Income Tax Articles
Which ITR Should You File for FY 2020-21?
The applicability of the ITR form depends on the sources of income, amount of income earned and the category of the taxpayer like individual, HUF, Company etc.
Tax Implications on Reconstitution/Dissolution of a firm and Transfer of Assets to partners
Finance Act 2021 has made amendments to the provisions of the Income Tax Act, pertaining to the tax liability arising on the distribution of assets by the firm to its partners on its reconstitution or dissolution.
Interest levy under three sections 234A, 234B and 234C
In case a taxpayer does not file their ITR by the due date specified by the department, they will be required to pay interest on the outstanding tax, under sections 234A, 234B and 234C of the Income Tax Act 1961.
Income Tax Return by Legal Representative
The legal representative can file the return for one AY only after the death of the person. They can register themselves on the Income Tax Site on behalf of the dead person and file the ITR.
Compliance Check Functionality for Section 206AB & 206CCA
A new tax rule relating to TDS and TCS has come into force from 01.07.2021 under which, taxpayers who have not filed their ITRs for the past two FYs shall have to pay a higher tax.
Who Should File an Income Tax Return?
The Income Tax Act provides that a certain category of persons should compulsorily file their Income Tax returns every year within the due date specified. Let us discuss the same through this article.
How to Respond to Assessment and Reassessment Notice under Section 148 of the Income Tax Act?
The notice under section 148 could be issued within a period of 16 years from the end of relevant AY in case the income that has escaped assessment relates to assets located outside India.
How to File an ITR for FY 2020-21 (AY 2021-22)?
Filing of Income Tax Return is a way of declaring the amount of income earned and taxes paid thereupon to the Government. In this article, we will uncover two ways to file an ITR i.e. Online and Offline.
International Taxation: Relief from double taxation
Double taxation generally means taxation of same income of a person in more than one country. The main reason behind double taxation is that countries across the world different rules for taxing income.
Relaxation in filing of form 15CA & 15CB
CBDT has granted relaxation in the filing of forms 15CA & 15CB in view of the difficulties faced by the taxpayers in filing the said forms on the new Income Tax portal. The same can now be filed till 15th August 2021.
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