Income Tax Articles
Additional Tax under section 140B
A new section 140B has been proposed in the Union Budget,2022. If an assessee opts for filing the return under newly proposed section 139(8A), an additional tax is required to be paid under Section 140B.
Section 73 of CGST Act 2017
Section 73 talks about the determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilized for any reason other than fraud or any willful-misstatement or suppression of facts.
NPS vs OPS: Why NPS is the clear winner for retirement planning
The Finance Ministry has set up a group to review the pension system for government workers. The committee will be led by Finance Secretary T V Somanathan and will suggest ways to improve pension benefits for government employees.
CBDT issued circular on TDS for salaries in FY 2023-24: What you need to know
The Central Board of Direct Taxes (CBDT) has issued a circular on April 5, 2023, which explains how employers will deduct tax on salaries for the current financial year 2023-24
Section 67: Power Of Inspection, Search And Seizure
Section 67 talks about the power of proper officers not below the rank of Joint Commissioner to conduct inspection, search and seizure.
TDS on sale of property under migrated E-filling portal
As per section 194 IA of Income tax Act, 1961, TDS is applicable on sale of immovable property, if the consideration of property exceeds or equal to Rs. 50,00,000/- (Rs. Fifty lakhs). The rate of tax under the above section is 1% which is to be deducted and need to be deposited by buyer.
Section 129: Detention, Seizure and Release of goods and conveyance in transit
Section 129 talks about detention, seizure and release of goods and conveyance in transit where the intent of taxpayer is to evade tax payment.
Section 130: Confiscation of Goods or Conveyance and levy of penalty
Section 130 of the CGST ACT 2017 deals with the Confiscation of Goods or Conveyance and levy of Penalty
Maximizing Your Returns with PPF: Tips and Tricks
Public Provident Fund (PPF) is a highly sought-after investment option for building a long-term retirement fund due to its low risk, moderate returns, and added tax benefits
A Comprehensive Guide to Mahila Samman Savings Certificate 2023
The Mahila Samman Savings Certificate is a new small savings scheme introduced in the Budget 2023, specifically designed for women investors to encourage investments. The scheme is available to girl children or women, and the account can be opened in the Post Office or any authorized bank.
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