Income Tax Articles
Consequences of not filing the ITR
Default in filing the Return of Income within the prescribed due date results in a fee or penalty. In this article, we discuss various fees and penalties u/s 234F, 270A, and 276CC.
Section 245N(a) - Advance Ruling
Advance Ruling means written opinion or authoritative decision by an authority empowered to render it with regard to the tax consequences of a transaction or proposed transaction or an assessment in regard thereto.
Charitable Trusts and Amendments in Finance Act 2021 and FCR
Discussing recent amendments in Finance Act 2021, Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 and Foreign Contribution (Regulation) Amendment Act, 2020 that will impact the functioning of Charitable Trusts.
Provisions relating to payment of advance tax
22 May 2021
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As per section 208, every person whose estimated tax liability for the year is Rs. 10,000 or more, shall pay his tax in advance, in the form of "advance tax".
TDS on cash withdrawal in India
Section 194N has imposed a TDS liability on Payer when any cash payment exceeding Rs. 1 crore is made (individually or in aggregate) during the financial year to Payee.
Extension in various due dates vide Circular no. 9 of 2021 by CBDT
As per Circular No. 9 of 2021 issued by CBDT, some of the due dates of various compliances such as TDS, TCS, SFT and ITRs have been extended due to the Covid-19 pandemic in the country.
Income Tax (CBDT) Due Date Further Extended beyond May, 2021
CBDT has issued a circular w.r.t. extension of time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic and spike in COVID-19 cases.
Extension of Time Limit for Income Tax Compliance
In order to provide further relief to taxpayers in view of the COVID-19 pandemic, CBDT vide circular No. 09/2021 has further extended the time limits of certain compliances.
Extension of Income Tax due dates for the AY 2021-22 related to the FY 2020-21
CBDT, in exercise of its power under section 119 of the Income-tax Act, 1961, provides relaxation on Income Tax due dates as per Circular 9 of 2021 dated 20th May 2021.
Income Tax Benefits Available to Individuals and HUF - Part 1
Under the provisions of the Income Tax Act, various benefits are provided to Individuals and HUF. Through this article, let us understand some basic exemption limits and relief available to them.
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