Income Tax Articles

DSC Requirement removed by CBDT for e-filings

CS Lalit Rajput 08 September 2021 at 09:40

The amended Rules mandate that electronic records submitted through the registered account of the taxpayers in the Income Tax Department’s portal shall be deemed to have been authenticated by the taxpayer by EVC.

Retrospective Taxation in India

Taxblock 08 September 2021 at 09:27

On 5th August 2021, The Taxation Laws (Amendment) Bill, 2021 proposed to remove the provisions of retrospective effect of tax completely. This step had resolved the problem of 17 industries.

Mistakes one should avoid while filing Income Tax Return (ITR)

Taxblock 08 September 2021 at 09:27

While the filing of ITR has several advantages but committing minor mistakes may sometimes attract huge penalties therefore one should be cautious while filing his own ITR.

Benefits and Procedure of Linking Aadhaar with PAN

Taxblock 08 September 2021 at 09:26

As per Section 139AA of the Income Tax Act, every person who has PAN as on July 1, 2017, is required to link their PAN with their Aadhaar number within the due date notified by the government.

Understanding LTA & its benefits

Taxblock 08 September 2021 at 09:26

This allowance is provided by the employer to cover the travel expenses of the employee when he is gone for a holiday trip. Leave Travel Concession is another name of LTA.

Presumptive Taxation Does Not Create a Privileged Class of Taxpayers

CA.R.S.KALRA 07 September 2021 at 09:29

It is the minimum rate u/s 44AD that has to be considered and higher income option is open for the taxpayers which has to be used if taxpayers have higher income.

Taxability of Interest Accrued on Employee Contribution to Recognized Fund

MOHIT JAIN 07 September 2021 at 09:24

The annual interest computed on employee contribution in excess of Rs. 2.50/5.00 lacs is taxable only at the time when the accumulated balance is paid to the employee.

Section 48: Method Of Computing Capital Gain

Ritik Chopra 06 September 2021 at 13:36

The income chargeable under “Capital gains” shall be computed by deducting the amounts discussed in this article from the full value of the consideration received or accruing as a result of the transfer of the capital asset.

Tax treatment of interest income on PF contributions

Ajay Kumar Maggidi 06 September 2021 at 09:25

Interest portion on PF contributions exceeding 2.5L is taxable under the head "Income from Other Sources". Taxable Contributions = ((Contributions in excess of 2.5L/5L*)+(Interest accrued thereon)-( Withdrawals)).

Section 194P: Recent Updates - Specified Bank & Form of Declaration

CS Tanveer Singh Saluja 04 September 2021 at 15:24

There were a lot of practical difficulties which were faced by individuals and professionals. However, CBDT has published two notifications that give clarity regarding the meaning of a specified bank and form of declaration.