Income Tax Articles

ITR and Audit Reports Due Date Further Extended on 9th September by CBDT

Posted by CS Lalit Rajput 09 September 2021 4930 Views

CBDT has considered representation w.r.t. difficulties reported by the taxpayers and other stakeholders in the filing of ITR and various reports of audit for the AY 2021-22 under the Income-tax Act, 1961.

Invocation of Section 68 if Assessee Is Opting For Presumptive Taxation

Posted by CA.R.S.KALRA 09 September 2021 8696 Views

Since section 44AD does not obligate the assessee to maintain books, provisions of section 68 cannot be invoked where the assessee has filed an ITR under section 44AD without maintaining books of accounts.

What is Foreign Account Tax Compliance Act and CRS

Posted by Taxblock 09 September 2021 1261 Views

The foreign account compliance tax account is the tax mechanism that compels U.S. citizens at home or abroad to disclose all their foreign account holdings while filing their annual reports.

TDS and TCS on Purchase of Goods Under Income Tax

Posted by Taxblock 09 September 2021 8743 Views

The tax deducted under section 194Q shall be applicable on businesses whose gross receipts, turnover, or total sales exceed 10 crores in the Assessment Year 2020-21.

Trust under Indian trust Act, 1882

Posted by Taxblock 09 September 2021 2944 Views

A trust is a relationship in which a person or entity is bound by a fiduciary relationship to exercise that legal rights over the trust property for the benefits of any one or more individuals known as beneficiaries.

Understanding the Taxability of ESOP Gains

Posted by Taxblock 09 September 2021 1580 Views

ESOPs can be issued to permanent employees of parent or subsidiary company working in India or outside India and directors of the company including whole time or part time director but not including independent director.

DSC Requirement removed by CBDT for e-filings

Posted by CS Lalit Rajput 08 September 2021 5115 Views

The amended Rules mandate that electronic records submitted through the registered account of the taxpayers in the Income Tax Department’s portal shall be deemed to have been authenticated by the taxpayer by EVC.

Retrospective Taxation in India

Posted by Taxblock 08 September 2021 2479 Views

On 5th August 2021, The Taxation Laws (Amendment) Bill, 2021 proposed to remove the provisions of retrospective effect of tax completely. This step had resolved the problem of 17 industries.

Mistakes one should avoid while filing Income Tax Return (ITR)

Posted by Taxblock 08 September 2021 2173 Views

While the filing of ITR has several advantages but committing minor mistakes may sometimes attract huge penalties therefore one should be cautious while filing his own ITR.

Benefits and Procedure of Linking Aadhaar with PAN

Posted by Taxblock 08 September 2021 1978 Views

As per Section 139AA of the Income Tax Act, every person who has PAN as on July 1, 2017, is required to link their PAN with their Aadhaar number within the due date notified by the government.