Income Tax Articles

Section 206AA | Mandatory Requirement of Furnishing PAN

Posted by CA.R.S.KALRA 18 March 2021 2384 Views

Section 206AA has been inserted to provide that any person whose receipts are subject to TDS i.e. the deductee, shall mandatorily furnish his PAN to the deductor, failing which the deductor shall deduct TDS at the specified rate.

Tax planning & To do list before 31st March 2021 - Capital gain tax perspective

Posted by JINESH MEHTA 18 March 2021 13283 Views

We are in the month of March, Hence, it is extremely important to know the tax implication on stock market transactions and actions to take before 31st March 2021 as far as tax planning is concerned.

Section 203A | Tax Deduction and Collection Account Number

Posted by CA.R.S.KALRA 17 March 2021 8183 Views

Under the provisions of section 203A of the Act, every person deducting tax or collecting tax is required to obtain TAN and quote the same for reporting of tax deduction/collection to the Income-tax Department.

Important Income Tax (Direct Tax) Amendments (since 2019)

Posted by CS Lalit Rajput 17 March 2021 11104 Views

The government has announced several measures to promote growth, investment and create new employment opportunities through the amendments in the Income-tax Act, 1961, and the Finance Act (No. 2), 2019.

Assessment Orders Appealable before CIT (A)

Posted by Dilip K Raina 16 March 2021 3798 Views

The year-end 2019 brought to end so many good and bad events or moments we Indians experienced during the year. Some events fade with the onset of the new year, but some continue for life and few such happenings get carried forward to the current year 2020.

Section 269SU of the Income Tax Act, 1961- All you need to know

Posted by CA Mayur Todmal 16 March 2021 52576 Views

As per Section 269SU of the Income Tax Act, every person, carrying on business, shall provide a facility for accepting payment through prescribed electronic modes.

Got an Assessment order this December? Heres how you can deal with it.

Posted by C.A Vivek Bindal 16 March 2021 3292 Views

With the last day of the decade and the start of new year, many taxpayers also must have received a letter from Income tax department. I would call it a 'Love letter' :).

Section 201 | Consequences of Non-Compliance to TDS

Posted by CA.R.S.KALRA 16 March 2021 2908 Views

As per section 201 of the Income Tax Act, if a deductor fails to deduct TDS or after deducting the same fails to deposit it to the Government's account then he shall be deemed to be an assessee-in-default and liable for consequences discussed in this article.

Section 143(1) Scheme of processing of return

Posted by kanika 15 March 2021 15794 Views

If return is filed having a claim of refund and case is selected for scrutiny under section 143(2), then the refund shall be granted to the assessee under section 143(1). ITD can't stop the refund till the completion of assessment under section 143(3).The return shall be processed under section 143(1) even if the case is selected for scrutiny and there is a refund.