Income Tax Articles

ITR-4: Who Can File ITR 4

Hardik Lashkari 28 July 2020 at 09:37

Presumptive income scheme simplifies tax calculation for small businesses with gross receipts or turnover less than Rs 2 crore.

Section 44AD: Provisions for computing profits and gains of business on presumptive basis

CA Santhosh Gupta Kethepalli 27 July 2020 at 11:34

Section 44AD covers provisions to reduce tax burden and to provide relief from tedious work to small tax assesses, the government of India has incorporated a scheme of presumptive taxation.

Section 194N - TDS on Cash Withdrawal

CA AMIT KUMAR SHARMA 27 July 2020 at 10:07

Section 194N is applicable in case of cash withdrawals of more than Rs 1 crore during a financial year.

Updated Due Date Chart Of Income Tax Compliance

CA Rahul Mittal 27 July 2020 at 10:07

Due to COVID-19 pandemic and challenges faced by taxpayers, the government has extended dates for various compliance in direct taxes.

Is PAN Mandatory For Some Transactions in Income Tax?

CA Rahul Mittal 27 July 2020 at 10:06

Every person shall quote his permanent account number (PAN) in all his returns or challans or correspondence with any income-tax authority. Other than this, every person shall quote his PAN in all documents pertaining to the transactions

NRI Bank Accounts Explained in Simple Language

CA for NRI 25 July 2020 at 14:55

NRI Bank Accounts Explained in Simple Language

TDS Under Section 194N- Cash withdrawal

CA Robin Garg 24 July 2020 at 16:41

TDS section 194N applies to Specific entities responsible for paying a sum or aggregate of sum, in cash exceeding Rs. 1 Crore to any person during a year.

FAQs on e-campaign compliance portal

Sanchit Aggarwal 24 July 2020 at 15:10

Under e-Campaign tab of Compliance Portal, information received from various sources related to the taxpayer shall be displayed for seeking feedback. The taxpayer is required to submit response on each information item to complete the process of submission of response.

House Rent Allowance: A Tax Saving Lifeline For Salaried Person

CA Rahul Mittal 23 July 2020 at 09:39

House Rent Allowance (HRA) is generally considered as a part of salary component and is generally added in the salary structure to help the individual to save tax

New ITR (Income Tax Return) Forms for AY 20-21 | Details of changes made

Ritika Agarwal 22 July 2020 at 16:18

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