Income Tax Articles

Various assessments under the income tax law

Niyati 23 May 2021 at 17:02

The process of examining the return of income by the Income Tax department is called “Assessment”. Let us discuss various assessments under the Income Tax Act. ..

Importance of Statement u/s 132(4) of the IT Act 1961, Retraction thereof

CA.Mohit Gupta 22 May 2021 at 13:26

Section 132(4) of the act has been put in place by the legislature consciously so as to enable the authorized officer to collect such evidence by recording statements during the course of the search.

Extension of Time Limits of Various Compliances

SAGAR MALHOTRA 22 May 2021 at 10:57

In wake of the COVID-19 pandemic and in the interest of taxpayers, CBDT has extended time limits for various compliances. Same has been discussed in this article.

Understanding penalty provisions for failure to furnish the TDS/TCS statements

Aruhi 22 May 2021 at 09:43

A person who fails to file the TDS/TCS return has to pay late filing fees as provided under section 234E and apart from late filing fees he shall be liable to pay a penalty under section 271H.

Deduction under section 54EC on Capital Gain

Anirban Sinha 22 May 2021 at 09:42

The tax deduction is available under section 54EC of the Income Tax Act. 54EC does not allow any tax exemption on short-term capital gain tax.

Income Tax Benefits Available to Individuals and HUF - Part 1

Neethi V. Kannanth 21 May 2021 at 18:07

Under the provisions of the Income Tax Act, various benefits are provided to Individuals and HUF. Through this article, let us understand some basic exemption limits and relief available to them.

Extension of Income Tax due dates for the AY 2021-22 related to the FY 2020-21

Susmita Dutta, CA , CPA 21 May 2021 at 16:22

CBDT, in exercise of its power under section 119 of the Income-tax Act, 1961, provides relaxation on Income Tax due dates as per Circular 9 of 2021 dated 20th May 2021.

Extension of Time Limit for Income Tax Compliance

CA Rahul Mittal 21 May 2021 at 15:36

In order to provide further relief to taxpayers in view of the COVID-19 pandemic, CBDT vide circular No. 09/2021 has further extended the time limits of certain compliances.

Income Tax (CBDT) Due Date Further Extended beyond May, 2021

CS Lalit Rajput 21 May 2021 at 09:42

CBDT has issued a circular w.r.t. extension of time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic and spike in COVID-19 cases.

Extension in various due dates vide Circular no. 9 of 2021 by CBDT

VIPUL DHAMIJA 21 May 2021 at 09:41

As per Circular No. 9 of 2021 issued by CBDT, some of the due dates of various compliances such as TDS, TCS, SFT and ITRs have been extended due to the Covid-19 pandemic in the country.