Income Tax

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Income Tax

Section 194R of the Income Tax Act- Brief Analysis

Section 194R

The finance bill has proposed to add Section 194R to the Income Tax Act 1961. Although this change will be effective from July 1, 2022. This section has be...

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Income Tax

Section 269SU of the Income Tax Act

269SU of the Income Tax

Section 269SU under the Income Tax Act was introduced with a view to promote cashless economy and stimulate digital mode of accepting payments. This articl...

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Income Tax

Drawing a Comparison between Old and New Income Tax Reg...

New Income Tax Regime

With the commencement of the new income tax regime, as a taxpayer you may be confused about which one is better among the Old and new income tax regime. To...

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Income Tax

Casting light on the concept of Updated Income Tax Retu...

Updated income tax return

Finance minister, in her budget 2022 speech, had announced about the provision of filing updated tax return. This will provide taxpayers the opportunity to...

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Income Tax

Income Tax Refunds for AY 2021-22: 1.5 Crore Refunds Is...

Income Tax Refunds

The Central Board of Direct Taxes announced that it has processed refunds of more than Rs. 1.54 crores to more than 1.5 crore taxpayers from 1st April, 202...

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Income Tax

CBDT extends ITR filing deadline for FY 2020-21

CBDT extends ITR filing deadline for FY 2020-21

The Central Board of Direct Taxes extended the deadline for ITR filing (FY 2020-21) for certain category of taxpayers. The income tax department made this...

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Income Tax

Financial consequences for late filing of ITRs

Financial consequences for late filing of ITRs

Filing of Income Tax Returns (ITRs) is one of the tedious but mandatory tasks that an assessee has to do every year before the due date of filing. This fin...

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Income Tax

All about Condonation of Delay under Section 119(2)(b)...

All about Condonation of Delay under Section 119(2)(b)

Introduction In India, under section 139 of the Income Tax Act, each assessee is expected to file his or her income tax return within the time fr...

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