Income Tax Articles

Why Income Tax due Date needs to be extended

CA Aakarsh Jain 24 December 2021 at 08:33

Few of the problems listed out are as below which calls for immediate resolution or for extension of the return filing dates.

E-Verification Scheme, 2021: Collection of Information of Assessee by Assessing Officer

Suhasini 22 December 2021 at 08:57

The Central Board of Direct Taxes (CBDT) has rolled out the e-Verification Scheme, 2021 for the Collection of Information of Assessee by the Assessing Officer (AO).

Annual Information Statement: Income on account of repurchase of units by MF/ UTI

CA Aakarsh Jain 22 December 2021 at 08:51

The main objective of the 'Annual Information Statement' is to provide comprehensive tax information to the taxpayer and also to promote voluntary compliance as well as seamless prefiling of the income tax return (ITR).

TDS Liability in case of ESOP

CA Aakarsh Jain 22 December 2021 at 08:48

ESOPs have been a significant component of the compensation for the employees of start-ups, as it allows the founders and start-ups to employ highly talented employees at a relatively low salary amount with balance being made up via ESOPs.

All About Annual Information System (AIS)

Neethi V. Kannanth 21 December 2021 at 08:49

Income tax department collects information about income received and material transactions carried out by an individual during the financial year through various sources and compiles the information collected in a summary form and presents it in a form of a statement called Annual Information System.

Gift received from HUF is a capital receipt in the hand of member

FCS Deepak Pratap Singh 18 December 2021 at 06:46

On appeal the Tribunal held that the property of the 'HUF' neither can be said to belong to a third person nor can be said to be in 'corporate entity', rather, the same is the property of the members of the family.

Whether assessing officer has power to reject valuation report submitted by assessee and change method of valuation?

FCS Deepak Pratap Singh 18 December 2021 at 06:46

The Tribunal further held that primary onus to prove the correctness of the valuation report is on the assessee as he has special knowledge and he is privy to the facts of the company and only he has opted for this method

Meaning of actual payment u/s 43B of income tax act 1961

CA, CPA (USA) Shikhar Garg 15 December 2021 at 13:59

This artice covers the meaning of Actual Payment under Section 43B of Income-tax act 1961

Legality of roping in an unconnected third party in the rigors of an Income Tax Search and Seizure action

CA.Mohit Gupta 10 December 2021 at 19:46

Bank Lockers- Income Tax Search and Seizure

Section 151: Sanction for Issue of Notice - An Important Safeguard

CA, CPA (USA) Shikhar Garg 10 December 2021 at 09:44

Section 151 of the Income Tax Act 1961(Act), provides that Assessing officer (AO) has to take approval from the higher authority before issuing the notice u/s 148. AO, by the provisions of section 147 of the Act, has the power, to reopen the already completed Assessment.