Taxation

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Income Tax Taxation

Consequences of Non-Filing of TCS Return

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...

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Taxation

SVLDRS -Sabka Vishwas (Legacy Dispute Resolution) Schem...

SVLDRS

The Sabka Vishwas Legacy Dispute Resolution Scheme, hereinafter mentioned as the "SVLDRS," is a scheme made available for the pre-GST taxpayers. It was int...

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Income Tax Taxation

Is PAN Number Required For Proprietorship Firms?

Is PAN Number Required For Proprietorship Firms?

PAN stands for Permanent Account Number. It is an essential document as per the Income Tax Act, 1961, which all taxpayers should possess. PAN Number is a t...

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Income Tax Taxation

Highlights of the Faceless Assessment (1st Amendment) S...

Highlights of the Faceless Assessment Scheme, 2021

The Central Board of Direct Taxes recently notified about the Faceless Assessment (1st Amendment) Scheme, 2021. It aims to amend the faceless assessment sc...

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Income Tax Taxation

What to Expect from the Budget 2021- Tax Implications?...

What to Expect from the Budget 2021

With the Covid-19 pandemic raging through 2020 and considering the challenges and hardships caused due to the Covid-19 pandemic on the overall economy, the...

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Income Tax Taxation

CBDT answers 34 FAQs on Vivad se Vishwas

Vivad se Vishwas Act

The Central Board of Direct Taxes notified about the clarification on provisions of direct tax Vivad se Vishwas Act of 2020. The board has issued clarifica...

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Income Tax Taxation

Faceless Penalty Scheme: Boosting Transparency and Comp...

Faceless Penalty Scheme

With a view to further digitize the interaction between the taxpayers and income tax authorities, the Indian government recently notified of the faceless p...

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Income Tax Taxation

CBDT rejects representations for extension of Income Ta...

Income Tax Return Due date

The Central Board of Direct Taxes stated that it shall not grant any further extensions for return filing where audit reports need to be filed. This order...

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