In some cases, income is taxed in the same year in which it is earned and so in these exceptional cases a previous year will also function as an assessment year. Let us discuss those exceptions.
E-Tax payment is a facility provided to the taxpayers to make income tax payments through the internet, using Net-banking/Debit card of the selected Bank.
A person with an American citizenship can still be a resident of India for Income Tax purposes. The residential status of the assessee is to be determined each year with reference to the 'previous year'.
Section 115BAD was introduced to provide the benefit of a lower tax rate to Resident Cooperative Societies. It is applicable for any PY relevant to the AY beginning on or after 01.04.2021.
CBDT vide its Notification No. 9/2021 dated February 26, 2021, has further extended the Due Dates under the Direct Tax Vivad se Vishwas Act, 2020.
Non-speaking seized documents are referred to as 'Dumb Documents'. In this article, we will discuss the gamut of Dumb Documents unearthed in an IT Search and Seizure Action.
Section 44ADA was introduced to extend the benefits of presumptive taxation to specified professionals and to reduce the burden of compliance to small professionals.
Discussing section 194M of the Income Tax Act which deals with the TDS on payments of certain Sums by Individual and HUF including its meaning, rate of TDS, threshold limit etc.
Discussing Section 194Q (TDS on payment of a certain sum for purchase of Goods) of the Income Tax Act, which has been introduced by the Finance Minister in Union Budget 2021.
Domestic companies get an option to pay their corporate taxes at a concessional tax rate u/s 115BAA and 115BAB of the Income Tax Act, 1961 by filing Form 10IC and Form 10ID pertaining to certain conditions.
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