In case a taxpayer does not file their ITR by the due date specified by the department, they will be required to pay interest on the outstanding tax, under sections 234A, 234B and 234C of the Income Tax Act 1961.
Finance Act 2021 has made amendments to the provisions of the Income Tax Act, pertaining to the tax liability arising on the distribution of assets by the firm to its partners on its reconstitution or dissolution.
The applicability of the ITR form depends on the sources of income, amount of income earned and the category of the taxpayer like individual, HUF, Company etc.
Section 56(2)(viib) was introduced to deter the use of unaccounted money done through subscription of shares of a closely held company, at a value that is higher than the FMV of the shares of such a company.
The issue with respect to the tax treatment of interest earned out of the share application money deposited with a bank due to a statutory requirement has been a matter of debate before the Courts.
The current dilemma faced by the government authorities is to come up with an efficient way of taxing cryptocurrencies, which in turn puts the crypto investor community in a jeopardy.
Since its launch, the new e-filing portal has been prone to numerous glitches. Such glitches have restricted taxpayers from carrying out any tax-related work and any business transaction which is subject to tax.
Parents don't think of tax benefits while spending money on their children, however, much of their spending on the children are also eligible for tax deductions.
Money laundering, in the simplest of senses, is defined as a means or process by which proceeds from criminal activities are disguised in order to hide their illegal origin.
Filing of Income Tax Return is a way of declaring the amount of income earned and taxes paid thereupon to the Government. In this article, we will uncover two ways to file an ITR i.e. Online and Offline.
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