attachment of property specified in the show-cause notice during the pendency of the inquiry?
  545. What is the procedure for the adjudication before the Adjudicating Authority?
  546. What is the procedure for the confiscation of the property when an adjudication order passed under Section 26 holds it to be a Benami property?
  547. What is the time limit to file an appeal to Appellate Tribunal?
  548. What is the process where a person dies during the course of any proceeding?
  549. What is the time limit to rectify a mistake apparent on the face of the record?
  550. What is the time limit to file an appeal to High Court?
  551. What is the punishment for false information submitted by the person who is required to furnish information under this Act?

  552. 17. FAQs on Benami Transactions Informants Reward Scheme, 2018

  553. What is Benami Transactions Informants Reward Scheme, 2018?
  554. Who is considered an ‘Informant’ under this scheme?
  555. Whether any ‘government servant’ can be an ‘informant’ and is eligible to be rewarded under the scheme?
  556. What if a person giving such specific information is not allotted an Informant Code?
  557. Whether a person will be entitled to a reward if he furnished specific information of benami property in any manner other than through prescribed form in Annexure A?
  558. What is “Specific Information” as per the scheme?
  559. Whom should a person contact if they have specific information as mentioned in the scheme?
  560. What is the course of action if JCIT/Addl. CIT (BP) considers the information actionable?
  561. What is the course of action when a foreign person is in possession of information?
  562. What is the process if the information is furnished by a group of informants?
  563. Whether a person can furnish details of benami property on multiple occasions?
  564. Whether confidentiality be maintained in the context of the Informant’s identity and information provided by the Informant?
  565. What are the consequences if an informant furnishes false information?
  566. Conditions required to be fulfilled to be eligible for Interim Reward
  567. Conditions required to be fulfilled to be eligible for Final Reward
  568. What is the quantum of interim reward under this scheme?
  569. What is the quantum of the Final reward under this scheme?
  570. What is ‘Circle Rate’?
  571. What is the quantum of reward where more than one benami property is involved?
  572. What is the quantum of reward if the Informant is eligible for a reward under Income Tax Informants Reward Scheme 2018 and Benami Transactions Informants Reward Scheme 2018?
  573. What is the time limit for the payment of the reward?
  574. What are the different modes for the payment of rewards if the Informant is a foreign person?
  575. Who is considered a Competent Authority to grant rewards?
  576. What are the relevant factors that are considered for granting and determining the quantum of reward?
  577. Circumstances in which the Informant is not eligible for any reward
  578. Is there any possibility of not taking cognizance of the information furnished by an informant?
  579. What are the provisions with respect to the non-disclosure of information regarding the taxpayer/assessee?
  580. Can the Informant file an appeal against the amount of reward?
  581. Is there any remedy for final reward available to the Informant if the Informant alleges injustice in the decision of the competent authority?
  582. Will an assignment of the reward by the Informant be recognized?
  583. Is the reward received by the Informant tax-free?

  584. 18. FAQs on charitable or religious trusts

  585. What is the meaning of charitable purpose?
  586. When shall the advancement of any other object of general public utility not be treated as a charitable purpose?
  587. What is the validity period of a registration obtained under Section 12AB?
  588. Which form is required to file for conversion of provisional registration into regular registration?
  589. When the registration of trust shall become inoperative?
  590. What is the validity period of a provisional registration?
  591. When can a trust or institution apply for direct regular registration?
  592. When maintenance of books of account is mandatory for a trust?
  593. What is the time period defined to keep and maintain books of account and other documents?
  594. When books of accounts are required to be audited?
  595. What is the due date for submission of an audit report by a trust?
  596. Who is required to file an audit report in Form 10B?
  597. Who is required to file an audit report in Form 10BB?
  598. When the filing of a return of income is mandatory for a trust?
  599. What is the provision for the accumulation of income?
  600. When is a trust required to file Form 10?
  601. When is a trust required to file Form 9A?
  602. What are the permissible modes for investment or deposit under Section 11(5) read with Rule 17C?
  603. What is the provision for the treatment of corpus donation?
  604. What is the meaning of anonymous donation?
  605. What is the taxability of anonymous donation?
  606. When does the provision of accreted income apply?
  607. When is a specified trust or institution deemed to be converted?
  608. How to calculate accreted income?
  609. What is the specified date for the purpose of calculation of accreted income?
  610. What is the tax rate applicable on accreted income?
  611. What is the provision for Section 115BBI?
  612. What are the specified violations when the registration of a trust can be cancelled?
  613. What are the consequences of cancellation of registration?
  614. Under which circumstances an exemption of Sections 11 and 12 will be withdrawn?
  615. Which persons are treated as interested persons?
  616. What is the meaning of substantial interest?
  617. When is an Interested Person deemed to be benefited?

  618. 19. FAQs on Income tax informants reward scheme, 2018

  619. What is Income Tax Informants Reward Scheme, 2018?
  620. What is the scope of this scheme?
  621. Who is considered an Informant under this scheme?
  622. Can any government servant be an ‘informant’ and claim a reward under the scheme?
  623. What is considered information?
  624. What is “substantial tax evasion”?
  625. Whether a person will be entitled to a reward if he furnishes specific information other than through Annexure-A?
  626. Whether confidentiality be maintained in the context of the Informant’s identity and information provided by the Informant?
  627. Whom should a person contact if he has information about substantial tax evasion?
  628. What is the course of action if JDIT(Inv.) considers the information actionable?
  629. What is the course of action where a foreign person is in possession of information?
  630. Who is a foreign person?
  631. What is the process if the information is furnished by a group of informants?
  632. What are the consequences if an informant furnishes false information?
  633. What is the quantum of interim reward for information on undisclosed foreign income/assets liable under the Black Money (Undisclosed Foreign Income and Assets) Act, 2015?
  634. What is the quantum of interim reward for information of undisclosed income/assets liable under the Income Tax Act, 1961?
  635. What is the time limit for the payment of the interim reward?
  636. What is the quantum of the Final reward for information on undisclosed foreign income/assets liable under the Black Money (Undisclosed Foreign Income and Assets) Act, 2015?
  637. What is the quantum of the Final reward if the Informant is eligible for a reward under Income Tax Informants Reward Scheme, 2018 and Benami Transactions Informants Reward Scheme, 2018?
  638. What is considered an Additional Tax?
  639. What is Additional taxes realisable under this scheme?
  640. What is the quantum of reward if the Informant is eligible for a reward under Income Tax Informants Reward Scheme, 2018, and Benami Transactions Informants Reward Scheme, 2018?
  641. When shall the final reward be processed?
  642. What are the different stages that are considered for processing the final award?
  643. Whether the amount of the Final reward is in addition to the Interim reward?
  644. What is the time limit for the payment of the final reward?
  645. What are the different modes for the payment of rewards to a non-resident informant?
  646. Who is considered a Competent Authority to grant reward?
  647. What are the relevant factors that are considered for the determination of Interim or Final reward?
  648. Circumstances in which the Informant is not eligible for any reward
  649. Is there any possibility of not taking cognisance of the information furnished by an informant?
  650. What are the provisions with respect to the non-disclosure of information regarding the taxpayer/assessee?
  651. Can the Informant file an appeal against the amount of reward?
  652. Is there any remedy for Final reward available to the Informant if the Informant alleges injustice in the decision of the competent authority?
  653. Will an assignment of the reward by the Informant be recognised?

  654. 20. FAQs on intimation under section 143

  655. What is intimation under Section 143(1)?
  656. Which adjustments shall be made by CPC to compute total income or loss while processing the ITR?
  657. What is the meaning of an incorrect claim?
  658. What is the time limit to issue intimation under section 143(1)?
  659. What is the time limit allowed to the assessee to explain and rectify the arithmetical error or incorrect claim found by the CPC?
  660. How to submit the response against the adjustment made by the CPC?

  661. 21. FAQs on TDS or TCS on sale or purchase of goods

  662. What is Section 194Q of the Income-tax Act?
  663. Who is required to deduct tax at source under section 194Q?
  664. What is the threshold limit for the deduction of tax under section 194Q?
  665. When is a tax required to be deducted under section 194Q?
  666. What is the rate of tax deduction under section 194Q?
  667. Whether the provision of section 194Q apply where the buyer is a non-resident?
  668. Whether the provision of section 194Q applies where a seller is a person whose income is exempted from income tax?
  669. What would be the rate of TDS under section 194Q if seller does not furnish his PAN to the buyer?
  670. What would be the rate of TDS under section 194Q if seller is a non-filer of the Income-tax return?
  671. What will be the rate of TDS under section 194Q if the seller is a non-filer of income-tax return and also doesn't furnish his PAN?
  672. How to deduct tax at source if a a transaction falls under Section 194Q as well as Section 194-O?
  673. Whether the provision of section 194Q is applied where a transaction is carried through recognised stock exchanges?
  674. What is the treatment of GST and other state levies & taxes while deducting tax under section 194Q?
  675. What is the treatment of purchase returns while deducting tax under section 194Q?
  676. What is Section 206C(1H) of the Income-tax Act?
  677. Who is responsible for collecting tax under section 206C(1H)?
  678. What is the rate at which tax is collectible under section 206C(1H)?
  679. What is the threshold limit for the collection of tax under section 206C(1H)?
  680. When is a tax required to be collected under section 206C(1H)?
  681. What is the consequence if the buyer does not furnish his PAN to the seller?
  682. What will be the rate of TCS under section 206C(1H) if buyer is a non-filer of income-tax return?
  683. What will be the rate of TCS if both Section 206CC and Section 206CCA are applicable?
  684. How to deal with a transaction which is covered both under section 194Q as well as section 206C(1H)?
  685. How to deal with a transaction which is covered both under section 194-O as well as section 206C(1H)?
  686. Whether tax is collectible under section 206C(1H) if goods are exported out of India?
  687. Whether TCS provision of section 206C(1H) applies if buyer is a person whose income is exempted from income tax?

  688. 22. FAQs on Higher rate of TDS under section 206AA and 206AB

  689. What are the provisions of Section 206AA of the Income Tax Act, 1961?
  690. What is the rate of tax if provisions of Section 206AA are applicable?
  691. Is there any exception to the higher rate prescribed as per section 206AA?
  692. Is there any exemption available to a person from the provisions of section 206AA?
  693. What are the provisions of Section 206AB?
  694. When do provisions of section 206AB apply?
  695. Which sum or income is liable for a higher rate of TDS under section 206AB?
  696. What is the rate of tax under section 206AB?
  697. How to check the return filing status of a person for deduction of tax at source under Section 206AB?
  698. What is the applicable rate of deduction of tax in case both Section 206AA and Section 206AB apply to a person?

  699. 23. FAQs in respect of filling-up of the Income-tax return forms for Assessment Year 2022-23

  700. I am a non-resident. The Taxpayer Identification Number (TIN) is not allotted in my jurisdiction of residence. How do I report the same in the column on "residential status"?
  701. I am a director in a foreign company which does not have PAN. How do I report the same against the column "Whether you were Director in a company at any time during the previous year?"
  702. I have sold land and earned capital gains. Whether I have to mention the date and sale of such land sold in the ITR forms?
  703. Whether an individual who is a non-resident, or resident but not ordinary resident (RNOR)) is also required to disclose details of his directorship in a foreign company which does not have any income accruing or arising in India?
  704. I have held shares of a company during the previous year, which are listed in a recognized stock exchange outside India. Whether I am required to report the requisite details against the column "Whether you have held unlisted equity shares at any time during the previous year?
  705. I have held equity shares of a company which were previously listed in a recognised stock exchange, but delisted subsequently, and became unlisted. How do I report PAN of company in the column "whether you have held unlisted equity shares at any time during the previous year"?
  706. In case unlisted equity shares are acquired or transferred by way of gift, will, amalgamation, merger, demerger, or bonus issue etc., how to report the "cost of acquisition" and "sale consideration" in the relevant column?
  707. I hold shares in an unlisted foreign company which has been duly reported in the Schedule FA. Whether I am required to report the same again in the column "Whether you have held unlisted equity shares at any time during the previous year?"
  708. I have held unlisted equity shares as stock-in-trade of business during the previous year. Whether I have to report the same in the column "Whether you have held unlisted equity shares at any time during the previous year?"
  709. Please clarify whether holding of equity shares of a Co-operative Bank or Credit Societies, which are unlisted, are required to be reported?
  710. I have sold land and building to a non-resident. Whether I need to report the PAN of buyer in the table A1/B1 in Schedule CG?
  711. I am resident and have sold land and building situated outside India. Whether I need to report the details of property and identity of buyer in Schedule CG?
  712. Whether it is mandatory to provide ISIN details and scrip-wise computation of Long Term Capital Gains (LTCG) arising on sale of Shares/Mutual Funds units on which STT has been paid?
  713. An unlisted company is required to furnish details of assets and liabilities in the Schedule AL-1 of ITR-6? Please clarify whether details of assets held as stock-in-trade of business are also required to be reported therein.
  714. I hold foreign assets during the previous year which have been duly reported in the Schedule FA. Whether I am required to report such foreign asset again in the Schedule AL (if applicable)?
  715. An unlisted company is required to furnish details of shareholding as at the end of previous year in the Schedule SH-1 of ITR-6. Please clarify whether these details are required to be furnished in case of an unlisted foreign company.
  716. An unlisted company is required to furnish details of assets and liabilities in the Schedule AL-1 of ITR-6. Please clarify whether these details are required to be furnished in case of an unlisted foreign company.
  717. Please clarify whether a farmer producer company as defined in section 581A of Companies Act, 1956 is required to furnish details of shareholding in the Schedule SH-1 of ITR-6?
  718. A company is required to disclose break-up of all payments and receipts during the year, in foreign currency, as per Schedule FD of ITR-6 (if it is not required to get the accounts audited u/s 44AB). Please clarify whether only the receipts/payments related to Business Operations in India.
  719. In schedule TDS, one is required to enter the head under which corresponding receipt has been offered. In some cases, TDS is deducted by the payer in current year, but corresponding income is to be offered in future years. How to fill up Schedule TDS in such cases?

  720. 24. General FAQs

  721. What is Income-tax?
  722. What is the administrative framework of Income-tax?
  723. What is the period for which a person’s income is taken into account for the purpose of Income-tax?
  724. Who is supposed to pay Income-tax?
  725. How does the Government collect Income-tax?
  726. What are the applicable tax rates?
  727. In the Challan there are terms like Income-tax on companies & Income-tax other than companies. What do they mean?
  728. How is advance tax calculated and paid?
  729. What is tax on regular assessment and how is it paid?
  730. What are the precautions that I should take while filling-up the tax payment challan?
  731. Do I need to insist on some proof of payment from the Banker to whom I have submitted the challan?
  732. How can I know that the Government has received the amount deposited by me as taxes in the bank?
  733. What should I do if my tax payment particulars are not found against my name in the website?
  734. Is my responsibility under the Income-tax Act over once taxes are paid?
  735. Who is an Assessing Officer?
  736. Income-tax is levied on the income of every person. As per Income-tax Law what constitutes income?
  737. What is exempt income and taxable income?
  738. What is revenue receipt and capital receipt?
  739. Are all receipts, i.e., capital and revenue receipts, charged to tax?
  740. I am an agriculturist. Is my income taxable?
  741. Under the Income-tax Law is income from animal husbandry considered as an agricultural income?
  742. Do I need to maintain any records or proof of earnings?
  743. As an agriculturist, am I required to maintain any proof of earnings and expenditures incurred?
  744. If I win a lottery or prize money in a competition, am I required to pay Income-tax on it?
  745. If my income is taxed in India as well as abroad, can I claim any sort of relief on account of double taxation?
  746. What does Profession mean?
  747. What books of account have been prescribed to be maintained by a person carrying on business/profession under the Income-tax Act?
  748. Where should the books of account of business be kept and for how long?
  749. My name is not updated as per Protean (formerly NSDL eGov) Website?
  750. How to check status of Aadhaar PAN linking?
  751. Please give me email of income tax ombudsman?

  752. 25. FAQs on Computation of Tax

  753. When do I have to pay the taxes on my income?
  754. Under how many heads the income of a taxpayer is classified?
  755. What is gross total income?
  756. What is the difference between gross total income and total income?
  757. How to round off total income before computing tax liability?
  758. Can I claim deduction for my personal and household expenditure while calculating my taxable income or profit?
  759. Most of my income is given away in charity and I am left with just enough money to meet my personal requirements. What will be considered as my income?
  760. My daughter stays in USA. She owns a house in India and has let it out. She has asked tenants to pay rent to me. She has not received any rent. Is she still liable to tax? What if she transfers the house to me?
  761. Is there any limit of income below which I need not pay tax?
  762. How to compute the total tax liability?
  763. How to round off the tax liability?
  764. What is rebate under section 87A for F.Y 2023-24 and who can claim it?
  765. Can a partnership firm or HUF claim rebate under section 87A?
  766. Can a non-resident claim rebate under section 87A?
  767. What is surcharge and how it is computed?
  768. What is marginal relief and how it is computed?
  769. What is minimum alternate tax?
  770. What is alternate minimum tax?

  771. 26. FAQs on the Income Declaration Scheme, 2016

  772. Where an undisclosed income in the form of investment in asset is declared under the Scheme and tax, surcharge and penalty is paid on the fair market value of the asset as on 01.06.2016, then will the declarant be liable for capital gains on sale of such Assets?
  773. Where a notice under section 142(1)/143(2)/148/153A/153C of the Income-tax Act has been issued to a person for an assessment year will he be ineligible from making a declaration under the Scheme?
  774. As per the Scheme, declaration cannot be made where an undisclosed asset has been acquired during any previous year relevant to an assessment year for which a notice under section 142, 143(2), 148, 153A or 153C of the Income-tax Act has been issued.
  775. In a case where the undisclosed income is represented in the form of investment in asset and such asset is partly from income that has been assessed to tax earlier, then what shall be the method of computation of undisclosed income represented by such undisclosed income?
  776. Can a declaration be made of undisclosed income which has been assessed to tax and the case is pending before an Appellate Authority?
  777. Can a person against whom a search/ survey operation has been initiated file declaration under the Scheme?
  778. Where a search/ survey operation was conducted and the assessment has been completed but certain income was neither disclosed nor assessed, then whether such unassessed income can be declared under the Scheme?
  779. What are the consequences if no declaration under the Scheme is made in respect of undisclosed income prior to the commencement of the Scheme?
  780. If a declaration of undisclosed income is made under the Scheme and the same was found ineligible due to the reasons listed in section 196 of the Finance Act, 2016, then will the person be liable for consequences under section 197(c) of the Finance Act, 2?
  781. If a person declares only a part of his undisclosed income under the Scheme, then will he get immunity under the Scheme in respect of the part income declared?
  782. Can a person declare under the Scheme his undisclosed income which has been acquired from money earned through corruption?
  783. Whether at the time of declaration under the Scheme, will the Principal Commissioner/Commissioner do any enquiry in respect of the declaration made?
  784. Will the declarations made under the Scheme be kept confidential?
  785. If a person declares income under this scheme then what is the due date for payment of tax calculated on declared income?
  786. Is it necessary to file a valuation report of an undisclosed income represented in the form of investment in asset along with the declaration under the Scheme?
  787. How a person can claim refund of excess amount deposited towards payment of tax on declared income?

  788. 27. FAQs on filing the return of income

  789. What is a return of income?
  790. What are the forms of return prescribed under the Income-tax Law?
  791. What are the different modes of filing the return of income?
  792. Which mode of filing of return is applicable to whom?
  793. Is it necessary to attach any documents along with the return of income?
  794. Who can use ITR – 1 (SAHAJ)?
  795. Who cannot use ITR – 1 (SAHAJ)?
  796. Who can use ITR – 2?
  797. Who cannot use ITR – 2?
  798. Who can use ITR – 3?
  799. Who cannot use ITR – 3?
  800. Who can use ITR – 4 (SUGAM)?
  801. Who cannot use ITR – 4 (SUGAM)?
  802. Who can use ITR – 5?
  803. Who cannot use ITR – 5?
  804. Who can use ITR – 6?
  805. Who cannot use ITR – 6?
  806. Who can use ITR – 7?
  807. Who cannot use ITR – 7?
  808. How to file the return of income electronically?
  809. What is e-filing utility provided by the Income-tax Department?
  810. Is there any e-filing help desk established by the Income-tax Department?
  811. What is the difference between e-filing and e-payment?
  812. Will I be put to any disadvantage by filing my return?
  813. What are the benefits of filing my return of income?
  814. What are the benefits of e-filing the return of income?
  815. Is it necessary to file return of income when I do not have any positive income?
  816. What are the due dates for filing returns of income/loss?
  817. Will I be penalized on late filing of ITR even if I am not liable to file it?
  818. If I fail to furnish my return within the due date, will I be fined or penalized?
  819. Can a return be filed after the due date?
  820. Can a return of income be filed after the expiry of due date to file belated return?
  821. If I have paid excess tax how will it be refunded to me?
  822. If I have committed any mistake in my original return, am I permitted to file a revised return to correct the mistake?
  823. How many times can I revise the return?
  824. Am I required to keep a copy of the return filed as proof and for how long?
  825. There are various deductions that are not reflected in the Form 16 issued by my employer. Can I claim them in my return?
  826. Why is return filing mandatory, even though all my taxes and interests have been paid and there is no refund due to me?
  827. Am I liable for any criminal prosecution [arrest/imprisonment, etc.] if I don’t file my Income-tax return, even though my income is taxable?
  828. What is Form 26AS?
  829. What to do if discrepancies appear in actual TDS and TDS credit as per Form 26AS?
  830. What precautions should be taken while filing the return of income?
  831. What is the eligibility for claiming rebate u/s 87A?
  832. Which ITR form is applicable for LIC agent?
  833. How to file return of income?
  834. Can total deductions exceeds the Gross Total Income (GTI)?
  835. Do I need to file the income-tax return even when I have paid all the taxes in advance?
  836. TDS has been deposited under wrong PAN. How can I claim that TDS?

  837. 28. FAQs on Tax Deducted at Source (TDS)

  838. What is tax deducted at source?
  839. What are the payments covered under the TDS mechanism and the rates for deduction of tax at source?
  840. Is there any minimum amount upto which tax is not deducted?
  841. Can the payee request the payer not to deduct tax at source and to pay the amount without deduction of tax at source?
  842. What are the consequences a deductor would face if he fails to deduct TDS or after deducting the same fails to deposit it to the Government’s account?
  843. Under what circumstances a deductor would not be deemed as an assessee-in-default even after he fails to deduct TDS or after deducting the same fails to deposit it to the Government’s account?
  844. If the payer does not deduct tax at source, will the payee face any adverse consequences by means of action taken by the Income-tax Department?
  845. What are the duties of the person deducting tax at source?
  846. How can I know the quantum of tax deducted from my income by the payer?
  847. At what rate the payer will deduct tax if a taxpayer doesn’t furnish return of income?
  848. What to do if the TDS credit is not reflected in Form 26AS?
  849. At what rate the payer will deduct tax if I do not furnish my Permanent Account Number to him?
  850. However, the provisions of section 206AA shall not apply in the following cases:-
  851. I do not have PAN. Can I furnish Form 15G/15H for non-deduction of TDS from interest?
  852. Would I face any adverse consequences if instead of depositing TDS in the government's account I use it for my personal needs?
  853. I have not received TDS certificate from the deductor. Can I claim TDS in my return of income?
  854. If I buy any land/building then is there any requirement to deduct tax from the sale proceeds to be paid by me to the seller?
  855. What is the difference between PAN and TAN?
  856. FAQs from TDS – Centralized Processing Cell
  857. What is the amount of TDS if property belongs to NRI?
  858. Whether limit of Rs. 50,000 per month under section 194-IB is applicable to each of the co-owners separately in case rent is paid individually to co-owners?
  859. Who is required to file Form 15CA?
  860. When Form 15CA is not required to be furnished?
  861. Whether TCS can be collected on amount inclusive of GST?
  862. How much TDS will be deducted in case of payment of Remuneration to company's director?
  863. What is the procedure of filing Form 15CA?
  864. What is the procedure of filing Form 15CB?
  865. Whether TDS required to be deducted on payment made to Government?

  866. 29. FAQs on Salary Income

  867. What is considered as salary income?
  868. What are allowances?
  869. My employer reimburses to me all my expenses on grocery and children’s education. Would these be considered as my income?
  870. During the year I had worked with three different employers and none of them deducted any tax from salary paid to me. If all these amounts are clubbed together, my income will exceed the basic exemption limit. Do I have to pay taxes on my own?
  871. Even if no taxes have been deducted from salary, is there any need for my employer to issue Form-16 to me?
  872. Is pension income taxed as salary income?
  873. Is Family pension taxed as salary income?
  874. If I receive my pension through a bank who will issue Form-16 or pension statement to me- the bank or my former employer?
  875. Are retirement benefits like PF and Gratuity taxable?
  876. Are arrears of salary taxable?
  877. Can my employer consider relief u/s 89 for the purposes of calculating the TDS from salary?
  878. My income from let out house property is negative. Can I ask my employer to consider this loss against my salary income while computing the TDS on my salary?
  879. Is leave encashment taxable as salary?
  880. Are receipts from life insurance policies on maturity along with bonus taxable?
  881. What is the taxability of ex-gratia received from employer?
  882. Where is House Rent allowance (HRA) to be reflected while filing income-tax return (ITR)?
  883. What is the taxability of House Rent allowance (HRA)?
  884. What is the taxability of Fixed Medical allowance?
  885. What is the taxability of Conveyance allowance?
  886. Is standard deduction applicable to all the salaried person whether he is an employee of Central or State Government?
  887. Is transport allowance can be claimed as exemption by an employee?
  888. Is standard deduction applicable to family pensioners?
  889. Mr. X having Gross Salary of Rs. 7,00,000 during the previous year 2022-23. Compute the standard deduction allowable to him?
  890. What is Form 12BB?
  891. When relief under section 89 of the Income Tax Act is available?
  892. What is the effective date of enhancement of limit of gratuity from Rs 10 lakh to 20 lakh for purpose of tax exemption computation under section 10(10)(ii)?

  893. 30. FAQs on Income from house property

  894. Is rental income from sub-letting chargeable to tax under the head “Income from house property”?
  895. Whether rental income could be charged to tax in the hands of a person who is not a registered owner of the property?
  896. Under which head is the rental income from a shop charged to tax?
  897. What is the tax treatment of composite rent when the composite rent pertains to letting of building along with other assets?
  898. What is the tax treatment of composite rent when the composite rent pertains to letting out of building along with charges for provision of services?
  899. How to compute income from a property which is let out throughout the year?
  900. How to compute gross annual value of a property which is let-out throughout the year?
  901. How to compute reasonable expected rent while computing gross annual value of a property which is let-out throughout the year.?
  902. How to compute actual rent while computing gross annual value of a property which is let-out throughout the year?
  903. How to compute gross annual value of a property which is let-out throughout the year?
  904. How to compute the gross annual value in the case of a property which is vacant for some time during the year?
  905. While computing income chargeable to tax under the head “Income from house property” in the case of a let-out property, what are the expenses to be deducted from gross annual value?
  906. Can interest paid on loans taken from friends and relatives be claimed as deduction while calculating house property income?
  907. While computing income chargeable to tax under the head “Income from house property” in the case of a let-out property, how much interest on housing loan can be claimed as deduction?
  908. What is pre-construction period?
  909. My spouse and I jointly own a house in which both of us have invested equally out of independent sources. Can the rental income received be split up between us and taxed in the individual hands?
  910. What is self-occupied property?
  911. How to compute income from self occupied property?
  912. Can a property not used for residence by the taxpayer be treated as self occupied property?
  913. What income is charged to tax under the head “Income from house property”?
  914. What will be the tax implications if a person occupies more than one property for his residence? Can he treat all the properties as self occupied (SOP) and claim gross annual value (GAV) as Nil?
  915. I own two houses. One is a farmhouse that I visit on weekends and the other is in the city that I use on weekdays. Is it correct to treat both these residences as self occupied?
  916. I own three houses which are occupied by me and my family. Is there any tax implication for financial Year 2021-22?
  917. In case of a self-occupied property, how much of interest on housing loan can be claimed as deduction?
  918. How to compute income from a property which is self-occupied for part of the year and let out for part of the year?
  919. How to compute income from a property, when part of the property is self-occupied and part is let-out?
  920. What is the tax of treatment of unrealised rent which is subsequently realised?
  921. I have 5 separate let out properties. Should I calculate the house property income separately for each individual property or by clubbing all the rental receipts in one calculation?
  922. What is the tax treatment of arrears of rent?

  923. 31. FAQs on Tax on Presumptive Taxation Scheme

  924. What is the meaning of presumptive taxation scheme?
  925. Who is eligible to take advantage of the presumptive taxation scheme of section 44AD?
  926. Which businesses are not eligible for presumptive taxation scheme of section 44AD?
  927. Can an insurance agent adopt the presumptive taxation scheme of section 44AD?
  928. Can a person engaged in a profession as prescribed under section 44AA(1) adopt the presumptive taxation scheme of section 44AD?
  929. Can a person whose total turnover or gross receipts for the year exceed threshold limit adopt the presumptive taxation scheme of section 44AD?
  930. What is the manner of computation of taxable business income under the normal provisions of the Income-tax Law, i.e., in case of a person not adopting the presumptive taxation scheme of section 44AD?
  931. What is the manner of computation of taxable business income in case of a person adopting the presumptive taxation scheme of section 44AD?
  932. As per the presumptive taxation scheme of section 44AD, income of a taxpayer will be computed @ 8%/6% of the turnover or gross receipt and from such income can the taxpayer claim any further deductions?
  933. If a person adopts the presumptive taxation scheme of section 44AD, then is he required to maintain books of account as per section 44AA?
  934. If a person adopts the presumptive taxation scheme of section 44AD, then is he liable to pay advance tax in respect of income from business covered under section 44AD?
  935. If a person adopts the presumptive taxation scheme but he opts out from the scheme in any of the subsequent five years, then what are the consequences?
  936. Who is eligible to take advantage of the presumptive taxation scheme of section 44ADA?
  937. What is the manner of computation of taxable income in case of a person adopting the presumptive taxation scheme of section 44ADA?
  938. Can a person who adopts the presumptive taxation scheme of section 44ADA claim any further deduction of expenses after declaring profit @ 50% of gross receipts?
  939. If a person adopts the presumptive taxation scheme of section 44ADA, then is he liable to pay advance tax in respect of income from profession covered under section 44ADA?
  940. If a person adopts the presumptive taxation scheme of section 44ADA, then he is required to maintain books of account as per section 44AA?
  941. What provision will apply if a person opt for the presumptive taxation scheme of section 44ADA and declares his income from profession at lower rate (i.e. less than 50%)?
  942. For whom the presumptive taxation scheme of section 44AE is designed?
  943. Who is eligible to take advantage of the presumptive taxation scheme of section 44AE and which business is eligible for the presumptive taxation scheme of section 44AE?
  944. Can a person who owns more than 10 goods vehicles adopt the presumptive taxation scheme of section 44AE?
  945. As per the presumptive taxation scheme of section 44AE, income of a taxpayer will be computed at the rate of Rs. 7,500 per goods vehicle per month or Rs. 1000 per ton of gross vehicle weight per month and in such a case can the taxpayer claim any further deduction income.
  946. If a person adopts the presumptive taxation scheme of section 44AE, then is he required to maintain books of account as per section 44AA?
  947. If a person adopts the presumptive taxation scheme of section 44AE, then is he liable to pay advance tax in respect of income from business covered under section 44AE?

  948. 32. FAQs on Gifts received by an individual or HUF

  949. Are monetary gifts received by an individual or Hindu Undivided Family (HUF) taxable?
  950. Are there any cases in which sum of money received without consideration, i.e., monetary gift received by an individual or HUF is not charged to tax?
  951. Gifts received from relatives are exempt from tax. Who will be considered as relative for the purpose of claiming such exemption?
  952. Who will be considered as a Family to receive any sum for treatment or on account of death of person due to any illness related to COVID-19?
  953. Apart from marriage are there any other occasions in which monetary gift received by an individual will not be charged to tax?
  954. Are monetary gifts received from friends liable to tax?
  955. Are monetary gifts received from abroad liable to tax?
  956. An Individual received different gifts (cash) from his friends, none of the gift exceeded Rs. 50,000 but the total of the gifts received during the year exceeded Rs. 50,000. What will be the tax treatment in such a case?
  957. If the aggregate value of gift received during the year by an individual or HUF exceeds Rs. 50,000, whether total amount of gift will be charged to tax or only the amount in excess of Rs. 50,000 will be charged to tax?
  958. Are there any cases in which the value of immovable property received by an individual or HUF without consideration (i.e. by way of gift) is not charged to tax?
  959. An individual received gift of three properties from his friend. The value of none of the property exceeded Rs. 50,000, but the aggregate value of these three properties exceeded Rs. 50,000. What will be the tax treatment of gift in this case?
  960. Are immovable properties received as gift from friends liable to tax?
  961. An Individual received gift of a flat from his friend. The stamp duty value of the flat is Rs. 84,000. In this case whether the total value of gifted property will be charged to tax or only the value in excess of Rs. 50,000 will be charged to tax?
  962. Would any taxability arise if an immovable property is received for less than its stamp duty value?
  963. Are there any cases in which immovable property received by an individual or HUF for less than its stamp duty value is not charged to tax?
  964. Are gifts of movable property received by an individual or HUF charged to tax?
  965. An individual received gift of jewellery from his friends. The total value of jewellery received during the year as gift from all the friends amounted to Rs. 84,000. What will be the tax treatment of gift in this case?
  966. Does any taxability arise if prescribed movable property is received by an individual or HUF for less than its fair market value?
  967. Are there any cases in which prescribed movable property received for less than its fair market value by an individual or HUF is not charged to tax?

  968. 33. FAQs on Capital Gains

  969. What incomes are charged to tax under the head “Capital Gains”?
  970. What is the meaning of capital asset?
  971. What is the meaning of the term ‘long-term capital asset’?
  972. What is long-term capital gain and short-term capital gain?
  973. Why capital gains are classified as short-term and long-term?
  974. How to compute long-term capital gain?
  975. How to compute short-term capital gain?
  976. Is the benefit of indexation available while computing capital gain arising on transfer of short-term capital asset?
  977. In respect of capital asset acquired before 1st April, 2001 is there any special method to compute cost of acquisition?
  978. If any undisclosed income [in the form of investment in capital asset] is declared under Income Declaration Scheme, 2016, then what should be the cost of acquisition of such capital asset?
  979. As per the Income-tax Law, gain arising on transfer of capital asset is charged to tax under the head “Capital gains”. What constitutes ‘transfer’ as per Income-tax Law?
  980. What are the provisions relating to computation of capital gain in case of transfer of asset by way of gift, will, etc.?
  981. I have sold a house which had been purchased by me 5 years ago. Am I required to pay any tax on the profit earned by me on account of such sale?
  982. Are any capital gains exempt under section 10?
  983. At what rates capital gains are charged to tax?
  984. Is there any benefit available in respect of re-investment of capital gain in any other capital asset?
  985. Are there any bonds in which I can invest my capital gains to claim tax relief?
  986. What is the meaning of stamp duty value and what is its relevance while computing capital gain in case of transfer of capital asset, being land or building or both?
  987. Whether interest received on amount deposited in capital gain account under capital gain account scheme is taxable?
  988. Whether profit earned from sale of land or building or both chargeable to capital gain tax?
  989. Which Form is to be filed for withdrawal from Capital Gain Account?
  990. I want to close my capital gain account. The capital gain amount is already disbursed and only interest is lying in account. The branch manager asked for Form G with AO's endorsement on it. How to get it? Please advise procedure?

  991. 34. FAQs on Clubbing of Income

  992. What is the meaning of clubbing of income?
  993. Do any clubbing provisions exist in case of transfer of income without transfer of asset?
  994. Do any clubbing provisions exist in case of a revocable transfer?
  995. Can remuneration received by spouse of an individual be clubbed with his/her income?
  996. Can income from assets transferred to spouse without adequate consideration be clubbed with the income of transferor-spouse?
  997. Are there any situations in which the clubbing provisions do not apply in case of income from assets transferred to spouse?
  998. Can income from assets transferred to son’s wife without adequate consideration be clubbed with the income of transferor, i.e., father-in-law/mother-in-law?
  999. Can income from assets transferred to any person for the benefit of spouse or for the benefit of son’s wife without adequate consideration be clubbed with the income of transferor?
  1000. Is minor child’s income clubbed with the income of parent? |How can parent claim TDS deducted on his minor's child income?
  1001. Will any clubbing provision apply in case of transfer of asset to Hindu Undivided Family (HUF) by its member?

  1002. 35. FAQs on Set Off and Carry Forward of Losses

  1003. If income from any source is exempt, then can loss from such source be adjusted against any other taxable income?
  1004. What is the meaning of intra-head adjustment?
  1005. What are the restrictions to be kept in mind while making intra-head adjustment of loss?
  1006. What is the meaning of inter-head adjustment?
  1007. If the income of the year in which loss is incurred falls short, and taxpayer is unable to adjust entire loss, then can the taxpayer carry forward the unadjusted loss for adjustment in next year?
  1008. What are the provisions framed under the Income-tax law in relation to carry forward and set off of business loss other than loss from speculative business?
  1009. What are the provisions framed under the Income-tax law in relation to carry forward and set off of loss from speculative business?
  1010. What are the provisions framed under the Income-tax Law in relation to carry forward and set off of house property loss?
  1011. What are the provisions framed under the Income-tax law in relation to carry forward and set off of capital loss?
  1012. What is the meaning of unabsorbed depreciation, unabsorbed capital expenditure on scientific research and unabsorbed capital expenditure on promoting family planning amongst the employees?
  1013. What are the provisions framed under the Income-tax Law relating to set off of unabsorbed depreciation, unabsorbed capital expenditure on scientific research and unabsorbed capital expenditure on promoting family planning amongst the employees?
  1014. In case of change in the constitution of business, can the loss be carried forward by the reconstituted entity?
  1015. Are there any special provisions in case of carry forward of loss in case of a partnership firm if any partner of the firm retires?
  1016. Are there any special provisions in case of carry forward and set off of loss in case of a company in which public are not substantially interested?

  1017. 36. FAQs on Assessments under the Income-tax Law

  1018. What is the meaning of assessment?
  1019. What are the major assessments under the Income-tax Law?
  1020. What is assessment under section 143(1)?
  1021. What is the procedure adopted for making the assessment under section 143(1)?
  1022. What is the time limit for making the assessment under section 143(1)?
  1023. What is assessment under section 143(3)?
  1024. What is the scope of assessment under section 143(3) i.e. scrutiny assessment?
  1025. What is the procedure adopted for making the assessment under section 143(3) i.e. scrutiny assessment?
  1026. What is the time limit for making the assessment under section 143(3) i.e. scrutiny assessment?
  1027. What is assessment under section 144?
  1028. Under what circumstances the Assessing Officer will proceed for making assessment under section 144 i.e. best judgment assessment?
  1029. What is the procedure adopted for making the assessment under section 144 i.e. best judgment assessment?
  1030. What is the time limit for making the assessment under section 144 i.e. best judgment assessment?
  1031. What is assessment under section 147?
  1032. What are the circumstances under which assessment under section 147 i.e. income escaping assessment can be carried out?
  1033. What is the procedure adopted for making the assessment under section 147 i.e. income escaping assessment?
  1034. What is the time limit for making the assessment under section 147 i.e. income escaping assessment?
  1035. What recourse is available to me if I am not satisfied with the order passed by my Assessing Officer?
  1036. What is limited scrutiny?
  1037. How to file response to notice issued under section 143(2)?
  1038. When it shall be deemed that Income has escaped Assessment?
  1039. What is the time limit for issuing notice under section 148 i.e. income escaping assessment?

  1040. 37. FAQs on Provisions useful for non-residents

  1041. Is the residential status of a person relevant for determining the taxability of the income in his hands?
  1042. What are the different classes of residential status prescribed under the Income-tax Law for an individual?
  1043. Will a person holding Indian citizenship be treated as a resident in India for the purpose of charging Income-tax?
  1044. What are the different classes of residential status prescribed under the Income-tax Law for a Hindu Undivided Family (HUF)?
  1045. What are the different classes of residential status prescribed under the Income-tax Law for a person other than an individual or a HUF?
  1046. How to determine the residential status of an Individual?
  1047. How to determine the residential status of a HUF for the purpose of the Income-tax Law?
  1048. How to determine the residential status of a company?
  1049. How to determine the residential status of a person other than an individual, HUF and company?
  1050. Which incomes are charged to tax in India in the hands of a taxpayer?
  1051. What incomes are deemed to have accrue or arise in India?
  1052. When is a business connection said to be established?
  1053. What are the other provisions under the Income-tax Act which are applicable to a Non-Resident?
  1054. What is the objective of FEMA?
  1055. What is capital account transaction?
  1056. What is current account transaction?
  1057. What are the major provisions covered in FEMA, 1999?

  1058. 38. FAQs for Senior Citizens

  1059. What are the benefits available to a senior citizen and very senior citizen in respect of tax rates?
  1060. At what age a person will qualify as a senior citizen and very senior citizen under the Income-tax Law?
  1061. Is there any special benefit available under the Income-tax law to senior citizens?
  1062. Is a very senior citizen granted exemption from e-filing of income tax return?
  1063. Is a Resident senior citizen granted exemption from payment of advance tax?
  1064. What are the benefits available in respect of interest on deposits in case of senior citizens?
  1065. What are the benefits available in respect of expenditure incurred on account of medical treatment of specified diseases on treatment of a senior citizen?
  1066. What are the benefits available in respect of expenditure incurred on account of medical insurance premium/ medical expenditure to a senior citizen and on account of?
  1067. Is a senior citizen exempts from filing Income-tax return (ITR)?

  1068. 39. FAQs on Tax audit

  1069. What is tax audit?
  1070. What is the objective of tax audit?
  1071. As per section 44AB, who is compulsorily required to get his accounts audited, i.e., who is covered by tax audit?
  1072. If a person is required by or under any other law to get his accounts audited, then is it compulsory for him to once again get his accounts audited to comply with the requirement of section 44AB?
  1073. What are Form Nos. 3CA/3CB and 3CD?
  1074. What is the due date by which a taxpayer should get his accounts audited?
  1075. What is the penalty for not getting the accounts audited as required by section 44AB?

  1076. 40. FAQs on TAN

  1077. What is TAN?
  1078. Who must apply for TAN?
  1079. Why is it necessary to have TAN?
  1080. How to apply for TAN?
  1081. Who will allot TAN?
  1082. Can an online application be made for allotment of TAN?
  1083. Can an application for TAN be made on a plain paper?
  1084. Can form 49B be filled on a typewriter?
  1085. What are the documents that need to accompany the TAN application?
  1086. What if incomplete form 49B is submitted?
  1087. What is the fee for filing application for TAN?
  1088. How will the new TAN be intimated to the deductor?
  1089. How can a deductor know his TAN if he has an old TAN, or if he has earlier applied for TAN but hasn't got TAN?
  1090. After making the application for allotment of TAN in Form 49B, how to know the status of the application?
  1091. Is it necessary to apply for different TAN if a deductor has to deduct tax from different types of payments like salary, interest, dividend, commission, etc.?
  1092. Is a separate TAN required to be obtained for the purpose of tax collection at source?
  1093. Should Government deductors apply for TAN?
  1094. In case of multiple DDOs, should all of them apply for TAN?
  1095. Can branches of companies/banks have separate TANs?
  1096. Can an e-TDS return be filed without TAN or in case TAN has not been allotted?
  1097. What is duplicate TAN?
  1098. In case duplicate TAN has been allotted, which TAN should be used?
  1099. What do we have to do if we have been allotted a duplicate TAN by oversight?
  1100. Can we quote Permanent Account Number (PAN) in place of TAN?
  1101. How can any change in address or details on the basis of which TAN was allotted be rectified?

  1102. 41. FAQs on Permanent Account Number

  1103. What is PAN?
  1104. What is the utility of PAN?
  1105. What are the benefits of obtaining a Permanent Account Number [PAN] and PAN Card?
  1106. How PAN is formed and how it gets its unique identity?
  1107. Who has to obtain PAN?
  1108. What are the specified financial transactions in which quoting of PAN is mandatory?
  1109. How does Income Tax Department ensure that PAN is quoted on transactions in which quoting of PAN is mandatory?
  1110. Can I file my return of income without quoting PAN?
  1111. How to apply for PAN?
  1112. Is it mandatory to link Aadhaar number with PAN?
  1113. How to link Aadhaar number with PAN using e-Filing portal?
  1114. What is fee for default relating to intimation of Aadhaar number?
  1115. How to link Aadhaar number with PAN using SMS facility?
  1116. How to link Aadhaar number with PAN?
  1117. Are there any charges to be paid for obtaining the PAN?
  1118. Is there any TATKAL facility for allotment of PAN?
  1119. Can an application for PAN be made on plain paper?
  1120. What if I submit incomplete PAN application i.e. Form 49A/49AA?
  1121. Is it necessary to fill the PAN application form i.e. Form 49A/49AA in block letters?
  1122. What documents and information have to be submitted along with the PAN application in Form 49A/49AA?
  1123. What documents will serve as proof of identity in case of individual/HUF (Hindu Undivided Family) applicants?
  1124. What documents will serve as proof of address in case of individual/HUF applicants?
  1125. What documents will serve as proof of date of birth in case of individual applicants?
  1126. What documents are to be submitted in case of applicant other than individual/HUF?
  1127. What documents will serve as proof of identity in case of individuals not being a citizen of India?
  1128. What documents will serve as proof of address in case of individuals not being a citizen of India?
  1129. What documents will serve as the relevant proofs in case of applicants being entities incorporated outside India/Unincorporated entities formed outside India?
  1130. Is it mandatory to provide the Assessing Officer Code in Form 49A/49AA?
  1131. Should married female provide father’s name?
  1132. Who can apply on behalf of non-resident, minor, lunatic, idiot, and court of wards?
  1133. Who has to sign the PAN application i.e. Form 49A/49AA?
  1134. How to sign the PAN application i.e. Form 49A/49AA?
  1135. After making the PAN application how can I check the status of my PAN application?
  1136. Is it mandatory to file return of income after getting PAN?
  1137. Should I intimate my PAN to deductor i.e. person deducting tax?
  1138. What is the validity of PAN?
  1139. How to Apply for PAN Correction?
  1140. What is the penalty for not complying with the provisions relating to PAN?
  1141. Can a person hold more than one PAN?
  1142. By mistake I have been using different PANs for different purposes like one for my demat account and another for filing my Income-tax return and payment of taxes. How do I set this right?
  1143. Whom to contact in case of any matter relating to PAN?
  1144. How to get area code for my area for allotment of PAN?
  1145. What is E-PAN?
  1146. What is PAN verification?
  1147. What is Instant-PAN?
  1148. How to get instant PAN using this functionality?
  1149. What are Consequences for not linking PAN with Aadhaar Number

  1150. 42. FAQs on Statement of Financial Transactions and Reportable Accounts

  1151. What is statement of financial transaction or reportable account (previously called as 'Annual Information Return (AIR)'?
  1152. What are the reportable transactions for purpose of pre-filing return of income?
  1153. Who is required to furnish statement of financial transactions and reportable accounts?
  1154. What is the due date for filing of statement of financial transaction or reportable account by prescribed reporting financial institution?
  1155. What is the mode and due date for filing of statement of financial transaction or reportable account?
  1156. Is there any remedy available under the act, if a person does not file the statement within the prescribed time?
  1157. What are the consequences of not filing statement of financial transaction or reportable account?
  1158. Is there any remedy available under the act, if a person filed inaccurate or defective statement?
  1159. What are the consequences for furnishing inaccurate statement of financial transaction or reportable account?

  1160. 43. FAQs on e-Filing and Related Issues

  1161. FAQs from income tax India e-Filing portal

  1162. 44. FAQ on Advance Tax

  1163. Is there any compliance if an assessee revises its estimate of income for advance tax?
  1164. Can estimate of income be revised for the purpose of advance tax?
  1165. What will be the due date for the payment of advance tax if the same is payable by virtue of an order from the Assessing Officer/ Income Tax Officer?
  1166. Who is not required to pay Advance tax?
  1167. Can I claim the deduction of Advance tax payments against my profits?
  1168. What to do if I forgot to bifurcate the amount of tax, surcharge and Cess while making the online payment?
  1169. How do advance tax paid get reflected in Form 26AS ?
  1170. What should be kept in mind while making payment of tax?
  1171. How to compute advance tax on capital gains income?
  1172. In case of advance tax, when is assessee considered as assessee-in-default?
  1173. What should we do if the bank is closed on the last day for payment of advance tax?
  1174. Does credit of TDS allowed while calculating advance tax?
  1175. Who is responsible to file Form 28A?
  1176. What is Form 28A?
  1177. What should I do on receiving the notice from income-tax department for the payment of advance tax, if my actual income is more than what is determined by the tax officer?
  1178. Which tax rates are to be used for computing advance tax liability?
  1179. When Assessing Officer is liable to determine the Advance tax liability?
  1180. What is the procedure for computing advance tax?
  1181. What is the due date for payment of Advance tax and Self Assessment tax?
  1182. Who is liable to pay Advance tax?
  1183. Can payment of advance tax be made through any bank account?

  1184. 45. FAQs on Authority for Advance Ruling/Board for Advance Rulings

  1185. Are the Advance ruling, binding on taxpayers or tax authorities?
  1186. Can I withdraw the Application for Advance Ruling, once I have filed it ?
  1187. Can I pay the application fees in cash?
  1188. What fees is to be paid along with application for advance ruling?
  1189. What are requirements of an application for Advance Ruling?
  1190. What is the meaning of advance ruling?
  1191. When can a resident apply for an advance ruling?
  1192. Who can apply for an advance ruling?
  1193. What is the purpose of Advance rulings?
  1194. What does AAR stand for and what are its functions?
  1195. What is Board for Advance Rulings?
  1196. How pending application before Authority for Advance Ruling shall be disposed off?
  1197. What is e-Advance Ruling Scheme 2022

  1198. 46. TDS on payment for the transfer of Virtual Digital Assets (VDAs)

  1199. What is the threshold limit prescribed for the deduction of tax under section 194-S?
  1200. What is the tax rate for the deduction of tax under section 194S?
  1201. Who is responsible for the deduction of tax under section 194S where the buyer and seller of VDA know each other in an over-the-counter (OTC) deal?
  1202. Who is responsible for the deduction of tax under section 194S where VDAs are transferred through an Exchange and payment to the seller is made directly by the exchange?
  1203. Which of the following TDS return is required to be furnished if tax is deducted by the specified person under section 194S?
  1204. What is the time limit to deposit the tax amount deducted under section 194-S by a specified person.
  1205. Which form is required to be issued as a TDS certificate if tax is deducted by a specified person under section 194S?
  1206. Who is liable to TDS on transfer of a virtual digital assets under section 194-S?

  1207. 47. FAQs on Discard Return

  1208. I filed my Original ITR u/s 139(1) on 30th July 2023 but not yet verified. Can I Discard it?
  1209. I Discard my ITR by-mistake. Is it possible to reverse it?
  1210. Where can I find “Discard option” ?
  1211. Is it mandatory to file subsequent ITR if I “Discarded” my previous unverified ITR ?
  1212. I sent my ITR V to CPC and it is in transit and not yet reached CPC. But I don’t want to verify the ITR as I get to know that details not reported correctly. Can I still avail “Discard” option?
  1213. When can I avail this “Discard” option and can I avail this “Discard” option multiple times or only once?
  1214. My ITR filed for AY 2022-23 is pending for verification. Can I avail this “Discard” option?
  1215. I discarded my Original ITR 1 filed on 30th July 2023 on 21st August 2023 and I want to file subsequent ITR on 22nd August 2023. Which section should I select?

  1216. 48. TDS on Immovable Property

  1217. What is TDS on property?
  1218. Who is responsible to deduct the TDS on sale of Property?
  1219. I am Buyer, do I required to procure TAN to report the TDS on sale of Property?
  1220. What if I don't have the PAN of the seller, is it Mandatory?
  1221. How can I use this facility to pay TDS on sale of Property?
  1222. If I encounter any error on Protean website while entering the online form details what should I do?
  1223. What is Form 26QB?
  1224. I have filled Form 26QB and made the payment online, but I forgot to save the Acknowledgment Number generated at TIN website. From where can I get the Acknowledgment Number.?
  1225. What is Form 16B?
  1226. From where will I get the Form 16B?
  1227. I am a buyer, whether I should deduct TDS on Property from the amount exceeding the property value of 50 Lakhs or on the whole amount of property sold?
  1228. Can I make Cash/ Cheque payments for the TDS at Banks?
  1229. I am a Buyer and I have filled Form 26QB before TDS payment and I have selected the option e-payment at subsequent date then how the payment made thereafter within the permissible period would be matched in the 26QB?
  1230. How will transactions of joint parties (more than one buyer/seller) be filed in Form 26QB?
  1231. What is Fee in Form 26QB and when is it applicable?
  1232. How to make tax payment towards Fee in Form 26QB?
  1233. I have entered tax amount in Fee, I am unable to generate Form 16B from TRACES website?
  1234. What is the procedure for furnishing TDS through the e-tax payment option immediately after providing the transaction details?
  1235. How do I know whether my bank provides this facility?
  1236. What is the procedure after being directed to the net banking site of the bank?
  1237. What will happen after I confirm the payment of tax at my bank’s site?
  1238. What is the timing for making payment through internet?
  1239. Whom should I contact if the counterfoil containing the CIN is not displayed on completion of the transaction and if I want duplicate counterfoil?
  1240. What is the procedure for paying the TDS amount into the Bank subsequently, i.e. not immediately after furnishing the purchase transaction details online?
  1241. What do I do if I have misplaced the Acknowledgment slip for payment through the Bank branches?
 
 
 

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