Income Tax Articles

Real Growth of an economy is when the DT collections surpass the Budget Targets

Ishwin Kaur 31 December 2022 at 15:13

You must be wondering why I said so. Undoubtedly, Tax collection is an indicator of economic activity in any country. But to have a deeper understanding of this, we first need to have a look on the DT collections of this year, and the estimated Budget Target that was set by the Honourable Finance Minister, Nirmala Sitharaman.

Overview of CMCPCI SMS

Niharika Bose 31 December 2022 at 12:20

CMCPCI is a unit within the Indian tax authorities that is responsible for reviewing and processing online Income Tax Returns (ITRs). If you have filed your ITR online and have received an SMS notification with the CMCPCI source code, it indicates that your return is being processed by the CMCPCI.

Missed filing ITR? File belated ITR for FY 2021-22 by 31st Dec

Mitali 28 December 2022 at 16:00

Income Tax Return is a form that individuals and businesses are required to file with the Income Tax Department. The purpose of ITR is to report the income earned during a financial year and pay taxes on it.

Section 68: Unexplained Cash Credit

Anchal Gupta 24 December 2022 at 08:56

As per section 68, any sum found credited in the books of a taxpayer, for which he offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, may be charged to income-tax as the income of the taxpayer of that year.

Income tax calculator & its uses

Mitali 20 December 2022 at 13:14

An income tax calculator is an online tool that is designed to estimate tax liability for a given tax year. It takes into account factors such as income, deductions, credits, and exemptions to determine how much tax an individual or business owes.

Supreme court puts an end to large tax evasion through partnership firms

FCS Deepak Pratap Singh 03 December 2022 at 16:45

This ruling of SC will have a far-reaching effect, which has changed perception of using Partnership Firm to evade taxes. The SC has considered revaluation of the assets of a Partnership Firm is an event deemed to transfer of assets to the partners and hence taxable in the hand of firm.

Tax Compliance Tracker for the m/o Dec 2022

CS Lalit Rajput 02 December 2022 at 12:13

Statutory Tax Compliance Tracker - December 2022

What is HUF and how to make HUF deed?

Ashok Pitroda 24 November 2022 at 08:57

A Hindu Undivided Family is a family which consists of all persons lineally descended from a common ancestor and includes their wives and unmarried daughters.

Section 115BAA - Concessional Rate of Tax for Domestic Company @25.168%

Shreyansh Ranka 22 November 2022 at 08:48

Concessional Rate of Tax for Domestic Company

Tax Benefits for Children

CA Umesh Sharma 15 November 2022 at 11:59

14th Nov is celebrated as Children's Day on Hon Mr. Pandit Jawaharlal Nehru's birthday. Every parent spends money from their income on the education, development of their children, but are unaware of the taxation benefits which the parents can enjoy, let us discuss it one by one.