Income Tax Articles

Section 37: General Deductions under the Income Tax Act

Posted by Ritik Chopra 09 August 2021 27390 Views

Section 37(1) says that any expenditure, laid out or expended wholly and exclusively for the purpose of business or profession shall be allowed in computing the income chargeable under the head PGBP.

Is the Income Tax Portal levying late fees for filing ITR despite the due date extension?

Posted by CS Lalit Rajput 08 August 2021 6313 Views

Taxpayers are complaining that the income tax portal is levying a late filing fee. Tax filers are taking the social media route and requesting the department to remove the late-filing fee from the server.

The End to Retrospective Tax via Taxation Laws (Amendment) Bill, 2021

Posted by Poojitha Raam Vinay

07 August 2021 7942 Views

On 05.08.2021, FM Nirmala Sitharaman introduced a Bill to withdraw the retrospective amendments to the Income Tax Act, 1961 that had raised demands on Vodafone, Cairn and others.

Are you a first-time homebuyer?

Posted by Hardik Lashkari 07 August 2021 3531 Views

Home loan interest rates are at an all-time low. Moreover, the Government has provided various relaxations regarding stamp duty and income tax if you are a first time home buyer.

When is the salary of a salaried person taxable?

Posted by Abhishek Raja 07 August 2021 5795 Views

Salary can be defined as the compensation a person receives for providing services that are implied or explicit. Let us discuss the taxability of salary received by a person.

New Income Tax Portal - Issue in E-Verification of ITR, Refund Re-issue, Form 15CA / 15CB and Several Others

Posted by Neethi V. Kannanth 06 August 2021 12356 Views

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]

Posted by CA.R.S.KALRA 05 August 2021 25318 Views

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

Posted by Ritik Chopra 05 August 2021 10417 Views

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

Posted by Poojitha Raam Vinay

05 August 2021 3955 Views

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

Posted by CS Lalit Rajput 03 August 2021 5755 Views

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.