Income Tax

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Income Tax

Understanding Section 206AB of Income Tax Act 1961

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...

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Income Tax

How much Gold/Gold Ornaments can you hold?

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...

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Income Tax

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

Income Tax Dept. set to unveil new ITR filing portal on June 7

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...

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Income Tax

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

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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Income Tax

Demystifying Income Tax Form 16 for Salaried Person...

Demystifying Income Tax Form 16 for Salaried Person

Various income tax forms are issued under the Income Tax Act 1961. Likewise, Form 16 is issued according to Section 203 of the Income Tax Act 1961. In this...

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Income Tax

Income Tax Challan 280: Online and Offline Methods to P...

Income Tax Challan 280: Online and Offline Methods to Pay

The method of paying income tax has been simplified over the years. However, there has been confusion among the taxpayers on how to pay the income taxes.&n...

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Income Tax

Everything you need to know about ITR 5 Form

Everything you need to know about ITR 5 Form

ITR stands for Income Tax Return. There are different ITR Forms that taxpayers should file. The applicability of ITR forms depends upon the income sources...

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Compliances Income Tax

Submit response in the e-compliance portal for Income T...

Submit response in the e-compliance portal for Income Tax queries

There have been several taxpayers who have received notices or intimation for non-disclosure of interest on fixed deposits and savings in the income tax re...

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