Your Instasolv

What is Panchnama? The term "PANCHNAMA" literally means "record of people's observations." Panchanama is simply a paper that records specific events that occur in the presence of the Panchas and that they see and hear. Panchas are taken to the scene of an offence to see and hear certain things. Thus, a Panchnama is a record of what the Panchas (Witness) see and the same can be proved only when the said Panchas stand in the witness box and testify on oath as to what they saw during the Panchanama. In search and seizure proceedings, Panchnama is an important document because it informs the person from whose premises the articles are seized or the person searched as to the name of the person or the building etc. where the search was carried out and the officers who were authorized to conduct the search, and the articles, if any, confiscated. Thus, preparing panchnama is a way of carrying out search and/or seizure procedures in a transparent and appropriate mann...

  Income tax return (ITR) filing is mandatory if an individual's gross total income exceeds Rs 2.5 lakh in a financial year (FY). If an individual is required to file a tax return, then it is important to ensure that the correct ITR form is used to file a tax return. Which ITR Form applies to you? ITR Who can file? Who cannot file? ITR 1 (Sahaj) ·        Individual qualifying as Ordinarily Resident ·       Non-residents/ Resident but Not Ordinarily Residents ·        Having total income of up to Rs 50 lakh ·       Hindu Undivided Family (HUF) ·        Having income from salaries, one house property, income from other sources (interest, etc.) and agricultural income up to Rs 5,000 ·       Ordinarily Re...

  Section 80TTB- Deduction in respect of interest on deposits in case of senior citizens As per the income tax act provisions of section 80TTB, an assessee can claim deduction upto of Rs 50000 (which is only restricted to Rs 10000 in Section 80TTA) from his gross total income on account of income earned from the following sources-  Interest income from Saving Bank Deposits or Fixed Deposits Interest on Deposits held in a Co-operative Society Interest earned from Post Office Deposits Eligibility Criteria: This section is applicable w.e.f 01.04.2018 Section 80TTB is only applicable to individual assessee of age 60 years or above i.e., senior citizens.  Deduction Allowed Lower of the following- Rs 50000, or Amount received or earned by way of deposits as aforesaid.

  Source:Google DUE DATE FOR QUARTERLY TDS STATEMENT Types of Quarterly TDS statements- 1)    Form 24Q – Statement of deduction of tax from salary under section 192. 2)    Form 26Q – Statement of deduction of tax under Section 193 to 196D in any other case. 3)    Form 27Q – Statement of deduction of tax under section 193 to 196D in respect of the deductee who is a non-resident (not being a company) or a foreign company or resident but not ordinarily resident. However, in case tax is deducted under section 194-IA and 194-IB, the deductor shall furnish a challan-cum-statement in Form 26QB and Form 26QC respectively  within a period of 30 days from the end of the month  in which the deduction is made. In this case, no statement shall be filed separately. DUE DATE FOR QUARTERLY TDS STATEMENT   (FOR FY 2020-21)        As Per Notification No.35 /2020/ F. No. 370142/23/2020 – TPL dated ...