Form 35 is the official form taxpayers use to file an appeal against an order passed by the assessing officer to the Commissioner of Income Tax. There might be cases in which you might not agree with the order passed by the Assessing Officer regarding your total income. In this case, the best option would be to fill out and submit Form 35 to the Income Tax Department. Section 246A of the Income Tax Act lists orders you can appeal against. Some are intimations under section 143(1), search assessment orders per section 153A, etc. Please keep reading to know what Form 35 is and how to file it. What is Form 35 of the Income Tax Act? Form 35 is available for assessees or deductors aggrieved by any order of an Assessing Officer (Below the rank of Joint commissioner). They can appeal to the Commissioner of Income Tax (Appeals) against any order of the Assessing Officer by submitting a duly filled Form 35.

According to the Third Amendment of Income Tax Rules 2023, the tax audit report needs to be furnished by charitable trusts, institutions and NGOs to file form 10B. These institutions and trusts must be registered under Section 12A or approved under Section 10(23C) of the Income Tax Act. Keep reading to get a detailed idea about Form 10B of the Income Tax Act.Form 10B of the Income Tax Act Form 10B previously allowed a taxpayer to file an audit report if they were already registered or applied as a charitable or religious trust or institution by filing Form 10A. These trusts or institutions had to be registered under Section 12A.As per Income Tax (Third Amendment) Rules 2023, the focus of applicability of the form for furnishing tax audit reports has a wider scope. Under Section 12A of the Income Tax Act, 1961, form 10B is now concerned with audit reports of charitable funds, universities, educational institutions, hospitals or other medical institutions whose total income in the previous financial year has crossed the threshold of Rs.5 crore. Form 10B ApplicabilityEvery organisation or trust registered under Section 12 must file Form 10B as per the Third Amendment of the Income Tax Act.Form 10B of the Income Tax Act applies to the following cases:If the total income of the trust or institution, without using the provisions of the mentioned clause/section, as applicable-sub-clauses (iv), (v), (vi) and (via) of clause 23C of section 10sections 11 and 12 of the Act,exceeds rupees 5 crores during the previous yearIf any foreign contribution is received during the previous year by any trust or institutionTrusts or institutions applied any part of their income outside India during the previous year. Here are some of the situations in case of which you need to mandatorily file form 10B:If the total income of the trust or institution exceeds Rs.5 crore during the previous fiscal year.In case a trust or institution receives any amount of foreign contribution.

If you have done any mistakes or wanted to change the details of deductions or notice received for short deduction, Challan overbooked; then you will have to file Correction statement i.e.revised return. To file revised return Conso file should be required and which can be downloaded from TRACES. Don’t worry you can directly make a request for Conso file and download from ClearTDS, no need to login TRACES.For better experience and with value added features, ClearTDS is now moved as a part of Clear Finance Cloud - one place for all compliance needs.he steps are drawn below along with the picture for how to download Conso file and import into Clear TDS:Step 1: Make a request for Conso fileAfter logging into Cleartds.com, navigate to the TRACES Activities under the Deductor section and select Deductor, Form Type and Return Period', you will find the option 'Consolidated file'; click on Actions drop down to initiate the Conso request.Select “Place a Request” and enter the Challan, Deductee PAN & TDS details. If the return is filed via the software, all the details shall get automatically filledTAN, Token number (Ack.number), challan details; PAN and Amount of TDS deposited for 3 deductees are pre-filled if you have filed Original return through ClearTDS otherwise you will have to fill manually.Click on “Submit the request to TRACES”, once you click on submit request process will start and ask for CAPTCHA.The placed request will be processed with in 4Hrs to 24 hours based on volume of the transaction in the already filed return.Step 2: Download the zip file and unzip itOnce the request is Processed then the status is “Available” and “Download” option will be present. You can download the Conso file, it is in Zip file.

With a total market capitalisation of more than $900 billion, the cryptocurrency space has attracted the attention of several investors, including those seeking quick cash with few regulations. ICOs are a highly popular method of raising money in this space.Investors are drawn to ICOs for their dream of grabbing an early to successful crypto. As of April 2018, ICOs raised a whopping USD 5,014,952,132. Here’s more about ICO.What is an ICO?An ICO or initial coin offering is an event where an organisation sells new crypto to raise money. In exchange for their financial contributions, investors receive cryptocurrency. In several ways, an ICO is the crypto version of an IPO (initial public offering) in the stock market.Working of an ICOWhen an organisation decides to launch an ICO, it declares the rules, date, and purchase procedure in advance.

Section 44AE of the Income Tax Act deals with the Presumptive Taxation Scheme for transporters. If you are a small taxpayer who is engaged in the business of transportation, you can avoid the tedious process of keeping records regularly. Instead, you can opt for a Presumptive Taxation Scheme to calculate your income at a prescribed rate.Here's more on the Presumptive Taxation Scheme!Budget 2025 UpdateIt has been proposed to insert a new section 44BBD to cater non-residents providing services or technology to a resident, operating business related to electronics manufacturing. Such non-residents will be able to calculate profits at 25% of the amount received for such services.Which Businesses are Eligible for Presumptive Taxation Scheme under Section 44AE?If you are engaged in businesses related to leasing, plying, or hiring goods carriages, you can opt for the Presumptive Taxation Scheme. However, you must own less than ten goods-carrying vehicles within any period during the previous FY to avail of this scheme.

An Income Tax Return (ITR) is a form you submit to the Income Tax Department of India annually to file information regarding your income and taxes payable.Broadly speaking, every person is mandatorily required to file ITR when the income crosses the basic exemption limit. It is optional for other persons. ITR can be used as a proof of income, which is a significant requirement for loan processing. Its also an important document for VISA application, and you can also carry forward losses and claim refund when you file Income Tax Return. This article explains in detail, meaning of ITR, who should file ITR, types of ITR and important benefits of filing ITR.What is ITR?ITR stands for Income Tax Return.It is a formal statement provided by the taxpayer to the income tax department which contains all the income and deductions for the financial year.Who Should File ITR?Every taxpayer whose income has crosses basic exemption limit is mandatorily required to file ITR.Basic exemption limit for the old regime is Rs. 2.5 lakhs and Rs.

Most of the assets lose their value over time. Though real estate is considered to be one of the best investment opportunities as it provides a good return on investment in the long term, it also undergoes depreciation. There are many reasons for a building's depreciation, such as improper maintenance, age, and weather conditions like sun, rain, and storms. Here, we will learn more about the depreciation of buildings and land and how to calculate it.Building Depreciation Rate Depreciation of a building is the process by which its recorded cost is reduced in an organised way till its total value falls to zero. Or the value of the building reaches its salvage value. Only the plot of land on which a building is constructed does not lose its value.

Purchasing a car or bike is a huge investment in your life. But at the same time, you have to understand that with time the car ages and its value depreciates. As soon as you bring your vehicle out of the showroom, the value depreciates by 5% and gradually keeps on falling with each passing year. This depreciation amount is generally considered when you buy or claim insurance for your car or bike.Therefore, in this article, we will be guiding you in detail on how depreciation on your car or bike is calculated, as well as provide some examples. Depreciation Rate For Cars And BikesWhen you buy a car or bike, its value diminishes slowly with time due to natural wear and tear. This phenomenon is known as depreciation.

Companies often provide bonuses to their employees to appraise their performance in a financial year. This is because your performance helps in increasing the profitability of the company. However, you need to pay an income tax on the bonus depending on the amount of bonus earned.Now you may ask why you need to pay tax against your additional income. So, this article will answer your doubts regarding the taxability of bonuses.When is the Bonus Taxed?The bonus that you receive from your employer is considered as Income under the head Salary, and tax on such bonus is applicable for the same financial year when your employer declares it. Even if you receive the amount in the next year, you are liable to pay the tax for the financial year it has been declared.  Let’s assume your employer declares an employee bonus of Rs 25,000 on March 15, 2025.

People worldwide were waiting for the changes introduced on Twitter after Elon Musk acquired the social media platform in October 2022. The business magnate and investor changed Twitter’s legal name in April 2023. Now, this famous social media platform is officially known as X Corp. Soon after, Musk made a business decision to share ad revenues with content creators who are active on the rebranded platform. The payment of ad revenues depends on the engagement that creators generate. Read on to know how the income earned by Indian users from X will be taxed. How Content Creators Earnings from Twitter Will Be Taxed? Let’s explore how the content creators will earn from X in detail. Musk has recently announced that people who have subscribed to X Premium (blue) are entitled to receive the company’s share.