Income Tax Articles

How to save money without investment

Taxblock 07 December 2021 at 09:49

The income tax department have provided various deductions and exemptions to the taxpayers that can be subtracted from the taxable income under chapter VI A under Section 80 to reduce the burden of tax.

How are winnings from fantasy games taxable in India?

Taxblock 07 December 2021 at 09:49

As per the Federation of Indian Fantasy Sports, the income of these operators expanded in last few years. Which increased to Rs. 2400 crores in financial year 2020. Also, there was expansion in number or operators there was 10 in 201 and now there is 150 in 2020.

All about 26AS under Income Tax Act

Taxblock 07 December 2021 at 09:48

Form 26AS is an important tax filing as it is Tax Credit Statement.

Will it be possible to re-open assessment only because of a change of opinion?

FCS Deepak Pratap Singh 05 December 2021 at 19:07

We know that provisions of sections 147 to 151 of the Income Tax Act,1961 deal with Reassessment and escaped assessment of income of an assessee. Income Tax Officer under these provisions reassess by reopening the cases assessed earlier on the believe that incomes or profits or gains chargeable to income tax has escaped assessment.

Guidelines on TDS/TCS u/s 194O, 194Q & 206C

Shree 03 December 2021 at 16:51

The Finance Act, 2020 and the Finance Act, 2021 have inserted sections 194-O, 194Q, and 206C(1H) to the Income-tax Act for mandating deduction and collection of tax at source on certain transactions. The guideline on TDS/TCS under Section 194O, section 194Q & Section 206C is explained as under.

Sec 115BAC: New system for calculation of income tax liability of individual and HUF

CA Alexandar Gazi 02 December 2021 at 12:50

The Budget 2020 introduced section 115BAC in the Income Tax Act, 1961. The section is applicable for income earned for the periods starting from 01.04.2020 i.e. from the assessment year 2021-2022 this new system (optional) takes effect for the calculation of income tax liability of an individual and HUF.

Statutory Tax Compliance Calendar for the month of December, 2021

CA. Mohit Kumar 02 December 2021 at 11:54

This Article contains compliance requirements under various statutory Act for which the due date falls in the month of December, 2021. The due dates are very crucial for compliances of the statutory provision under various act in order to avoid penalty, interest or late fee

Short term capital loss

Taxblock 30 November 2021 at 09:38

When the amount received from the sale of capital asset is less than cost of acquisition plus expenses on transfer can be termed as capital losses. The loss can be earned from any of the Short-Term Capital loss or Long Term Capital loss depending upon the period of holding.