Income Tax Articles

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 Vinay 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.

Income Tax (CBDT) Due Date Further Extended on 3rd August 2021

CS Lalit Rajput 03 August 2021 at 21:50

CBDT has issued circular w.r.t. Extension of timelines for electronic filing of various Forms under the Income-tax Act, 1961 to provide relief to taxpayers in view of the severe pandemic and spike in COVID-19 cases.

Section 194C - TDS on Payment to Contractor [Updated for FY 2021-22]

CA.R.S.KALRA 03 August 2021 at 18:27

Any specified person responsible for paying any sum to any resident-contractor for carrying out any work in pursuance of a contract is responsible to deduct TDS u/s 194C.

A Reference Guide to Section 194Q of Income Tax Act, 1961

Nithin Chettoor 02 August 2021 at 19:07

Since the introduction of section 194Q has created a lot of confusion and query among taxpayers and tax consultants including professionals, let's understand the section through an FAQ model.

Section 36: Other Deductions Under The Income Tax Act

Ritik Chopra 02 August 2021 at 18:53

While computing the income of a business or profession, other expenses in the nature of Insurance Premium, Health Insurance Premium, Bonus, Interest on Borrowed Capital and 9 others are admissible for deduction.

Form 15CA & CB | CA Certificate | Foreign Remittance

Manoj Singh 31 July 2021 at 09:42

If any payment is made by any person to an NRI then form No. 15CA 15CB is to be furnished. Earlier only income chargeable to income tax in India had to be reported but now all payments are covered.

Do You Receive Gifts From Clients As A Result Of Good Work?

Hardik Lashkari 31 July 2021 at 09:42

The value of any benefit or perquisite, whether convertible into money or not, arising from business or the exercise of a profession shall be chargeable to income-tax under the head "Profits & gains of business or profession."