Category: Income Tax

Clipped from: https://www.thehindubusinessline.com/portfolio/personal-finance/when-interest-us-234-a-b-c-can-be-levied-by-the-taxman/article36670797.ece?homepage=true Unpaid dues can hurt during ITR filing A coffee time conversation between two colleagues leads to an interesting explainer on tax jargons. Vina: Thank

Clipped from: https://taxguru.in/income-tax/presumptive-taxation-scheme-section-44ad-income-tax-act.html Special provision for computing profits and gains of business on presumptive basis. 44AD.(1) Notwithstanding anything to the contrary contained in sections 28 to 43C, in the

Clipped from: https://taxguru.in/income-tax/income-tax-return-itr-impact-delay-filing-itrs.html The Government of India has framed Income Tax laws governing the taxes to be levied on the taxable income of all persons who

Clipped from: https://economictimes.indiatimes.com/wealth/tax/itr-filing-how-to-report-excess-employer-contribution-to-epf-nps-retirement-funds/articleshow/86418378.cmsSynopsis With effect from the financial year 2020-21, the excess contributions made by the employer to EPF, NPS and retirement funds will be taxed

Clipped from: https://www.deccanherald.com/business/family-finance/know-your-tax-on-dividends-and-sale-of-shares-1032207.html It is important to note that the benefit of indexation is not available for LTCG on the sale of listed shares Representative image.

Clipped from: https://www.deccanherald.com/business/business-news/i-t-department-asks-taxmen-to-accept-applications-till-september-30-for-settlement-before-interim-board-1035467.html The 2021-22 Budget, through the Finance Act, amended the provisions of the Income-Tax Act, 1961 Representaive image. Credit: iStock Photo The Income Tax

Clipped from: https://economictimes.indiatimes.com/industry/banking/finance/tax-evasion-money-laundering-via-shell-companies-set-to-get-tougher/articleshow/86572633.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23Synopsis Using ‘shell’ companies to launder money or dodge tax will become tougher with a tribunal ruling last week shifting the ‘burden of proof’

Clipped from: https://www.business-standard.com/podcast/pf/what-is-form-16-everything-about-form-16-decoded-121092700239_1.html Here’s all that you know, and you don’t know, about Form 16, TDS certificate, Form 16 part A, Form 16 part B, Form

Clipped from: https://www.financialexpress.com/money/income-tax/income-tax-return-why-you-shouldnt-wait-for-the-extended-due-date-to-file-itr/2338971/ The due date of filing ITR has been extended to provide relief to taxpayers, amid the Covid-19 pandemic, and due to concerns and

Clipped from: https://economictimes.indiatimes.com/industry/banking/finance/it-dept-detects-rs-300-crore-black-money-after-raiding-2-chennai-financing-groups/articleshow/86503012.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23Synopsis “The searches, so far, have resulted in the detection of undisclosed income of more than Rs 300 crore and unaccounted cash of Rs

Clipped from: https://www.thehindubusinessline.com/multimedia/audio/filing-tax-returns-understanding-the-conditions-apply-clauses/article36664134.ece?homepage=true The deadline for filing your tax returns has been extended to December 31, 2021. But did you know that you are likely to

Clipped from: https://www.financialexpress.com/money/income-tax/do-you-need-to-pay-advance-tax-on-capital-gains-from-shares-dividends/2337056/ Advance Tax Payment Rules: While we file Income Tax Return (ITR) for the previous financial year to settle tax liability or claim a

Clipped from: https://www.thehindubusinessline.com/news/minimising-tax-liabilities-by-lawful-means-not-illegal-says-itat/article36638261.ece Mumbai Bench rules tax planning, without using colourable devices, is not wrong The Income Tax Appellate Tribunal (ITAT) has held that minimising tax

Clipped from: https://www.business-standard.com/article/pf/infosys-i-t-dept-working-to-fix-e-filing-glitches-30-mn-transactions-done-121092300725_1.html Further, more than 1.5 million unique taxpayers have logged into the portal on average every day in September and over 15 million returns

Clipped from: https://taxguru.in/income-tax/challenge-tax-bar-association-income-tax-portal-system.html Dr. Ashok Saraf, Senior Advocate Tax Bar Association Vs Union of India (Gauhati High Court) The writ petition filed by the tax Bar

Clipped from: https://www.thehindubusinessline.com/economy/retail-depositors-earning-negative-returns-relook-taxation-on-interest-sbi-economists/article36590209.ece?homepage=true The note suggests revisiting taxation of bank deposit interest, or at least increasing the threshold of exemption for senior citizens, Retail depositors are

Clipped from: https://www.financialexpress.com/money/income-tax/your-queries-income-tax-capital-gains-on-sale-of-flat-to-be-shown-in-itr-in-year-of-sale/2334872/ To avail the exemption under Section 54, capital gains on sale of property have to be re-invested in new residential property within 2

Clipped from: https://www.financialexpress.com/money/income-tax/can-you-claim-income-tax-benefit-on-hra-if-living-with-parents-during-work-from-home/2334671/ Income Tax benefits on HRA during work from home: Tax exemption on House Rent Allowance (HRA) is an important benefit available to salaried

Clipped from: https://www.business-standard.com/article/economy-policy/cbdt-chairman-questions-delay-in-time-barred-assessment-proceedings-121092000040_1.htmlIllustration: Ajay Mohanty The income tax (I-T) department has to dispose of over 35,000 cases, pending after search operations, by the end of this

Clipped from: https://economictimes.indiatimes.com/wealth/tax/how-to-reduce-penal-interest-payable-on-tax-if-itr-filing-delayed-due-to-glitches-in-site/articleshow/86312350.cmsSynopsis Penal interest is levied at 1 per cent per month or part thereof starting from August 1, 2021. If the self-assessment tax is