Clipped from: https://www.business-standard.com/article/economy-policy/businesses-can-now-self-certify-gst-returns-instead-of-mandatory-ca-audit-121080100227_1.html GST taxpayers with a turnover of over Rs 5 crore can now self-certify their annual return, instead of a mandatory audit certification by
Category: Income Tax
Simply Put: New tax regime – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/portfolio/personal-finance/simply-put-new-tax-regime/article35656575.ece If offers lower tax rates but without the benefit of most deductions and exemptions A phone call between two friends leads to a
Tax Query: Setting off capital losses in delisted shares – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/portfolio/personal-finance/tax-query-setting-off-capital-losses-in-delisted-shares/article35657286.ece Kindly guide whether there is any method by which capital loss under Income Tax provisions can be set off against the shares which
Foreign card payment companies may have to shell out more taxes once data servers are set up – The Economic Times
Clipped from: https://economictimes.indiatimes.com/industry/banking/finance/foreign-card-payment-companies-may-have-to-shell-out-more-taxes-once-data-servers-set-up/articleshow/84911998.cmsSynopsis A large part of the income generated by these companies in India is outside the domestic tax net as they did not have
Delhi HC set aside order passed by AO as no personal hearing was granted to assessee–taxguru.in
Clipped from: https://taxguru.in/income-tax/delhi-hc-set-order-passed-assessing-officer-personal-hearing-granted-assessee.html Naresh Kumar Goyal Vs National Faceless Assessment Center & Ors. (Delhi High Court) Naresh Kumar Goyal (Petitioner) challenged the show cause notice and the draft
I-T Dept detects unaccounted transactions of ₹400 cr after raids on ‘pan masala’ group – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/news/i-t-dept-detects-unaccounted-transactions-of-400-cr-after-raids-on-pan-masala-group/article35629506.ece Searches were carried out on 31 premises of the group which is also involved in the real estate business The Income Tax Department
Income tax benefits, rebates that senior citizens enjoy – The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax/income-tax-benefits-rebates-that-senior-citizens-enjoy/2301294/ Under the Old Income Tax Regime, senior citizens, having income from salary, rent and interest income, enjoy additional tax benefits and rebates compared
New I-T portal receives over 25.82 lakh ITRs, distributes 7.90 lakh e-PANs – BusinessToday
Clipped from: https://www.businesstoday.in/latest/economy/story/new-i-t-portal-receives-over-2582-lakh-itrs-distributes-790-lakh-e-pans-302817-2021-07-30 A total of 80,23,266 ITRs have been drafted, over 6.07 lakh forms have been drafted out of which 5,51,150 were filed at the
Include cryptocurrency gains in income-tax returns, say analysts | Business Standard News
Clipped from: https://www.business-standard.com/article/pf/include-cryptocurrency-gains-in-income-tax-returns-say-analysts-121072901736_1.html Treat it as capital gain if you buy and hold; as business income if you trade frequently Two ITR forms are relevant for
Personal finance rule changes: 3 rule changes that will impact your money from August 1 – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/save/3-rule-changes-that-will-impact-your-money-from-august-1/articleshow/84848250.cmsSynopsis From August 1, your salary credit into your bank account, auto-debits related to mutual fund SIPs, home/car/personal loans EMI payments, bill payments such
Ask Money Today: How is lottery prize taxed? – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/ask-money-today/story/ask-money-today-how-is-lottery-prize-taxed-302528-2021-07-27 The motor car won by you in the draw also falls in the category of lottery. Payer of such income is required to
IT notices issued in the name of deceased person null and void: Delhi High Court – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/it-notices-issued-in-the-name-of-deceased-person-null-and-void-delhi-high-court/article35589203.ece Legal heirs are under no statutory obligation to intimate the death of the assessee The Delhi High Court has held that Income-Tax notices
How to deal with Section 148 Notice issued after 31st March 2021?
Clipped from: https://taxguru.in/income-tax/deal-section-148-notice-issued-31st-march-2021.html The Finance Act, 2021 introduced a new set of reassessment proceedings from 1st April 2021.After such substitution, the Old provisions relating to Reassessment, do not survive.
Taxation of Non-Resident Indians–taxguru.in
Clipped from: https://taxguru.in/income-tax/taxation-non-resident-indians.html The Income-tax Act, 1961 provides for special provisions to tax the income from specified assets in the hands of Non-resident Indians. These provisions
HC stays I-T reassessment notice under Sec 148 in VIT case – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/news/education/hc-stays-i-t-reassessment-notice-under-sec-148-in-vit-case/article35576243.ece The Income Tax department claimed that the assessee’s income chargeable to tax for the assessment year 2015-16 has ‘escaped’ attention. The Madras High
Towards a lean tax department | Business Standard Column
Clipped from: https://www.business-standard.com/article/opinion/towards-a-lean-tax-department-121072701781_1.html Worries about vacant positions and their impact on tax collection may be misplaced in a world of technological disruptions A news report in
Recurring Deposit Tax Exemption: I have a monthly recurring deposit of Rs 20,000. Will I have to pay income tax annually? – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/i-have-a-monthly-recurring-deposit-of-rs-20000-will-i-have-to-pay-income-tax-annually/articleshow/84757434.cmsSynopsis There is an option available to offer interest income for tax on accrual basis or receipt basis, at the discretion of the assessee.
NPS investment: I am 58 years old and want to invest in NPS Tier 1 for tax reasons. Can I do so at this age? – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/i-am-58-years-old-and-want-to-invest-in-nps-tier-1-for-tax-reasons-can-i-do-so-at-this-age/articleshow/84169584.cmsSynopsis If the total pension corpus is less than or equal to Rs 5 lakh, you can process a 100% withdrawal, and there is
ITR filing: How banks, mutual funds and companies will check if you have filed ITR – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/how-banks-mutual-funds-and-companies-will-check-if-you-have-filed-itr/articleshow/84057122.cmsSynopsis Deductors of TDS/TCS like banks, mutual fund houses etc can now check if you have filed ITR when your income crosses the TDS
What are income tax benefits available on donations made? – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/what-are-income-tax-benefits-available-on-donations-made/articleshow/84087217.cmsSynopsis Donations made to help people tide over the covid-19 pandemic can help you save income tax as well. Here is a look at
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