Income Tax Articles
ITR and Audit Due date Further Extended by CBDT
CBDT has considered representation w.r.t. difficulties reported by the taxpayers and other stakeholders in filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22 under the Income-tax Act, 1961(the "Act").
Some Gold Glitters More - Sovereign Gold Bonds and its Taxation Decoded
India’s Gold Reserve is the ninth highest in the world. Gold has always been an attractive investment for centuries. The Government of India issues Sovereign Gold Bonds through RBI.
Income Tax Search and Seizure: Right of the assessee to cross-examine
The principles of natural justice forms an integral part of procedural fairness and justness, thereby excluding the scope of arbitrariness. Even though the right of hearing, which forms a part of the principles of natural justice, before an order is passed under some of the provisions of the Income-tax Act 1961
Amendment in Residential Status as per Finance Act, 2020
Determination of Residential Status is the key to determine the tax liability. There has been an amendment to Section 6 of the Income Tax Act, 1960 which deals with Residential Status as per Finance Act,2020.
How can you File an ITR after the Due Date and What are its Consequences?
Are you one of those who has missed filing the return of income before the deadline of 31 December, 2021 and wondering if you can still file the return? If so, push your worries aside, as you can still file the return of income.
Relief under double taxation avoidance agreement
The Income Tax Act, 1961 provides for taxation of a certain income earned in India by Mr. X a non-resident. The DTAA, which applied to Mr. X provides for taxation of such income in the country of his residence. Examine, is Mr. X is liable to pay tax on such income earned by him in India?.
Transfer of property for less than stamp duty value - Some implications
Sections Involved: 43CA, 50C & 56(2)(x) of Income Tax Act, 1961. Sale /Transfer of land or building on consideration less than Stamp Duty Value
Process of Formation & Registered Gratuity Trust
Steps for Formation of Gratuity Trust
Genesis of Revision order of CIT U/s 264 of IT Act 1961
Section 264 of the Income Tax Act provides, Powers to the Commissioner of Income Tax (CIT) to exercise the order in favour of the assessee.
Supersession of Facelesss Appeal Scheme 2020
CBDT vide Notification No. 139/2021/F. No. 370142/66/2021-TPL dated 28.12.2021 substituted the Faceless Appeal Scheme, 2020 ("old scheme") with Faceless Appeal Scheme, 2021 ("new scheme").
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