Income-tax law provides for a concept known as 'Marginal Relief on surcharge'. The basic idea is that the increase in tax liability (due to surcharge) should not exceed the increase in income.
Book Identification Number (BIN) is issued to the deductor on the NSDL Tax information Network. The BIN quoting has been termed mandatory for government deductors, who are reporting TDS without payment through bank challans and the same is to be stated on the quarterly TDS statement.
Several amendments are made in the Income Tax Act, 1961 through ordinance in Section 115BAA, Section 115BAB were inserted in the Income Tax Act, 1961
New 26AS form now will provide much more comprehensive information of taxpayer in short it can be said that now it will provide complete profile of the taxpayer.
Bar on Subsequent Application to Income Tax Settlement Commission: Conflict between Legislative Intention and Judicial View
Apart from TDS and TCS, the Government collects taxes on a quarterly basis in the form of advance tax before the end of a financial year, ensuring constant flow of tax revenue during the year rather than at the year-end.
June 30 th is an extremely important deadline for the taxpayers. Here are some exemptions you can claim before June 30th.
PAN holds extreme importance in India, not only for Income Tax purposes but also as a proof of identity. Know how to make PAN Card Correction online/Offline on NSDL website.
Equalisation Levy: Applicability, Features and Penalty
A brief Summary of the Sections restricting cash payment under the Income Tax Act, 1961.
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