Thursday, May 6, 2021
Income Tax Salb for A.Y 2020-21 and 2021-22Individuals/HUF Entity type Income Tax Slabs 1. Individuals/HUF A.Y.2020-21 A.Y.2021-22 Individual (other than Senior or super senior citizen) and...
“Question: Hey! What is your Tax History? Are you compliant and paying Income tax properly?? Tax Payers (before): I do pay taxes regularly, but I need to check with my accountant whether there are any defaults with the tax department! Tax Payers (now):...
Summary of the judgment of Hon'ble Delhi High Court on Scope of Rule 27 of the Income-tax (Appellate Tribunal) Rules, 1963.
Insolvency and Bankruptcy Code 2016 is the law relating to insolvency and bankruptcy in India. This code was enacted with a view to consolidate and amend the law relating to insolvency and to remove the problem of overlapping legal framework in various laws. It provides the single window resolution...
Before the introduction of S. 270A, Section 271(1)(c) of the Income Tax Act was in place being penalty on concealment of income and or furnishing inaccurate particulars of income. However this section always caused litigation between revenue and taxpayers due to the decision of quantum of penalty at the...
During the Budget 2020, Finance Minister proposed changes in the criteria for determining residential status for Non Residents Indians for tax purpose. On March 23, 2020, the proposal was accepted in Lok Sabha with certain amendments, granting relaxation in the criteria originally proposed. Finance Bill 2020 was...
The Finance Minister Ms. Nirmala Sitharaman, in the press release held on 13.05.2020 announced various relaxations in respect to deadlines and due dates under Income tax return filing, Tax Audit, Vivad se Vishwas scheme and RERA,2016. Have a look at the revised due dates below: Income Tax Returns Deadline For 2019-20...
Section 44AB of the Income Tax Act contains provisions pertaining to the tax audit under the Income Tax Audit. Tax audit refers to the independent verification of the books of accounts of the assessee form an opinion on the matters related to taxation compliances undertaken by the...
This article focuses on provisions of The Income Tax Act, 1961 and rules made there under relating to Set Off and Carry Forward of Losses. Adjusting of income under one head against the loss under another head is called setoff. This is done...
The Finance Bill introduced alongside the Union Budget 2020 brought about an amendment in Section 6 of IT Act,1961 “Residence in India”, leading to Modification in Residency provisions and impact on NRIs.   The Residential status of any person is the very foundation for determining whether a person is liable to be...