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Income Tax

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Apr 16 2021

How to file the Form 10BA of Income Tax?

Form 10BA is a declaration filed by the taxpayer to claim the deduction under section 80GG of the Income Tax Act for the rent paid on rental property. This...

Apr 16 2021

How to Register on TDS TRACES Website?

The Income tax department introduced the concept of TDS TRACES, wherein the taxpayers and deductors can view, download the Challan details, rectify the mis...

Apr 06 2021

Income Tax Rules Changes from April 1 2021: Here’s al...

The new Financial Year begins on 1st of April every year and ends on 31st March of the following year. Every year on April 1, the consumers witness some si...

Apr 02 2021

All you need to know about Form 3AC under Income Tax Ac...

The article entails the meaning of Form 3AC, its contents, need to file this form, and the procedure to file. What is Form 3AC? Form 3AC is an audit report...

Apr 02 2021

How to file an ITR of the Deceased?

Section 159 of the Income Tax Act states that an ITR of the deceased can be filed by the legal heir or the executor of the deceased. The article talks......

Apr 01 2021

All about Section 12 of Income Tax Act, 1961

This article will focus on the meaning, benefits of Section 12 of income Tax Act. What is Section 12 of Income Tax Act? Section 12 of Income tax act[1] tal...

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Mar 31 2021

All you need to know about ITR-3 Filing

ITR or Income Tax Return is where taxpayers file information about the income earned & tax applicable to the IT Department. It has notified 7 forms to...

Mar 25 2021

Who is required to maintain books of account as per Sec...

Section 44AA of the Income Tax Act, along with Rule 6F, mandates books of account for income tax. These books of accounts are the official document that es...

Mar 20 2021

Consequences of Non-Filing of TCS Return

As per Income Tax Act, 1961, a person must file TCS return, failing which he will be penalized under sections 234E, 271H of the Income Tax Act, 1961. The p...

Mar 18 2021

Difference between ITD and ITSC

ITD and ITSC are different in respect of their functions. ITSC comes under the ITD, but it works independently from ITD. In the article, we will discuss th...

Mar 17 2021

A brief note on “Speculative Transactions”...

As per Section 43 (5) of the Income Tax Act, Speculative transaction is a transaction where a contract for the purchase or the sale of any commodity, inclu...

Mar 13 2021

Faceless E-Assessment Scheme: Role of Technology

The central government introduced the Faceless E-Assessment Scheme with a view to provide increased transparency, efficiency, and accountability. It is as...

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