Income Tax Articles

New Income Tax Portal

Taxblock 17 September 2021 at 09:46

New Income Tax Portal was launched on 7th June, 2021 by CBDT (Central Board of Direct Tax). The portal is being redesigned for the easy filing and to eliminate the glitches or any other difficulties.

Payment of Gratuity and Exemption from Tax

Neethi V. Kannanth 16 September 2021 at 17:03

Gratuity is a monetary benefit given by the employer to employees. It is governed by Payment of Gratuity Act, 1972. The exemption limit has been increased to Rs 20 lakh from the earlier Rs. 10 lakh.

Extension of IT Due Dates

CA Umesh Sharma 14 September 2021 at 09:32

Extension of Income Tax Due Dates

How Stubbornness of Shekhar Became A Life-Saviour For Vishal (And How It Teaches An Unforgettable Tax Lesson)

Hardik Lashkari 14 September 2021 at 09:32

Vishal was dejected. He was feeling disheartened as he was left with no choice. He had to do what his dad, Shekhar, asked him to do this morning.

Tax Exemptions Available For Startups In India

Taxblock 13 September 2021 at 09:30

In order to accelerate the spreading of the startup movement in India, the Government had announced an action plan known as the Startup India initiative that addresses all the aspects of startup ecosystems.

Invocation of Section 69C If Assessee Is Opting For Presumptive Taxation

CA.R.S.KALRA 11 September 2021 at 22:59

Provisions of section 69C are very clear that wherever the assessee fails to explain the source of certain expenditure incurred during the year, the same may be deemed to be the income of the assessee.

Income Tax Updates: Transfer of capital assets from Air India Limited to Air India Assets Holding Limited

CS Tanveer Singh Saluja 11 September 2021 at 22:58

CBDT has issued certain notifications to provide for the transfer of capital assets from Air India Limited to Air India Assets Holding Limited and to clarify certain things under the Income Tax Act, 1961.

What is not included in the definition of Capital Asset?

Ritik Chopra 11 September 2021 at 09:35

While computing income under the head income from capital gains, the most important thing to understand is the definition of a capital asset. However, let us discuss certain assets which are not considered capital assets.

PFRDA has amended NPS investment rules through circular dtd. 26th Aug 21

FCS Deepak Pratap Singh 11 September 2021 at 09:34

Now the subscribers of NPS can remain in this investment medium after the age of 60 years or after their superannuation. Also, people above the age of 65 who want to open a new account in NPS can also do so.

Presumptive taxation scheme for professionals - Section 44ADA of the IT Act 1961

FCS Deepak Pratap Singh 11 September 2021 at 09:34

A person adopting the presumptive taxation scheme can declare income at a prescribed rate and, in turn, is relieved from the tedious job of maintenance of books of accounts and also from getting the accounts audited.