Income Tax Articles

Interest Under Section 234

Posted by Taxblock 24 August 2022 8260 Views

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

Posted by Neethi V. Kannanth 23 August 2022 12805 Views

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

Posted by Adv. Ravish Bhatt, ADIT, CIOT 22 August 2022 39478 Views

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

Posted by CA Sudhir Halakhandi 22 August 2022 19203 Views

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

ITR Verification Process

Posted by Poojitha Raam Vinay

22 August 2022 13893 Views

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

Posted by CA Sudhir Halakhandi 21 August 2022 117067 Views

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)

Posted by Shankit Sharma 20 August 2022 19678 Views

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

Posted by Taxblock 20 August 2022 2999 Views

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

Posted by Neethi V. Kannanth 19 August 2022 10125 Views

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?