Articles by Taxblock

Income tax raid and rights of an assessee during the raid

Posted by Taxblock 13 September 2022 11021 Views

An income tax raid is an operation of search and seizure which is conducted by the income tax department on the business or residential premises of taxpayers with an objective to reveal all the undisclosed income of the assesses.

Notices on Foreign Relief Disallowance (FCRA)

Posted by Taxblock 05 September 2022 1350 Views

The FCRA license is a mandatory registration granted to an NGO or any other nonprofit making organization which allows them to receive funding from abroad.

How To File an Appeal Before Commissioner of Income Tax?

Posted by Taxblock 03 September 2022 13627 Views

Any person or an assessee who is aggrieved by an order of an Assessing Officer (AO), can file an appeal against the order before the Commissioner of Income Tax (Appeals) by submitting Form 35 online on the Income tax e-Filing portal within 30 days from the date of service of order or demand.

Guide to follow when income tax refund gets adjusted with prior outstanding demands

Posted by Taxblock 01 September 2022 9526 Views

Section 245 of the Income Tax Act empowers the Income tax department to adjust any amount of refund due to the assessee with any previous outstanding tax liability.

8 Benefits of Having Insurance Policy

Posted by Taxblock 31 August 2022 3130 Views

Insurance is a contract of indemnity in which an individual or entity receives to hedge against the risk of financial losses from an insurance company from damage to the insured property, or from liability for damage or injury caused to a third party.

How to update your name on PAN card

Posted by Taxblock 27 August 2022 6753 Views

PAN card or Permanent Account Number is a unique ten-digit alphanumeric number issued by NSDL in India. It is used for various tax purposes while filing as identity proof and serves as valid identity proof for multiple other processes.

Income of Freelancers and Taxation around it

Posted by Taxblock 26 August 2022 4079 Views

Freelancing income refers to an income or money earned by working on specific assignments for a specific term and getting paid for the work upon completion and submission.

How To Update Your Details on Aadhaar Card

Posted by Taxblock 25 August 2022 6363 Views

An Aadhaar Card is an essential document for proof of identity, residence, date of birth, etc. for availing various government purposes, admission, the opening of bank Account, etc. However, it is very important to keep your details available in your Aadhaar card accurate and up to date.

Interest Under Section 234

Posted by Taxblock 24 August 2022 8263 Views

Under section 234B of the Income Tax Act, you would be fined in the form of interest if you miss or delay the payment. Similarly, you must pay fines under sections 234A and 234C. Here's a rundown of the three sorts of interest you might have to pay in case of default.

What Are Bonds and Different Types of Bonds

Posted by Taxblock 22 August 2022 2065 Views

A bond is a financial instrument that is offered as a security to loans offered to an investor that is issued by a government or corporate entity. It bears a fixed repayment with a certain rate of interest the maturity or expiry of the due date to the investor.