Clipped from: https://www.financialexpress.com/money/income-tax/your-queries-income-tax-tax-relief-on-job-loss-compensation-if-you-have-worked-for-at-least-3-years/2409890/ The Income Tax Act provides for taxation of income from other sources including interest income either on cash or accrual basis at the
Category: Income Tax
itr portal glitches: Fix ITR portal glitches or we will extend tax return filing deadline: Gujarat HC to income tax dept – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/fix-itr-portal-glitches-or-we-will-extend-tax-return-filing-deadline-gujarat-hc-to-income-tax-dept/articleshow/89011399.cmsSynopsis The Gujarat HC refused to issue directions on Tuesday, but insisted on assurance from the “highest authority” that in case of difficulty faced
Didn’t file your ITR? Here’s what you can expect next – Consequences of not filing ITR | The Economic Times
Didn’t file your ITR? Here’s what you can expect next – Consequences of not filing ITR | The Economic Times https://economictimes.indiatimes.com/wealth/tax/didnt-file-your-itr-heres-what-you-can-expect-next/consequences-of-not-filing-itr/slideshow/88900395.cms Whereas missing the ITR
No need for in-person appearance in Income Tax Advance Ruling hearing, e-mechanism notified – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/news/no-need-for-in-person-appearance-in-income-tax-advance-ruling-hearing-e-mechanism-notified/article64910485.ece To help non-resident taxpayers in big way The Finance Ministry has come out with ‘e-advance rulings scheme’ for resolving issues related with income
How capital gains on Ulips will be calculated: CBDT notification – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/how-capital-gains-on-ulips-will-be-calculated-cbdt-notification/articleshow/88996809.cmsSynopsis Earlier any gains made on ULIPs were completely tax free, however, after the Budget 2021 proposal the maturity amount remains tax free only
FinMin notifies e-advance ruling scheme, allows filing e-mail application – The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/finmin-notifies-e-advance-ruling-scheme-allows-filing-e-mail-application/2410729/ The advance ruling mechanism is provided in the Income Tax Act to provide upfront clarity to non-residents and certain other specified taxpayers, regarding
Taxman challenges HC order quashing reassessment notices – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/policy/taxman-challenges-hc-order-quashing-reassessment-notices/articleshow/88981683.cmsSynopsis In the 2021 budget, the government had amended a provision governing reassessment proceedings under Section 148 of the Income-Tax Act, 1961. The amendment
YOUR QUERIES: LOANS : Registration of gift deed needed only for immovable property – The Financial Express
Clipped from: https://www.financialexpress.com/money/your-queries-loans-registration-of-gift-deed-needed-only-for-immovable-property/2408874/ The registration of the gift deed in this case is not mandatory. Only gift deeds that contain immovable property as a gift to
Budget could consider levying TDS/TCS on crypto trading, make it reportable in SFT – The Financial Express
Clipped from: https://www.financialexpress.com/money/budget-could-consider-levying-tds-tcs-on-crypto-trading-make-it-reportable-in-sft/2407789/ Nangia Andersen LLP Tax Leader Aravind Srivatsan said currently, India has the highest number of crypto owners globally, at 10.07 crore and as
Compliance conundrum – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/opinion/compliance-conundrum/article64899272.ece The GST invoice matching mechanism remains a work in progress after four and a half years At the core of the input tax
Search for tax evasion | Business Standard Editorials
Clipped from: https://www.business-standard.com/article/opinion/search-for-tax-evasion-122011601077_1.html India needs to expand its tax base Government finances this year have benefitted from a higher than expected revenue collection. While the third wave of
Torture under ‘transparent taxation’ | Business Standard Column
Clipped from: https://www.business-standard.com/article/opinion/torture-under-transparent-taxation-122011601089_1.html Everyone had believed that faceless assessments would end corruption In August 2020, the prime minister announced three structural tax reforms under “transparent taxation”
Govt must consider extension of expiry dates under provisions | Business Standard Column
Clipped from: https://www.business-standard.com/article/opinion/govt-must-consider-extension-of-expiry-dates-under-provisions-122011601099_1.html During the first and second waves of the pandemic, the government extended many deadlines for filing various applications and even the expiry dates
Annual Information System and SFT transactions Shown on Tax Payers individuals portal-TAXGURU.IN
Clipped from: https://taxguru.in/income-tax/annual-information-system-sft-transactions-shown-tax-payers-individuals-portal.html?utm_source=feedburner&utm_medium=email Annual Information System is Government New Experience introduction replacing in future Form 26 AS. Form 26 AS is Xray of Tax payers and
How your ITR may be invalid – Didn’t file your ITR? Here’s what you can expect next | The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/didnt-file-your-itr-heres-what-you-can-expect-next/how-your-itr-may-be-invalid/slideshow/88900388.cms 1/6 Consequences of not filing ITR Whereas missing the ITR filing deadline can fetch you a penalty, not verifying it after filing can
Major income tax provisions applicable from current financial year for individual taxpayers – The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/major-income-tax-provisions-applicable-from-current-financial-year-for-individual-taxpayers/2406395/ There are certain income tax provisions which have become applicable for the transactions carried out from the current financial year, which taxpayers should
Boom time for companies: What record profits may mean for govt’s revenue | Business Standard Column
Clipped from: https://www.business-standard.com/article/opinion/boom-time-for-companies-what-record-profits-may-mean-for-govt-s-revenue-122011401094_1.html If much higher profits this year do not propel corporation tax revenue to a level higher than the FY19 peak, something must be
Record number of searches in FY22 as tax offences get money laundering tint | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/record-number-of-searches-in-fy22-as-tax-offences-get-money-laundering-tint-122011201498_1.html With three months still to go for the year to end, total ‘undisclosed income’ is about Rs 32,000 cr, far eclipsing the FY19
6 incomes that your Annual Information Statement shows the tax department – AIS: Consolidated tax statement | The Economic Times
lipped from: https://economictimes.indiatimes.com/wealth/tax/6-incomes-that-your-annual-information-statement-shows-the-tax-department/ais-consolidated-tax-statement/slideshow/88756876.cms 3/7 Rental income This section includes rent received from various sources, including: If you have given your PAN to your tenant and your
Record number of searches in FY22 as tax offences get money laundering tint | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/record-number-of-searches-in-fy22-as-tax-offences-get-money-laundering-tint-122011201498_1.html With three months still to go for the year to end, total ‘undisclosed income’ is about Rs 32,000 cr, far eclipsing the FY19
aniltikotekar4sme.com 