Taxpayer Rectifies Excess Salary Income Declaration with Revised Return: ITAT
In India certain tax provisions are specifically designed to impose penal provisions on assessee for failure to comply with the mandatory laws. Section 271(1)(c) is one of such provisions which imposes penalty if a person fails to furnish accurate...
Late fees and interest in case of ITR filing after 31st July!
Due date of filing income tax return for AY 2024-25 has elapsed and many taxpayers still wonder whether they can file the return after due date in case they have missed the filing deadline. Failure to meet the deadline for filing ITR can land you...
Taxation of Partnership Firms
Partnership is a form of Business venture where at least two or more people come together to carry out a common business activity. This is done with a view to make profits. Every member of such a partnership firm is called a partner. Partners of...
Deductions under Section 57 of Income Tax Act, 1961
It is a very well known fact that Income Tax Act provides certain deductions against the taxable incomes of a particular person in order to provide a relief from income tax liability. Section 57 of the Income Tax Act particularly deals with...
Non-applicability of Higher TDS in case of deductee death before linking PAN to aadhar
Linking PAN with Aadhar database is one of the most crucial compliances which government mandates every person to comply. For enabling smooth functioning of TDS or TCS provisions, it was mandatory that the PAN and aadhar linkage is completed....
How to file Form 10E for claiming relief under section 89 in case of salary arrears
Under the Income Tax, total Income Tax liability is calculated on the total income earned during a particular Financial Year. However, if the income for the particular Financial Year includes an advance or arrear payment in the nature of salary,...
Agricultural Land Income Exempted from Tax cannot be Added to Book profits us 115 JB of Income Tax Act: Delhi HC
Out of certain specific exempt incomes given under Income Tax Act, 1961, Agricultural Income is one of the most important one. As per Section 10(1) of the Income Tax Act, agricultural income is exempt from income tax and is not included in the...
What is indexation in capital gains
Assets creation is considered as one of the important achievements for any person. Once you have created an asset, its value appreciation or depreciation depends on the factors related to it. At the time of selling or disposing off such asset, one...
How to check Income Tax Refund Status
The word “refund” catches the attention of almost every other taxpayer like no other word can. A refund is the excess amount of taxes paid than what was the actual tax liability. However, receiving this refund is not an easy task as it sounds. The...
Tax Benefits of Senior Citizen Saving Scheme
The Senior Citizen Savings Scheme (SCSS) is a government-backed savings scheme in India designed specifically for senior citizens. It provides monthly and periodically assured and regular income to senior citizens. Age considered for eligibility...
Section 80QQB – Royalty Payments
A royalty refers to a payment made by one party (the licensee or user) to another (the licensor or owner) for the use of certain rights, typically related to intellectual property. These rights could include patents, copyrights, trademarks,...
Income Tax order u/s 148 is unsustainable without sanctions u/s 151 : Bombay HC
Income tax act has recently introduced Section 148A in the Budget 2021. This section empowers the Assessing Officer to issue a notice if they decide to initiate reassessment. The need to introduce this section arises because it is possible that a...