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Income Tax


Request to adopt a humane approach in handling the extension of due dates in the times of the pandemic by The Chamber of Tax Consultants

3rd January, 2021 To, 1. Smt. Nirmala Sitharaman, Hon'ble Finance Minister, Government of India,North Block, Delhi - 110 001 2. Shri Ajay Bhushan Prasad Pandey Hon'ble Revenue Secretary, Central Board of Direct Taxes, North Block, Delhi - 110 001 3. Shri Pramod Chandra Mody Chairman, Central Board of Direct Taxes, North Block, Delhi - 110 001 Respected Madam / Sirs, Sub: Extension of various due dates for compliances under the Income-tax Act, 1961 (‘The..

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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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Taxability In Case Of Partly Agricultural And Partly Non-Agricultural Income

Sometimes, income of a person comprises of both agricultural as well as non-agricultural income. Such a situation is common in case of certain 'Agro based industries' where agricultural produce is used as raw material and it (i.e., raw material) is produced by the same person (i.e., industrialist) who manufactures industrial product by using such raw material. Such industries (i.e., persons), earn income by selling the industrial product manufactured from self-grown agricultural raw mate..

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Section 196C | TDS on Income from foreign currency bonds or GDRs

196C. Where any income by way of interest or dividends in respect of bonds or Global Depository Receipts referred to in Section 115AC or by way of long-term capital gains arising from the transfer of such bonds or Global Depository Receipts is payable to a non-resident, the person responsible for making the payment shall, at the time of credit of such income to the account of the payee or at the time of payment thereof  [by any mode], whichever is earlier, deduct income-tax thereon at the r..

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Sec 54B - Exemption From Capital Gain on Transfer of Land used for Agricultural Purposes

On transfer of land capital gain arises and the seller has to pay capital gain tax on the capital gain so arises under section 45 of the Income Tax Act, 1961. But if the land transferred was used for the purpose of agriculture, then the seller can claim exemption under section 54B of the Income Tax Act, 1961. Let us discuss in detail about section 54B. Applicability of Section 54B The following conditions must be satisfied to claim benefit of Section 54B- Section 54B is applicable o..

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Section 196B | TDS on long term capital gains (LTCG) from units referred to in section 115AB

196B. Where any income in respect of units referred to in section 115AB or by way of long-term capital gains arising from the transfer of such units is payable to an Offshore Fund, the person responsible for making the payment shall, at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon at the rate of ten percent.   1) Who is r..

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CBDT issues clarification in respect of Residency under the IT Act, 1961

CBDT issues clarification in respect of Residency under the IT Act, 1961 CBDT issues clarification in respect of Residency under the IT Act, 1961 vide Circular No. 2 of 2021 dated 03rd March, 2021, issued today. Circular can be accessed here ..

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CBDT issues refunds of over Rs. 1,98,106 crore between 1st April, 2020 to 28th February, 2021

  CBDT issues refunds of over Rs. 1,98,106 crore to more than 1.95 crore taxpayers between 1st April, 2020 to 28th February, 2021. Income tax refunds of Rs. 70,572 crore have been issued in 1,92,45,556 cases & corporate tax refunds of Rs. 1,27,534 crore have been issued in 2,19,050 cases ..

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IT Department conducts raid at the properties of film director Anurag Kashyap and actor Taapsee Pannu

The Income Tax Department today carried out raids at the properties of film director Anurag Kashyap, actor Taapsee Pannu and filmmaker Vikas Bahl. The searches are being carried out at the premises of the film production company - Phantom Films which was dissolved in the year 2018. It is being alleged that the search is in connection to a case of tax evasion.   Moreover, searches by the Income Tax Department are also underway at the premises of Shibhashish Sarkar (CEO Reliance E..

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