Articles by Taxblock

Various Offences Under Income Tax And Penalty Applicable To It

Posted by Taxblock 26 October 2021 1891 Views

Default in complying with provisions of or with conditions prescribed under the Income-tax Act would attract certain penalty and in critical cases prosecutions as well.

Deductions under Income Tax

Posted by Taxblock 26 October 2021 1963 Views

Deductions are typically expenses that the taxpayer incurs during the year that can be applied against or subtracted from their gross income to figure out how much tax is owed.

Income from Capital Gains

Posted by Taxblock 26 October 2021 3243 Views

Any profit which is earned by transferring a capital asset will be known as capital gains, and it will be taxable under the head Income from Capital Gains if the transfer was made in the previous year.

Income from House Property

Posted by Taxblock 26 October 2021 2794 Views

A house property could be your home, an office, a shop, a building or some land attached to the building like a parking lot. All of these are taxed under the head ‘Income from House Property’ in an ITR.

Section 64 - Clubbing of Income under the Income Tax Act

Posted by Taxblock 26 October 2021 3759 Views

Clubbing of Income as the term suggests, means adding the income of another person to the income of the person who is paying the tax. This term is explained under Section 64 of the Income Tax Act.

Rebate and Reliefs under income tax

Posted by Taxblock 19 October 2021 4501 Views

Rebate under section 87A of the Income Tax Act is a provision that helps taxpayers to reduce their tax liability. This section is available to people whose income do not exceed Rs. 5 Lakhs.

Income from Salary | An analysis

Posted by Taxblock 19 October 2021 5709 Views

Income from salary is the remuneration that is received by an individual who is rendering services under any contract which is taken by him. The contract should be under employment.

GST Return Filing

Posted by Taxblock 19 October 2021 8611 Views

GST Return Filing is a compulsory process for every person who has a business and is registered under the GST Act. It is a very critical activity and a link between the government and the person who is paying the tax.

Notices and appeal under GST

Posted by Taxblock 19 October 2021 7904 Views

A notice can be named as a show cause notice, scrutiny notice or demand notice. This depends on the objective of the notice and the gravity of default or any action which is required from a taxpayer.

What is GSTIN?

Posted by Taxblock 19 October 2021 4190 Views

Every business that operates in a state or union territory is assigned with a unique Goods and Services Tax Identification Number, which is generally known as GSTIN.