Income Tax Articles
When is the salary of a salaried person taxable?
Salary can be defined as the compensation a person receives for providing services that are implied or explicit. Let us discuss the taxability of salary received by a person.
Are you a first-time homebuyer?
Home loan interest rates are at an all-time low. Moreover, the Government has provided various relaxations regarding stamp duty and income tax if you are a first time home buyer.
The End to Retrospective Tax via Taxation Laws (Amendment) Bill, 2021
12 August 2021
7942 Views
On 05.08.2021, FM Nirmala Sitharaman introduced a Bill to withdraw the retrospective amendments to the Income Tax Act, 1961 that had raised demands on Vodafone, Cairn and others.
Is the Income Tax Portal levying late fees for filing ITR despite the due date extension?
Taxpayers are complaining that the income tax portal is levying a late filing fee. Tax filers are taking the social media route and requesting the department to remove the late-filing fee from the server.
Section 37: General Deductions under the Income Tax Act
Section 37(1) says that any expenditure, laid out or expended wholly and exclusively for the purpose of business or profession shall be allowed in computing the income chargeable under the head PGBP.
CBDT inserts two new rules after Rule 21AH and two new forms after Form No.10IF
CBDT has notified a new set of rules to amend the existing Income-tax Rules, 1962. The aim of this amendment is to insert two new rules after Rule 21AH and two new forms after Form No.10IF.
Highlights of Union Budget w.r.t Taxation
Highlights of Union Budget w.r.t Taxation
ITR Processed but Refund Failed - What to do?
'Your refund has failed, please raise a Refund Reissue Request', if you get this kind of email or sms after receiving ITR Processing Intimation u/s 143(1) then you need to follow just 2 simple steps to get you Income Tax refund.
ITR and Types of ITRs - A Complete Guide for AY 2021-22
06 August 2021
3956 Views
There are different types of ITRs. The persons falling under those categories shall file the return in the respective ITR. Let us discuss the ITRs 1 to 7 in this article, for AY 2021.22.
Important Points While Computing Income Under Profits And Gains Of Business Or Profession
Profits and Gains of Business or Profession is considered as an important head of income while computing taxable income. Let us discuss the guiding points that should be kept in mind while computing income under PGBP.
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