Income Tax Articles

CBDT inserts two new rules after Rule 21AH and two new forms after Form No.10IF

CS Tanveer Singh Saluja 11 August 2021 at 09:26

CBDT has notified a new set of rules to amend the existing Income-tax Rules, 1962. The aim of this amendment is to insert two new rules after Rule 21AH and two new forms after Form No.10IF.

Section 37: General Deductions under the Income Tax Act

Ritik Chopra 09 August 2021 at 13:31

Section 37(1) says that any expenditure, laid out or expended wholly and exclusively for the purpose of business or profession shall be allowed in computing the income chargeable under the head PGBP.

Is the Income Tax Portal levying late fees for filing ITR despite the due date extension?

CS Lalit Rajput 08 August 2021 at 10:33

Taxpayers are complaining that the income tax portal is levying a late filing fee. Tax filers are taking the social media route and requesting the department to remove the late-filing fee from the server.

The End to Retrospective Tax via Taxation Laws (Amendment) Bill, 2021

Poojitha Raam 07 August 2021 at 13:24

On 05.08.2021, FM Nirmala Sitharaman introduced a Bill to withdraw the retrospective amendments to the Income Tax Act, 1961 that had raised demands on Vodafone, Cairn and others.

Are you a first-time homebuyer?

Hardik Lashkari 07 August 2021 at 09:07

Home loan interest rates are at an all-time low. Moreover, the Government has provided various relaxations regarding stamp duty and income tax if you are a first time home buyer.

When is the salary of a salaried person taxable?

Abhishek Raja 07 August 2021 at 09:07

Salary can be defined as the compensation a person receives for providing services that are implied or explicit. Let us discuss the taxability of salary received by a person.

New Income Tax Portal - Issue in E-Verification of ITR, Refund Re-issue, Form 15CA / 15CB and Several Others

Neethi V. Kannanth 06 August 2021 at 09:26

The Income Tax Department launched the new income tax portal with the assurance of a convenient, modern, and seamless experience. However, the reality is a far cry from the intended.

Section 194J - TDS on Professional or Technical Fees [Updated for FY 2021-22]

CA.R.S.KALRA 05 August 2021 at 09:26

The tax has to be deducted in case the payment is greater than ₹ 30,000 during the year. Such ₹30,000 is the maximum limit that is applicable to each item or payment independently.

Important Points While Computing Income Under Profits And Gains Of Business Or Profession

Ritik Chopra 05 August 2021 at 09:16

Profits and Gains of Business or Profession is considered as an important head of income while computing taxable income. Let us discuss the guiding points that should be kept in mind while computing income under PGBP.

ITR and Types of ITRs - A Complete Guide for AY 2021-22

Poojitha Raam 05 August 2021 at 09:16

There are different types of ITRs. The persons falling under those categories shall file the return in the respective ITR. Let us discuss the ITRs 1 to 7 in this article, for AY 2021.22.