Income Tax Articles

How To Update Your Details on Aadhaar Card

Taxblock 25 August 2022 at 08:44

An Aadhaar Card is an essential document for proof of identity, residence, date of birth, etc. for availing various government purposes, admission, the opening of bank Account, etc. However, it is very important to keep your details available in your Aadhaar card accurate and up to date.

Interest Under Section 234

Taxblock 24 August 2022 at 08:51

Under section 234B of the Income Tax Act, you would be fined in the form of interest if you miss or delay the payment. Similarly, you must pay fines under sections 234A and 234C. Here's a rundown of the three sorts of interest you might have to pay in case of default.

File Form 29D to get refund

Neethi V. Kannanth 23 August 2022 at 08:55

The CBDT through notification no. G.S.R. 634(E) dated 17 August,2022 has amended Income Tax Rules, 1962. As per the notification, a non-resident is required to file Form 29D to claim refund. Read on to know more.

Amount Received Under A Settlement Or Decree May Not Be Taxable Under IT Act 1961

Adv. Ravish Bhatt, ADIT, CIOT 22 August 2022 at 15:33

In practice, nature of receipt shall be determined by extensive scrutiny of pleadings in suit and / or recitals contained in the settlement agreement and careful drafting will be quintessential.

Clause 44: Clarifications as per new guidance note - AY 2022-2023

CA Sudhir Halakhandi 22 August 2022 at 12:30

Clause 44: Clarifications as per new guidance note for Assessment Year 2022-2023

ITR Verification Process

Poojitha Raam Vinay 22 August 2022 at 11:52

After the 31st July rush of filing the IT returns, the department of Income Tax has provided 120 days from filing of the return to e verify the return. The Central Board of Direct Taxes (CBDT) in the recent notification has cut down the time limit from 120 days to 30 days for ITRs filed on or after August 1st 2022.

Clause 44 of Form 3CD: An illustrative analysis

CA Sudhir Halakhandi 21 August 2022 at 17:33

The ICAI has issued revised Guidance Note dated 14th Aug. 2022 on 19th Aug 2022 and with respect to the Clause Number 44.

Decoding of Clause 44 of Tax Audit Report (3CD)

Shankit Sharma 20 August 2022 at 16:40

A question may arise whether the above information is to be given in respect of each and every head of expenditure or only the total expenditure is to be given.

Fixed Deposits: Best Investment or Not

Taxblock 20 August 2022 at 07:59

Fixed deposits basically mean putting a certain amount of money for a fixed period. You can earn interest on the principal sum throughout the tenure on a cumulative basis. The interest earned gets added to the principal amount after every specific interval.

Comparison between Computation and Taxability of Capital Gain of Listed and Unlisted Shares

Neethi V. Kannanth 19 August 2022 at 11:28

We have always discussed in length about the capital gains and its taxability. But, how many of us have noticed that Computation of capital gain and its taxability is different for listed shares and unlisted shares?