Income Tax Articles
Detailed Analysis of Guidelines for Compounding of Offences under IT Act 1961
In supersession of all earlier Guidelines including the last Guidelines of the issued vide F.No.285/08/2014TT (lnv.V)/147 dated 14th June, 2019, the CBDT Issued revised guidelines vide F.No. 285/08/2014-IT(lnv.V)/196 dated 16th September, 2022 which were made applicable with immediate effect.
Real Growth of an economy is when the DT collections surpass the Budget Targets
You must be wondering why I said so. Undoubtedly, Tax collection is an indicator of economic activity in any country. But to have a deeper understanding of this, we first need to have a look on the DT collections of this year, and the estimated Budget Target that was set by the Honourable Finance Minister, Nirmala Sitharaman.
Missed filing ITR? File belated ITR for FY 2021-22 by 31st Dec
Income Tax Return is a form that individuals and businesses are required to file with the Income Tax Department. The purpose of ITR is to report the income earned during a financial year and pay taxes on it.
Section 68: Unexplained Cash Credit
As per section 68, any sum found credited in the books of a taxpayer, for which he offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, may be charged to income-tax as the income of the taxpayer of that year.
Supreme court puts an end to large tax evasion through partnership firms
This ruling of SC will have a far-reaching effect, which has changed perception of using Partnership Firm to evade taxes. The SC has considered revaluation of the assets of a Partnership Firm is an event deemed to transfer of assets to the partners and hence taxable in the hand of firm.
Tax Compliance Tracker for the m/o Dec 2022
Statutory Tax Compliance Tracker - December 2022
What is HUF and how to make HUF deed?
A Hindu Undivided Family is a family which consists of all persons lineally descended from a common ancestor and includes their wives and unmarried daughters.
Section 115BAA - Concessional Rate of Tax for Domestic Company @25.168%
Concessional Rate of Tax for Domestic Company
Tax Benefits for Children
14th Nov is celebrated as Children's Day on Hon Mr. Pandit Jawaharlal Nehru's birthday. Every parent spends money from their income on the education, development of their children, but are unaware of the taxation benefits which the parents can enjoy, let us discuss it one by one.
One Nation, One ITR Form, 40 Questions: New Proposal
CBDT has released draft common Income Tax Return Form by merging all the existing returns of income except ITR-7 for all taxpayers barring trusts and non-profit organizations, to which all stakeholders and general public can provide inputs up to December 15.
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