Income Tax Articles
Section 143(1) of the Income Tax Act - Summary Assessment without Presence or Calling of an Assessee
An assessee would receive intimation under Section 143(1) if the assessee has paid either more or less than the amount which he is actually liable to pay.
Clubbing of Income demystified under different sections
Generally an assessee is taxed in respect of his own income. But there are some cases where assessee has to pay tax in respect of income of another person. In the case of individuals, income tax is levied on a slab system on the total income.
Clubbing of Income: An essential part of Tax Filing
Now that we know the scenarios which lead to clubbing of income, we could efficiently work around this very premise to save taxes. There is a fine line of difference between tax saving and tax evasion, spilling over from one to another could mean
All you need to know about PAN
Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department, to any "person" who applies for it or to whom the department allots the number without an application.
FAQs on Input Tax Credit (ITC)
INPUT TAX CREDIT Q.1. What is input tax credit? A.1. Input tax credit is the amount of tax paid by the dealer on purchases for which the dealer is entitled to claim a credit.
Sec 70: Inter Source Set-Off Of Losses
In this article, we will discuss how to set off loss from one source against income from another source within the same head of income, i.e., inter source set off [Sec. 70]
Can you File an Income Tax Return after the Due Date?
Section 139(4) says if you have skipped the due date for filing ITR, you can file a belated return with a penalty for belated return of Rs 10,000.
ITR Forms and Tax Audit New Report for FY 2020-21
Only minimum changes that are required due to amendment in the Income Tax Act have been incorporated in the ITR forms. Some of these changes have been listed in this article.
Deduction for setting up industries in backward states u/s 80IC
Deduction u/s 80IC of the Income Tax Act has been provided by the government to set up industries in specified backward states and to provide a push to the economy.
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