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Income Tax

Income Tax Guide: IT return, e-filing

Income Tax is a tax levied directly on the income or wealth of a person, it is a direct tax. The person who pays Income Tax to the Government cannot recover it from somebody else i.e. the burden of income tax cannot be shifted. Section 4 of the Income Tax Act, 1961 defines Income Tax as a tax levied on the total income of the previous year of every person. A person includes an individual, Hindu Undivided Family (HUF), Association of Persons (AOP), Body of Individuals (BOI), a firm, a company, et..

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TRACES Login | How to log in to TRACES portal and download Form 16B?

How to download Form 16B from TRACES portal? What is Form 16B? In simple words, Form 16B is a certificate for tax deducted at source under section 3 of the Income Tax Act on the sale of Immovable Properties. TDS is deducted on the sale of immovable property under TDS Section 194IA @ 1% if the sale consideration of the property is more than or equal to Rs 50,00,000. TDS is to be paid by the purchaser/buyer of the property at the time of making payment. At the time of making payment the b..

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How to file ITR(Income Tax e-Filing)

Update: Vide notification dated 30th September 2020, the due date to file Income Tax Return(ITR) for FY 18-19 has been further extended to the 30th November 2020 from 30th September 2020 due to the outbreak of COVID-19. The due date to file ITR for FY 19-20 falls due on the 30th of November 2020.   A step by step guide on how to file ITR (Income Tax Return) on the Income Tax Department Portal? With Financial Year 2019-2020 almost coming to an end, many taxpayers wil..

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Step by step procedure of filing TDS Return | TRACES portal

Sometimes navigating and uploading a TDS return on the TRACES portal can be difficult for some of the taxpayers. Complying with the data procedure too has been found tedious by many. Therefore to make it quite easy, I am describing step by step procedure of filing TDS Return using the utility available on NSDL. The procedure is as follows: 1- The very first step is Registration on Traces and E-filing. First of all, you need to register your TAN number on Traces. But you cannot register on ..

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Amendment under section 194N with effect from 1st July, 2020

Section 194N is pertaining to Tax Deducted At Source for withdrawal Cash by any person from, a banking company to which Banking Regulation Act 1949 applies, a cooperative society engaged in carrying on the business of banking; or a post office who is responsible for any sum, being the amount or the aggregate of amounts, as the case may be, in cash exceeding one crore rupees during the previous year, to any person (recipient) from one or more accounts maintain by..

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Detailed Analysis of Section 194-IB of Income Tax Act, 1961

Section 194-IB is all about TDS applicability on rent income in the hand of Individual and HUF. Many people got confused between Section 194-I and Section 194-IB. Also many people are unaware about compliance part of this hence today I am writing this all inclusive article on Section 194-IB which will include everything from basic section, its compliance, any correction on traces, obtaining TDS certificate, etc. So, let's get started! What is Section 194-IB is all about? Section 1..

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CBDT to validate Unique Document Identification Number (UDIN) generated from ICAI portal at the time of upload of Tax Audit Reports

The Institute of Chartered Accountants of India, in its gazette notification dated 2nd August, 2019, had made generation of UDIN from ICAI website mandatory for every kind of certificate/tax audit report and other attests made by their members as required by various regulators. This was introduced to curb fake certifications by non-CAs misrepresenting themselves as Chartered Accountants. In line with the ongoing initiatives of the Income Tax Department for integrat..

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Cashless Transactions - Evolution, Advantages, Impact and Measures by the Government

We were told by history that before advent of cash there was concept of barter system though barter system where there was no currency - "no cash", and things were exchanged according to needs and sooner society realized that barter system having its own series of advantages and disadvantages need to be left behind with time and later on various personalities, kings and governments introduced new coins and currency made from time to time making impressions of their choice on such coins..

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Income Tax Department new instruction sheets for filling of ITR - 2,3,5,6 & 7

Instruction for use of offline utilities Select the Assessment Year Download either excel or Java utility. The utility by default will get downloaded in your system 'download' folder in a compressed mode (ZIP file) Extract (un-compress) the zip file containing the utilities. The folder will be extracted in the same location where the compressed utility was downloaded. Open the utility and start filling. System Requirements Excel Utilities:  Macro enabled MS-Of..

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CBDT issues refunds of over Rs. 1,36,962 crore to more than 41.25 lakh taxpayers

CBDT issues refunds of over Rs. 1,36,962 crore to more than 41.25 lakh taxpayers between 1st April,2020 to 24th November,2020. Income tax refunds of Rs. 36,028 crore have been issued in 39,28,067cases &corporate tax refunds of Rs. 1,00,934 crore have been issued in 1,96,880 cases. ..

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Sec 194-O: TDS by e-Commerce operator

Section 194-O has been introduced in the Union Budget 2020. According to Section 194-O of the Income Tax Act, 1961 which is effective from 1st October 2020, an e-Commerce operator [ECO] is required to deduct TDS for facilitating any sale of goods or providing services through an e-Commerce participant, irrespective of whether the payment is collected by ECO or the purchaser makes direct payment to the e-commerce participants. The salient features of Section 194-O are as below a) An ECO is ..

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Income Tax Search and Seizure Assessments - No universal application of the "extrapolation technique" in Search Assessments

Introduction During the course of a Search and Seizure action, it is seen in practice that incriminating material in the form of documents, diaries and other evidences are found which sometimes reflects undisclosed income of an assessee only for a particular limited period of time and not for all the assessment years to be covered u/s 153A of the Income Tax Act’1961. However, it is seen that the during the course of search assessments, the finding of such undisclosed for a particular pe..

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