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Income Tax

Learning » Taxation » Income Tax

Jun 23 2021

Essentials points to note if you are filing ITR this Ye...

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...

Jun 22 2021

How to Register DSC in New Income Tax Portal?

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...

Jun 21 2021

Scope and Implications of Section 206AA of the Income T...

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...

Jun 21 2021

Restriction on cash transaction under the Income tax Ac...

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...

Jun 19 2021

Information concerning Defective Income Tax Return in I...

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...

Jun 11 2021

Key Income Tax Changes effective from FY 2021

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...

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Jun 09 2021

Some Common Penalties under Income-Tax Act, 1961

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...

Jun 03 2021

Payment and Computation of Self Assessment Tax

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...

Jun 01 2021

Understanding Section 206AB of Income Tax Act 1961

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...

May 27 2021

How much Gold/Gold Ornaments can you hold?

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...

May 26 2021

Income Tax Dept. set to unveil new ITR filing portal on...

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...

May 25 2021

Cash Transactions that can attract an Income Tax Notice...

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...

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