Income Tax Articles
TDS on withdrawal from EPF - Section 192A
Tax is to be deducted by the Trustee of EPF Scheme,1952 or any other person authorized to make payment of the accumulated sum to the employees.
Presumptive taxation scheme for professionals - Section 44ADA of the IT Act 1961
A person adopting the presumptive taxation scheme can declare income at a prescribed rate and, in turn, is relieved from the tedious job of maintenance of books of accounts and also from getting the accounts audited.
PFRDA has amended NPS investment rules through circular dtd. 26th Aug 21
Now the subscribers of NPS can remain in this investment medium after the age of 60 years or after their superannuation. Also, people above the age of 65 who want to open a new account in NPS can also do so.
What is not included in the definition of Capital Asset?
While computing income under the head income from capital gains, the most important thing to understand is the definition of a capital asset. However, let us discuss certain assets which are not considered capital assets.
Income Tax Updates: Transfer of capital assets from Air India Limited to Air India Assets Holding Limited
CBDT has issued certain notifications to provide for the transfer of capital assets from Air India Limited to Air India Assets Holding Limited and to clarify certain things under the Income Tax Act, 1961.
Invocation of Section 69C If Assessee Is Opting For Presumptive Taxation
Provisions of section 69C are very clear that wherever the assessee fails to explain the source of certain expenditure incurred during the year, the same may be deemed to be the income of the assessee.
New ITR (Income Tax Return) Forms for AY 20-21 | Details of changes made
CBDT has notified some key changes in ITR forms for AY 2020-21. The major changes made this year in all ITR seek certain questions to be answered by the taxpayers, questions related to deposits made over Rs 1 crore
IT slab rates for FY 2020-21
Income Tax Slab Rates for the FY 2020-21 and AY 2021-2022. The taxpayers can pay tax under new or concessional rates in FY 2020-21.
How to file an ITR on the New Income Tax Portal (Income Tax e-Filing)?
ITR - How to file ITR - A complete step by step guide on how to e-file Income Tax Return on the New Income Tax Portal. Know all about ITR filing.
Income Tax Guide: IT return, e-filing
Income Tax is a tax levied directly on the income or wealth of a person. Here is a complete guide on Income tax returns, slab rates and e-filing.
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