Income Tax Articles

Section 234D - Levy of Interest when Excess Refund is Returned to the Government

Neethi V. Kannanth 24 August 2021 at 12:31

The taxpayer is liable to pay simple interest @0.5% on the amount so refunded for every month or part of a month comprised in the period from the date of grant of refund to the date of regular assessment.

How to Calculate Relief u/s 89(1) of the Income Tax Act?

CA Deepanshu Sharma 24 August 2021 at 09:20

Under Section 89(1), relief is provided by the income tax department in relation to the amount received in advance or in arrears in the form of salary which is related to any other FY.

Points To Be Checked Before Filing Your ITR FY 2020-21

FCS Deepak Pratap Singh 21 August 2021 at 09:55

Discussing 7 important points that must be checked before filing your ITR for FY 2020-21. These include linking your PAN with Aadhaar, Bank Account with PAN, Downloading Form 26AS etc.

Section 194D: TDS On Payment Of Commission By Insurance Companies

FCS Deepak Pratap Singh 21 August 2021 at 09:55

TDS must be deducted by the entity who makes the payment to the resident person, as remuneration/rewards, by the way of commission or for soliciting insurance business or for renewal of insurance policies.

India Withdraws The Infamous Retrospective Amendment In Finance Act, 2012

FCS Deepak Pratap Singh 20 August 2021 at 09:33

Vodafone and Cairn, and other taxpayers would be greatly benefitted from this change as they no longer have to battle with the Indian Government and would also get refund of taxes paid (without interest).

Computation of Period of Holding

Ritik Chopra 19 August 2021 at 13:21

Period of holding starts from the day when the asset is acquired by the assessee and ends on the day when it is sold/disposed off/transferred otherwise.

What is Schedule Assets and Liabilities (Schedule AL)?

Poojitha Raam Vinay 18 August 2021 at 17:51

Schedule AL is a statement of disclosure of assets and liabilities which the taxpayer shall disclose in the Income Tax Return (ITR). This was introduced from AY 2016-17.

Procedure for Registration as Legal Heir on the New Income Tax Portal

Neethi V. Kannanth 18 August 2021 at 16:50

The New Income Tax Portal has now enabled the Registration as Legal Heir, which will ensure easy filing of Income Tax Return (ITR) of a deceased person.

Analysis of the Taxation Laws (Amendment) Bill, 2021

CA Ekta Thacker 18 August 2021 at 09:14

The Bill proposes to provide that no tax demand shall be raised in future on the basis of the retrospective amendment for any indirect transfer of Indian assets if the transaction was undertaken before 28.05.2012.

Section 44AA: Maintenance of accounts by certain persons carrying on profession or business

Ritik Chopra 16 August 2021 at 09:13

Maintenance of books of accounts is one of the most important tasks for any business or profession. Discussing the provisions u/s 44AA of the Income Tax Act, 1961 related to maintenance of accounts.