CBTD Extends due dates – COVID 2021
May 21, 2021
Dated: – 20th May 21, 2021 Subject: – Extension of the time limits of certain compliances to provide relief to the tax payers in surge of pandemic. The Central Board of Direct Taxes (CBDT) an statutory body under the authority given by section 119 of the Income Tax Act, 1961 provides relaxation under certain […]
Faceless Assessment Scheme 2021
May 12, 2021
Faceless assessment scheme Introduction The Central Board of Direct Taxes recently announced the Faceless Assessment (1st Amendment) Scheme, 2021.For honouring the honest taxpayers, the Prime Minister has launched a faceless tax scrutiny. What is the faceless assessment scheme 2019? The Central Government introduced the Faceless Assessment Scheme to provide greater transparency, efficiency […]
What are Income Tax Raids? When are these Conducted?
September 26, 2019
Introduction As per the lay man’s language Raid means a sudden/surprise lookout at somebody’s premises with information of something which is suspected for seizure. Raid in common parlance is used for search and seizure operations under any law. Likewise, even under Income Tax if department has reasonable belief that any person has evaded tax and acquired […]
Powers and Procedure for Income Tax Raids (Search and Investigation)
September 26, 2019
Income Tax Act, 1961 (hereinafter referred to as “the act”) is the code for levying and computing taxes on the income of the people and is a mandatory statute with consequences for violation of the law. With such a nature, it becomes necessary to have enforcement machinery in a mechanism to curb the proliferation of […]
Basics of Income tax Act, 1961 (Related to Pay Slips)
September 18, 2019
1. Basic Salary This is a fixed component in your paycheck and forms the basis of other portions of your salary, hence the name. For instance, HRA is defined as a percentage (as per the company’s discretion) of this basic salary. Your PF is deducted at 12% of your basic salary. It is usually a […]
How to View and Download Form 26AS ? (Income Tax Act,1961)
September 18, 2019
1. What is Form 26AS? Includes info on tax deducted on your income by deductors Details of tax collected by collectors Advance tax paid by the taxpayer Self-assessment tax payments Regular assessment tax deposited by the taxpayers (PAN holders) Details of refund received by you during the financial year Details of the High-value Transactions in […]
ITR:Complete guide on how to e-file ITR (Income Tax Returns) on the Income Tax Department Portal
September 18, 2019
A taxpayer may want to file his income tax return for reporting his income for a financial year, carrying forward losses, claiming an income tax refund etc. An income tax return is a form which enables a taxpayer to declare his income, expenses, tax deductions, investments, taxes etc. The Income Tax Act, 1961 makes it mandatory under various scenarios […]
Latest income tax slabs and rates applicable for financial year 2018-19 (assessment year 2019-20),These will be applicable for FY 2019-20 as well.
September 18, 2019
What is Income Tax Slabs ? In India, income tax is levied on individual taxpayers on the basis of a slab system where different tax rates have been prescribed for different slabs and such tax rates keep increasing with an increase in the income slab. Such tax slabs tend to undergo a change during every budget. Further, […]
Who are taxpayers in India ( Income Tax India,1961)
September 18, 2019
Taxpayers in India The Income Tax Department has recently released the statistics on total taxpayers in India. As per the data released by the Government – there were 6,68,09,129 persons or entities that filed an income tax return in FY2017-18 (AY2018-19) against 8,45,14,539 persons/entities registered for income tax efiling. Tax Return Filed by Type The […]
Type of Taxes (Income Tax Act,1961)
September 18, 2019
“Taxes are paid and nations are made”. However not many are aware that government asks to pay taxes in different manners. Taxes are financial charges imposed on an individual or a company by central government or state government. It is important to understand the different types of taxes that are applicable in India. Types of direct […]
Income Tax Return Filing for AY 2019-20
September 17, 2019
What is Income Tax and How it is Charged Income Tax is a Tax that is imposed on Individual or entities (Tax-Payer) on their income or profits earned during a particular tax period. Income Tax is charged as a percentage of taxable income that varies on the basis income of the tax-payer. The Financial year […]
Status of Income Tax in Other Countries (Income Tax Act,1961)
September 12, 2019
Income Tax in Australia Income Tax is the most significant and prime source of revenue for the government of Australia within the Australian taxation system. It consists of three main pillars i.e., personal earnings, business earnings, and capital gains. The progressive approach of the tax system is being followed up by Australia, which means that […]
Introduction to Tax Law in India (Income Tax Act, 1961)
September 12, 2019
Tax is the compulsory financial charge levy by the government on income, commodity, services, activities or transaction. The word ‘tax’ derived from the Latin word ‘Taxo’. Taxes are the basic source of revenue for the government, which are utilized for the welfare of the people of the country through government policies, provisions and practices. In […]
Taxation – LOSS BY EMBEZZLEMENT OR THROUGH DEFALCATION
August 1, 2019
Taxation – LOSS BY EMBEZZLEMENT OR THROUGH DEFALCATION Introduction The provisions of section 28 of Income-tax Act deal with income chargeable to tax under the head “Profits and Gains of Business or Profession” and section 29 indicates that the income referred to in section 28 shall be computed in accordance with the provisions contained in […]
TAXATION – IMPACT OF NEW CLARIFICATIONS ON DDB & STRIPS
July 31, 2019
TAXATION – IMPACT OF NEW CLARIFICATIONS ON DDB & STRIPS What will be the impact of new clarification with regard to tax treatment of income from Deep Discount Bonds and STRIPS ? The CBDT had earlier clarified vide its Letter F. No.225/45/96-ITA dated 12-3-1996 ( reported in 88 Taxman 146) that in case of Deep […]