Income Tax Articles

Six Major changes in new ITR Forms notified

Posted by Vaibhav Singh 30 May 2022 34078 Views

The new information which taxpayers need to provide is the source of their "pension, interest received from the EPF account, date of purchase or sale of land", etc. It is essential for you to know the six additional pieces of information to provide them in the ITR form.

All about PAN and TAN

Posted by CA Sachin M Jain 30 May 2022 5349 Views

You must have heard about PAN & TAN but got confused - What is it and are they really different?

11 situations in which ITR filing becomes mandatory

Posted by FCS Deepak Pratap Singh 28 May 2022 13198 Views

In this article we have listed all those situations which require an individual to furnish his return of income for the Financial Year 2021-22 (Assessment Year 2022-23).

Taxation of Carbon Credit u/s 115BBG

Posted by Neethi V. Kannanth 27 May 2022 24281 Views

A carbon credit is a permit that allows the holding company to release a certain amount of carbon dioxide or other greenhouse gases. One load requires a mass equal to one ton of carbon dioxide to be released.

Higher Rate of TDS and TCS under Section 206AB and 206CCA

Posted by Neethi V. Kannanth 26 May 2022 18928 Views

Finance Act, 2021 inserted two sections 206AB - tax deduction and 206CCA - tax collection which came into effect from 1 July, 2021. These sections were amended through the Finance Act, 2022.

Some significant cases related to deemed dividends

Posted by FCS Deepak Pratap Singh 25 May 2022 5142 Views

The author has listed some significant cases related to deemed dividends in this article.

All about Professional Tax

Posted by Neethi V. Kannanth 24 May 2022 25650 Views

Professional tax is a tax levied on persons earning income either by way of practicing profession, employment, trade etc. It is levied by the State Government or the Union Territory and not by the Central Government.

Decoding Section 115 BAB of Income Tax Act

Posted by Vaibhav Singh 22 May 2022 22760 Views

The government has introduced a favourable tax regime for new manufacturing companies. The Taxation Laws (Amendment) Ordinance, 2019 passed on 20 September 2019 has inserted Section 115BAB offering a low tax rate of 15% (plus surcharge and cess) to new manufacturing companies

Time Travel of Avengers Endgame Visualised in Income Tax Act

Posted by Mayank Mohanka 19 May 2022 20882 Views

AY 2016-17, AY 2017-18: Fresh Notice u/s 148 can be issued in these cases, with the approval of the specified authority, since they are within a period of three years from the end of the relevant assessment years.

Section 139(8A) of IT Act: ITR-U (Updated Income Tax Return)

Posted by CA Piyush Agarwal 16 May 2022 26324 Views

The government introduced the concept of updated return in income tax in the Union Budget 2022. The new provision allows the taxpayers to update their ITRs within two years of filing, on payment of additional taxes, in case of errors or omissions.