Income Tax Articles

Post Income Tax Search and Seizure findings of incriminating material and undisclosed income

Posted by CA.Mohit Gupta 10 November 2021 1832 Views

A vital question arises at this juncture and is also a matter of prolonged litigation as to whether the reasons to believe can come into existence after the issuance of a warrant of authorization.

All about Annual Information System

Posted by Susmita Dutta, CA , CPA 10 November 2021 3201 Views

The new AIS is related to interest, dividends, securities, transactions, mutual fund transactions, foreign remittance information. The information is processed to eradicate duplicity of information.

Section 206AB and 206CCA - Special Provision for Deduction/Collection of TDS/TCS for non-filers of ITR

Posted by CA.R.S.KALRA 09 November 2021 6140 Views

The new sections 206AB and 206CCA are inserted via Finance Act, 2021 which provides for a higher rate of TDS/TCS to be applied if the transactions are done with the non-filers of the Income Tax Return.

Applicability of Rate of Interest where interest rates have changed before tax/duty payment

Posted by Manish K.Gandhi 09 November 2021 4858 Views

Taxpayers have to pay tax on or before the prescribed due date and if tax is being paid after the due date, interest at the rates prescribed under the erstwhile Act shall be levied.

Section 194Q - Tax Deduction on the Purchase of Goods

Posted by CA.R.S.KALRA 08 November 2021 41043 Views

Deduction of tax at source on payment of certain sum for purchase of goods

CBDT notifies e-settlement scheme, 2021 - Overview

Posted by CS Lalit Rajput 08 November 2021 2257 Views

CBDT vide Notification No. 129/2021/ F.No. 370142/52/2021-TPL (Part IV) dated 01.11.2021, in exercise of its power under section 245D (11) & 245D (12) of the Income-tax Act, 1961 has issued a Scheme may be called the e-Settlement Scheme, 2021 to settle pending income-tax settlement applications transferred to a settlement commission.

Annual Information Statement (AIS)

Posted by utkarsh Varshney 08 November 2021 7236 Views

The Income Tax Department has rolled out the new Annual Information Statement (AIS) on its compliance portal (incometax.gov.in). The purpose of the new AIS is to make it easier for taxpayers to file their returns.

Important Due Date Compliances for the month of November 2021

Posted by Neethi V. Kannanth 07 November 2021 6937 Views

Due Dates for Income Tax & GST Compliances for the m/o Nov 21

Section 194P - Tax Deduction in case of a Specified Senior Citizen

Posted by CA.R.S.KALRA 07 November 2021 2109 Views

If a resident senior citizen is earning exempt income, like, interest on PPF, agriculture income, the share of profit from the partnership firm, etc. he should not be treated as ineligible for this provision.

Penalty for failure to get accounts Audited Section 271B

Posted by CA.R.S.KALRA 07 November 2021 9308 Views

If any person fails to get his accounts audited in respect of any previous year or years relevant to an assessment year or furnish a report of such audit as required under section 44AB, the Assessing Officer may direct that such person shall pay, by way of penalty