Income Tax Articles

Consequence of non-filing of appeal in respect of cases where the tax effect is less than the prescribed monetary limit

Posted by FCS Deepak Pratap Singh 09 December 2021 3968 Views

As you are aware that the Commissioner may, of he objects to any order passed by the Commissioner (Appeal) under Section 154 or Section 250, direct the Assessing Officer to appeal to the Tribunal against the said order. However, such direction shall be given only in those cases only in those cases where Tax Effect exceeds the specified amount.

How are winnings from fantasy games taxable in India?

Posted by Taxblock 07 December 2021 5321 Views

As per the Federation of Indian Fantasy Sports, the income of these operators expanded in last few years. Which increased to Rs. 2400 crores in financial year 2020. Also, there was expansion in number or operators there was 10 in 201 and now there is 150 in 2020.

E-commerce company: How to start and financial/tax compliances around it

Posted by Taxblock 07 December 2021 3377 Views

The person who wants to start e-commerce business has two modes which is either he can start with e-commerce website or join market place.

How to save money without investment

Posted by Taxblock 07 December 2021 7007 Views

The income tax department have provided various deductions and exemptions to the taxpayers that can be subtracted from the taxable income under chapter VI A under Section 80 to reduce the burden of tax.

All about 26AS under Income Tax Act

Posted by Taxblock 07 December 2021 2054 Views

Form 26AS is an important tax filing as it is Tax Credit Statement.

Understanding Forex Transactions with Associated Risks

Posted by Manish Gupta 06 December 2021 2585 Views

Forex Transactions indicate the sale and purchase of foreign currencies. It is an agreement of exchanging currency of one country for the currency of the other at an agreed exchange rate on a pre-determined date.

Will it be possible to re-open assessment only because of a change of opinion?

Posted by FCS Deepak Pratap Singh 05 December 2021 7961 Views

We know that provisions of sections 147 to 151 of the Income Tax Act,1961 deal with Reassessment and escaped assessment of income of an assessee. Income Tax Officer under these provisions reassess by reopening the cases assessed earlier on the believe that incomes or profits or gains chargeable to income tax has escaped assessment.

Guidelines on TDS/TCS u/s 194O, 194Q & 206C

Posted by Shree 03 December 2021 15164 Views

The Finance Act, 2020 and the Finance Act, 2021 have inserted sections 194-O, 194Q, and 206C(1H) to the Income-tax Act for mandating deduction and collection of tax at source on certain transactions. The guideline on TDS/TCS under Section 194O, section 194Q & Section 206C is explained as under.

Sec 115BAC: New system for calculation of income tax liability of individual and HUF

Posted by CA Alexandar Gazi 02 December 2021 17287 Views

The Budget 2020 introduced section 115BAC in the Income Tax Act, 1961. The section is applicable for income earned for the periods starting from 01.04.2020 i.e. from the assessment year 2021-2022 this new system (optional) takes effect for the calculation of income tax liability of an individual and HUF.

Statutory Tax Compliance Calendar for the month of December, 2021

Posted by CA. Mohit Kumar 02 December 2021 6396 Views

This Article contains compliance requirements under various statutory Act for which the due date falls in the month of December, 2021. The due dates are very crucial for compliances of the statutory provision under various act in order to avoid penalty, interest or late fee