Articles by Taxblock

GST department not allowed to collect any tax/ interest/ penalty without issuance of notice u/s 74(1)

Posted by Taxblock 29 September 2021 15635 Views

Telangana High Court gave a decision in the case of Deem Distributors Private Ltd Vs Union of India, in which the GST department will not be allowed to collect any Tax/Interest/Penalty without the issuance of notice under section 74(1) of the Goods and Service Tax Act, 2017.

Taxability on gifts, rewards and rewards given to Sportsperson / Olympic Participants

Posted by Taxblock 25 September 2021 2858 Views

In India, a gift is exempted up to Rs. 50,000 and gifts from specific relatives such as parents, spouses and siblings are also exempted from tax. Gifts other than those received from specified relatives are taxable.

Definition of persons under IT Act 1961

Posted by Taxblock 25 September 2021 1943 Views

According to section 2(31) of the Income-tax Act, a 'person' includes - Individuals, Partnership Firms, HUF, Companies, AOP, Local authorities, or any other artificial judicial person.

Difference between EPF, PPF & NPS and tax benefits around IT Employee Provident Fund

Posted by Taxblock 25 September 2021 3370 Views

Under this scheme, the employer and employee both contribute 12% of the employee's salary and dearness allowance to the employee's provident fund account every month.

How to determine the residential status and what are the different residential statuses

Posted by Taxblock 25 September 2021 4747 Views

An individual may be a citizen of India but may end up being a non resident for that particular year. The residential status of different categories of taxpayers is assessed differently.

Tax Exemptions Available For Startups In India

Posted by Taxblock 15 September 2021 6869 Views

In order to accelerate the spreading of the startup movement in India, the Government had announced an action plan known as the Startup India initiative that addresses all the aspects of startup ecosystems.

Understanding LTA & its benefits

Posted by Taxblock 13 September 2021 3710 Views

This allowance is provided by the employer to cover the travel expenses of the employee when he is gone for a holiday trip. Leave Travel Concession is another name of LTA.

Benefits and Procedure of Linking Aadhaar with PAN

Posted by Taxblock 13 September 2021 1978 Views

As per Section 139AA of the Income Tax Act, every person who has PAN as on July 1, 2017, is required to link their PAN with their Aadhaar number within the due date notified by the government.

Mistakes one should avoid while filing Income Tax Return (ITR)

Posted by Taxblock 13 September 2021 2173 Views

While the filing of ITR has several advantages but committing minor mistakes may sometimes attract huge penalties therefore one should be cautious while filing his own ITR.

Retrospective Taxation in India

Posted by Taxblock 13 September 2021 2479 Views

On 5th August 2021, The Taxation Laws (Amendment) Bill, 2021 proposed to remove the provisions of retrospective effect of tax completely. This step had resolved the problem of 17 industries.