Income Tax Articles
Income Tax Return: A Quick Overview
The process of Income Tax return filing is very simple, but very essential if you are earning any form of income that needs to be taxed. Income tax through TDS (tax deduction at source) can be done, but it is not mandatory if you are employed by someone else.
What if you dont have to pay taxes in India?
No doubt India has one of most complicated income tax system. Being a CA student it will definitely reduce your syllabus of taxation which is hard nut to crack for many students.
Applicability of provisions of Section 35AD of Income Tax Act, 1961
Section 35AD provides for investment-linked tax incentive for Specified Business
Scope of Order for Rectification u/s 154 of the Income Tax Act
This section is a neutral provision, neither revenue friendly unlike section 263 nor assessee friendly unlike section 264 of the Act. But it has limited application, since it is bound by the wording of "Mistake apparent from records"
Revalidation of Registration u/s 12A and 80G
There are certain tax exemptions and benefits available to Charitable Institutions in India. These exemptions and benefits are dealt in sections 12A/12AA and 80G of the Income Tax Act,1961.
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.
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