Income Tax Articles

How to prepare Grounds of Appeal to ITAT

Heer Gajjar 06 August 2020 at 12:23

An appeal is generally filed with ITAT in either Form 36 / 36A. However the forms by themselves are not self-sufficient to file an appeal. The appeal to be filed with ITAT should also be accompanied by GoA and SoF.

Form 26AS - Know how to check your tax credit

CA Shrinkhla Gupta 05 August 2020 at 10:26

Issuance of TDS certificate is an obligation for the deductor and you can check the status of TDS deducted from such certificates.

Unexplained Cash Credit- Section 68 of the Income Tax Act

Amit Rai 05 August 2020 at 10:14

Section 68 of Income Tax Act is one of the debated section which brings huge numbers of litigation and judgments, especially in case of Demonetisation, we have seen a number of assessment orders have been passed by the assessing officer invoking section 68

Compliances to meet in August 2020

CA Rahul Mittal 04 August 2020 at 09:03

Save the dates, know the compliances to be met by this month, August 2020.

Section 44ADA- Presumptive taxation scheme for assessees engaged in eligible profession

CA Santhosh Gupta Kethepalli 03 August 2020 at 10:47

Scheme for presumptive taxation was introduced under section 44ADA from the F.Y.2016-17. Section 44ADA provides a simple method of taxation for Specified Small professionals. Earlier, the presumptive scheme of tax was applicable only for small business.

How to save Income tax on sale of residential property?

CA Rahul Mittal 03 August 2020 at 10:47

Many taxpayers are not aware the provision of the income tax act on how to save the tax on the sale of residential property. They earn profits on the sale of residential property and pay the taxes. They can save the tax.

Section 35D of Income Tax Act - Few technical aspects

CA Mehul Thakker 01 August 2020 at 11:00

The term "Capital Employed" means the aggregate of the issued share capital, debentures and long-term borrowings, as on the last day of the previous year in which the business of the company commences.

Income Tax deadlines that end on 31st July 2020

CA Rahul Mittal 30 July 2020 at 10:14

Due to the coronavirus pandemic, the government had extended the various due dates for giving relaxations to the taxpayers.

Consequences of filing ITR(Income Tax Return) after the Due Date

CA Shubhi Khandelwal 29 July 2020 at 10:10

Non-Filing of the Income Tax Return may result in Penalty under Section 271F of Income Tax Act, 1961, Interest under Section 234A of Income Tax Act, 1961, Non-Carry Forward of Losses, Best judgment assessment, Claim of Refund of Taxes, Prosecution for Failure to Furnish Return of Income etc.