Income Tax Articles
What is income under the head Salary?
Generally, salary is considered as a fixed payment from an employer to an employee. However, the term 'salary' has a larger scope. Let us discuss the term 'salary' in this article.
Analysis of Section 206AB and Section 206CCA
Section 206AB and 206CCA were introduced in the Finance Bill 2021. They provide for a higher deduction of TDS and TCS respectively, if certain conditions are met.
Extension of Income Tax Due Dates
CBDT has issued a circular on 20.5.2021 for an extension of due dates for various returns and compliances under the Income Tax Act. Let us discuss the extended due dates.
Avoid Exceeding This Limit in Mutual Funds, Bank FDs, and Cash Deposit, Otherwise, You May Get a Notice of Income Tax
Cash transactions and digital deposits are closely monitored by the IT Department, and if you invest more than Rs 10 lakh in mutual funds, stock market, bonds, or debentures, your chances of receiving a notice increases.
An Introduction to Income Tax
Income tax was introduced in India in 1860 and is generally described as a tax on income, gains or profits earned by a person such as individuals and other entities.
Income Tax Benefits Available to Individuals and HUF - Part 4
This is the last part of the article series related to Income Tax Benefits Available to Individuals and HUF. We will now be discussing about the remaining deductions under Chapter VIA, TDS and advance tax provisions and about exemption from Filing of Income Tax Return
Section 10AA: Provisions Related To Newly Established Units In Special Economic Zones
Section 10AA provides a deduction from total income of such profits and gains derived by an assessee being an entrepreneur from the export of articles or things or services for certain consecutive assessment years.
Understanding penalty provisions for failure to furnish the TDS/TCS statements
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.
Extension of Time Limits of Various Compliances
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.
Importance of Statement u/s 132(4) of the IT Act 1961, Retraction thereof
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.
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