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Know Your Customer (KYC) - Basic Concepts

Know your customer or KYC, is what businesses do in order to verify the identity of their clients either before or during the time that they start doing business with them. Basically, KYC means to properly identify the clients of the company.

Know which ITR form is applicable to you for AY 2019-20.

New income tax forms are made available in Income Tax Website. You can find seven types of income tax return forms issued by the income tax department.

Whom ITR-1 is applicable?

Form ITR-1 is applicable to residents and ordinarily residents.

Whom ITR-7 is applicable?

ITR-7 is applicable to persons including companies who require to furnish a return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D)

Who needs to file ITR-5?

You have to file ITR-5 if you are not any of the following person.

Who can file ITR-3 and ITR-4?

You have to disclose your income in form ITR-3 if you are individual or HUF and you have income from business or profession. Generally, this form is to be filed for the income from PGBP which includes income from commission, salary, remuneration.

Who needs to file ITR-2

You have to file your return in ITR-2 if you do not have any income from business or profession.

ITAT held: Addition of bogus F&O losses for Client Code Modification misuse

Held: ITAT Mumbai has confirmed the addition of fictitious F&O losses being inflicted by misusing the Client Code Modification (CCM). The ITAT also confirmed the addition in respect of Commissions to the tune of 1% of the stated fictitious losses ...