Income Tax Articles

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

Posted by Neethi V. Kannanth 26 May 2022 18933 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 5145 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 25656 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 22763 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 20883 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 26329 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.

Updated Return - Opportunity to file tax return even after prescribed time limit

Posted by Ajay Kumar Maggidi 16 May 2022 11195 Views

With the Introduction of "Updated Return", tax department aimed to reduce the potential litigations that arise due to non filing of ITR or inaccurate ITR's. And, Helps the taxpayers to rectify the discrepancies in filed tax returns.

Common FAQs on income tax return filing

Posted by Vaibhav Singh 14 May 2022 5248 Views

It's time to get your income and investment proofs ready to ensure a hassle-free tax filing. I will try to address your tax queries to make your ITR Filing easy. Here are the top questions which have stumped taxpayers for a long time. Let's get the solutions right Away and axe taxes immediately.

What is the Eligibility Criteria of Gratuity

Posted by Rajesh Kumar 14 May 2022 5316 Views

Gratuity being an important retirement benefit to employees in the Indian context, is relevant for all organizations (i.e. MNC's, Schools and Other business entities) having more than 10 employees

What is a Faceless Assessment Scheme?

Posted by InstaFiling Team 12 May 2022 3073 Views

The Faceless Assessment Scheme that was launched by the Indian Government on the 7th of October (2019) is a huge step forward in the direction of achieving a more digitally and technically empowered functionality of the government authorities and department.