Income Tax Articles

All about 26AS under Income Tax Act

Posted by Taxblock 07 December 2021 2049 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 2584 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 7960 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

Short term capital loss

Posted by Taxblock 30 November 2021 4932 Views

When the amount received from the sale of capital asset is less than cost of acquisition plus expenses on transfer can be termed as capital losses. The loss can be earned from any of the Short-Term Capital loss or Long Term Capital loss depending upon the period of holding.