Income Tax Articles

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.

The Curious Case of Missing First Proviso to Section 149 & Miscounting of 3 Years, in CBDT Instruction on SC Judgement

Posted by Mayank Mohanka 12 May 2022 14492 Views

CBDT has issued Instruction No. 01/2022, dated 11.5.2022, containing Guidelines for Implementation of SC Judgement in the case of 'Union of India vs Ashish Agarwal (2022 SCC Online SC 543), dated 4.5.2022.

Angel investors and concept of angel taxation under IT Act 1961

Posted by FCS Deepak Pratap Singh 11 May 2022 7287 Views

An angel investor (also known as a private investor, seed investor or angel funder) is a high-net-worth individual who provides financial backing for small start-ups or entrepreneurs, typically in exchange for ownership equity in the company.

Income Taxpayers Will Face the Heat of Reassessment!

Posted by CA Umesh Sharma 09 May 2022 6994 Views

The income tax department had issued notices u/s 148 for reassessment proceedings. CBDT's notification No. 20/2021, dated 31-03-2021extended the last for issuance of notice u/s 148 upto 30.06.2021. The Assesses challenged the validity of such notices in High Courts and relief was granted to Assesses to which Special Leave Petition was filed by CBDT.

CBDT notifies e-settlement scheme, 2021 - Overview

Posted by CS Lalit Rajput 07 May 2022 2261 Views

CBDT vide Notification No. 129/2021/ F.No. 370142/52/2021-TPL (Part IV) dated 01.11.2021, in exercise of its power under section 245D (11) & 245D (12) of the Income-tax Act, 1961 has issued a Scheme may be called the e-Settlement Scheme, 2021 to settle pending income-tax settlement applications transferred to a settlement commission.

New Timelines for Validity of Old 148 Re-Assessments Notices as per SC Judgement

Posted by Mayank Mohanka 06 May 2022 8502 Views

In this Article, the Author has tried to capture all the nuances and practical implications of the Hon'ble Supreme Court judgement on Validity of Old 148 Re-Assessment Notices, and gives a Clear and Unambiguous Picture & Guidance on the New Valid Timelines for Validity of such impugned Re-assessment Notices, in accordance with the directions given in the SC judgement.

Exemption and Taxability of Leave Encashment

Posted by Neethi V. Kannanth 06 May 2022 11224 Views

Every salaried person as per labour law is entitled to a minimum number of paid leave every year. However, it is not necessary that an individual employee utilises all the leave he is entitled for a year. In fact, most employers allow the employees an option of carrying forward such unutilised paid leaves.