Income Tax Articles
Growing Importance for TDS Compliance
Nowadays delay in payment of TDS and in TDS return Filing makes an assessee liable to Late Payment Interest, Late Payment Penalty, Late Filing Fees, Late Filing Penalty and Further makes him liable to prosecution under the provision of the Income Tax
Analysis of Section 194Q of Income Tax Act along with Section 206C(1H)
Section 206C(1H) was introduced in Finance Act 2020 while Section 194Q was introduced in Finance Act 2021. Let's discuss the provisions of Section 194Q and its relation with Section 206C(1H).
Penalties under the Income Tax Act, 1961
An offence committed by an assessee under the provisions of the Income Tax Act,1961 shall be subject to penalty. There are more than 45 penalties under the act. Discussing the same in this article.
Restriction on Cash Transaction and 10 High value cash Transaction
This article will help you to solve your problem related to the restriction on cash transaction and the top 10 high value transactions as per the Income Tax Act/GST.
Interest, Late Fees and Penalty under TDS provision
Discussing TDS Interest and its different types, together with the late fees for delay in filing of TDS Return and penalty that may be imposed on late filing of TDS Return u/s 271H.
Reporting of dividend distribution by companies to the IT department under SFT reporting
Section 285BA of the Income Tax Act, 1961 read with Rule 114E of Income Tax Rules, 1962 says certain persons are required to report a statement of financial transaction (SFT) or reportable account to the Income Tax Department.
Residential Status of an individual with changes of Finance Bill, 2020 as per IT Act 1961
As per the Income Tax Act, a foreign citizen may end up being an Indian Resident & liable to pay tax for a particular year. So, it is important to know one's residential status.
Section 94: Bond Washing Transactions
A bond washing transaction can be defined as a transaction where some securities are sold sometime before the due date of Interest and reacquired after the due date is over. In order to discourage such transactions Section 94 was introduced.
How to file belated ITR for Individual for FY 19-20
According to the Finance Act 1987 amendment, you can file your Belated IT Returns anytime on or before 1 year from the end of the relevant Assessment Year (AY).
Tax Savings Tips to Reduce Your Tax Outgo
Tax planning is a part of financial planning. Though it is difficult to avoid taxes, you can strategise to reduce the tax outgo efficiently. Laying out some tips for the same, in this article.
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