Income Tax Articles

Extension of Income Tax Due Dates

Posted by CA Umesh Sharma 29 May 2021 5615 Views

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

Posted by Kapil Rana 29 May 2021 18872 Views

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

Posted by Ritik Chopra 29 May 2021 10437 Views

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

Posted by Neethi V. Kannanth 26 May 2021 8135 Views

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

Posted by Ritik Chopra 26 May 2021 9173 Views

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

Posted by Aruhi 26 May 2021 2595 Views

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

Posted by SAGAR MALHOTRA 26 May 2021 2846 Views

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

Posted by CA.Mohit Gupta 26 May 2021 13229 Views

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.

Various assessments under the income tax law

Posted by Niyati 26 May 2021 2485 Views

The process of examining the return of income by the Income Tax department is called “Assessment”. Let us discuss various assessments under the Income Tax Act. ...

Government Extends Due Date Compliances under Income Tax and Launches New E-Filing Portal

Posted by P.R. Sethuraman 26 May 2021 12303 Views

Discussing the extended timelines for due date compliances in the Income Tax Act in a tabular format and the launch of the new e-filing portal of the Income Tax department.