Income Tax Articles
Form 26AS: Transition from Annual Tax Statement to Annual Information Statement
Form 26AS (Tax Credit Statement) is the Annual Tax Statement in which the details of tax credit are maintained for each taxpayer as per the database of Income-tax Department.
Do I have to pay tax on Cashbacks?
As the nation eases out of lockdown, we're soon going to be rushing to the stores for some much-needed retail therapy and more-than-necessary vacationing.
Important Judicial Pronouncements on Presumptive Taxation
In this article, we discuss all the Important Judicial Pronouncements on Presumptive Taxation under the Income Tax Act 1961.
TDS & Advance Tax
The persons having a turnover of more than Rs. 1 crore but less than Rs. 2 crores and declaring income u/s 44AD would be required to deduct TDS. Furthermore, the eligible assessee is now required to pay advance tax by 15th March of the financial year.
Residential Status under the Income Tax Act
Residential status is a vitally critical component under Income tax. It varies for various classes of assessees. The concept of residential status lies under Income tax and FEMA.
Is Transfer of TDR Taxable under Capital Gain
In Real E-State sector Transfer TDR is prominent method for utilizing the potential. Where in Holder of TDR transfer the TDR generated from waving the right, su...
Section 115BAC of Income Tax Act at a Glance
There is a new section called 115BAC intserted in Income Tax, 1961. This is going to effect from AY 2021-22. An assessee can opt old system or new as he wish. When an assesse opting for New he will lose some exemptions/deductions/carry forwad loss etc
Penalty for failure to get accounts Audited - Section 271B
If the assessee fails to get his accounts audited or furnish a report of such audit u/s 44AB, a flat penalty u/s 271B shall be attracted. No penalty shall be imposed u/s 271B if the assessee proves that there was reasonable cause for such failure.
Income Tax old vs New Tax Regime Automated Excel Calculator
The Union Budget 2020 introduced a new personal tax regime for individual taxpayers. However, the option for such concessional tax regime requires the taxpayer ...
Why Your In-Hand Salary May Reduce from 2021
The GoI has recently notified the draft rules under The Code on Wages 2019. The new rules which are expected to enter into force in April 2021, will potentially have consequences on your take-home salary and retirement corpus.
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