Income Tax Articles

Important Due Date Compliances for the month of November 2021

Posted by Neethi V. Kannanth 07 November 2021 6936 Views

Due Dates for Income Tax & GST Compliances for the m/o Nov 21

Section 194P - Tax Deduction in case of a Specified Senior Citizen

Posted by CA.R.S.KALRA 07 November 2021 2109 Views

If a resident senior citizen is earning exempt income, like, interest on PPF, agriculture income, the share of profit from the partnership firm, etc. he should not be treated as ineligible for this provision.

Penalty for failure to get accounts Audited Section 271B

Posted by CA.R.S.KALRA 07 November 2021 9306 Views

If any person fails to get his accounts audited in respect of any previous year or years relevant to an assessment year or furnish a report of such audit as required under section 44AB, the Assessing Officer may direct that such person shall pay, by way of penalty

Dividend Distribution Tax

Posted by Taxblock 03 November 2021 2495 Views

If a company is earning profit then they provide it to the shareholders of the company which is known as dividend. Dividend is income for shareholders so it is taxable in the hands of tax payer.

Alternative Minimum Tax (AMT): Applicability, Exemption, Calculation

Posted by Taxblock 03 November 2021 3377 Views

Alternate Minimum Tax or AMT was came into existence for non-corporate taxpayers who works on same principles. Though, applicability, exemption, way of adjusting income and reporting requirement etc. differ from Minimum Alternate Tax.

Capital gain valuation (Immovable Property) as per IT Act 1961

Posted by Mohammed Ibrahim 02 November 2021 12193 Views

Capital gain is "the amount by which the selling price of an asset exceeds the purchase price; the gain is realized when the asset is sold". (Word web Dictionary).

Set-Off and carry forward of losses

Posted by Taxblock 02 November 2021 5200 Views

There can be profit and also losses in every type of business, where losses are difficult to digest. Though Income Tax Act in India provides for the benefits of losses too. The law contains the provisions for set off and carry forward of losses.

What is new Annual Information Statement (AIS) & Taxpayer Information Summary (TIS) ?

Posted by CA RAJAT RAWLANI 02 November 2021 16602 Views

On 1st Nov 2021 Income Tax Department has announced rollout of a new statement - AIS (Annual Information Statement). This (AIS) will give you all details (well almost all!) about YOUR financial transactions during the year.

Notices, Appeal, Revisions, Search & Seizure Under Income Tax

Posted by Taxblock 02 November 2021 2034 Views

If any person is receiving notice then they need to act on the notice. Recently CBDT which is known as Central Board of Direct Tax has launched the scheme that is termed as Centralized Communication Scheme, the scheme says that all the communication shall be made in electronic mode.

Minimum Alternate Tax

Posted by Taxblock 02 November 2021 3710 Views

Minimum Alternate Tax or MAT is a provision that is in direct tax laws which is for companies, it is the provision for limit the tax exemptions which is availed by the companies.