Income Tax Articles

Who is required to file the Return of Income?

Sagar Devani 01 May 2021 at 09:52

As per Section 139(1) of the Income Tax Act, 1961, it is compulsory for companies and firms to file a return of income for every previous year on or before the due date in the prescribed form.

TDS under Section 206AB

Sashank Saxena 01 May 2021 at 09:52

Where tax is required to be deducted on any sum or income or amount paid under Chapter VIIB, TDS shall be deducted at higher of (i) at twice the rate in relevant provisions (ii) at twice the rate in force (iii) at 5%.

Practical difficulties of implementing 206C(1H) and 194Q

Shailesh Prajapati 01 May 2021 at 09:52

This article brings out the practical difficulties as well as a probable solution to the difficulties faced by Small and Medium Enterprise while implementing section 206C(1H) and 194Q.

Exemption Under Section 54G

Neethi V. Kannanth 30 April 2021 at 09:47

Section 54G provides for an exemption from capital gain arising on transfer of a capital asset, being plant or machinery or land or building or any rights in building or land used for the purpose of business in an industrial undertaking situated in an urban area.

Exemption Under Section 54GA

Neethi V. Kannanth 30 April 2021 at 09:47

Section 54GA provides for an exemption from capital gain arising on the transfer of a capital asset used for the purpose of business in an industrial undertaking situated in an urban area to an industrial undertaking situated in any SEZ.

Advantages of Filing Income Tax Return ITR Online

Mohit Singh 30 April 2021 at 09:47

Presentation of e-filing is a big relief for taxpayers. In this article, we discuss some significant advantages that taxpayers enjoy by filing their returns online.

TDS deducted? Be careful if you are filing ITR only with Form 26AS

Soumya Laha 29 April 2021 at 09:53

If a taxpayer files TDS details in ITR only with Form 26AS details before 31st May, then there is a chance of mistakes. Thus, it is important to wait for Form 16 or Form 16A certificates.

Tax Compliance and Statutory due dates for the m/o May, 2021

Ishita Ramani 29 April 2021 at 09:53

Here, we have prepared a Compliance Calendar in three parts, Compliance Calendar for GST Returns, Income Tax/PF/ESI Returns and LLP Annual Filing compliances lying in the month of May 2021.

New Tax Regime

CA Abhay Sood 26 April 2021 at 16:48

The government though has offered lowered tax rates on one hand but has also taken away certain deductions and allowances on the other hand. So taxpayers will have to choose accordingly.

Tax Planning tips for individuals & HUF for FY 2021-22

FCS Deepak Pratap Singh 26 April 2021 at 09:44

You Can Save Your Taxes By Using Various Exemptions And Deductions Provided By The Government Under Various Provisions Of Income Tax Act,1961. Discussing the same in this article.