Income Tax

Usually, the due date to file income tax return (ITR) for a financial year is 31st July of the succeeding Financial Year. However, due to the COVID-19 pand...

Recently the Income Tax Department launched a new E-filing portal. After it was found, the income tax department asked all taxpayers to register their DSC...

Every payment covered under the TDS provisions should be made after a deduction of tax. Every payer is bound by the provisions of TDS to deduct taxes at th...

There are different sections under the Income Tax Act which puts a limitation on the usage of cash. Some sections create the disallowance of the expense, a...

There could be a possibility that you may miss entering some information while filing Income Tax Return, or on some occasions, there could be an error. In...

Like every year, this year also, there have been significant amendments that have come up in provisions of Income Tax Act, especially with the enactment of...

An assessee who commits an offence under Income Tax Act 1961 shall be subject to penalty. The penalty shall be an additional amount levied and is different...

Individuals are required to pay self assessment tax for income from other sources. No specification for the payment date is specified. This tax can be paid...

The Finance Minister in Budget 2021 introduced a special provision of TDS in the Income Tax Act 1961. A new section has been inserted, which shall be appli...

Have you ever thought about how much gold/gold ornaments can a person hold legally? It may have come across your mind at some stage of your life. In this a...

The Income Tax department is set to launch a new ITR filing portal on June 7, 2021. This new e-filing portal is expected to be more user friendly.  It cou...

Cash transactions are highly discouraged in India due to the amount of tax evasion that takes place. The government introduces various new provisions in th...