Income Tax

Income Tax Dept Raids on contractors in Bengaluru

Income Tax Dept raids on contractors in Bengaluru

An important news for taxpayers: start ITR Filing on time and in the correct manner otherwise face grave situations. The Income Tax Department is getting stringent on tax dodgers as well as tax fraudsters. Recently, the Income Tax Department conducted raids on Contractors in Bengaluru. In this article, we will read the highlights of  Income … Read more

Western Union Profit Not Taxed In India

Western Union Profit Not Taxed In India

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) declared that the Western Union is to do ITR Filing for profits earned in India. The business of the assessee includes the transfer of money across international borders: the assessee, a US company, deals in the business of rendering money transfer services In this article, … Read more

Single Transaction of Buying and Selling of Shares can’t be Business Activity

Single Transaction of Buying and Selling of Shares can't be Business Activity

The Income Tax Appellate Tribunal (ITAT) Chennai bench recently ruled that a single trade of sale and purchase of equities cannot be classified as a commercial activity to levied ITR Filing on a citizen. In this article, we shall discuss the latest notification relating to the single transaction of Buying and Selling of Shares can’t … Read more

Infosys’s deadline Ends, but Bugs are still in the Income Tax Filing portal.

Infosys's deadline Ends, but Bugs are still in the Income Tax Filing portal.

Taxpayers flag a range of ongoing anomalies like belated pre-corroboration by the banks and issues in register digital sign official documents. The article discusses Infosys’ deadline ends; however, bugs are still in the income tax filing portal in detail. Infosys’s deadline ends, but several issues were found on the portal  The time limit outlined by … Read more

GST & Income Tax Department may target Crypto Transactions

GST & Income tax department may target crypto transactions

Important news for Investors as the GST & Income Tax Department may target Crypto Transactions soon. If crypto transactions are taxed, investors might need to mention them in their ITR Filing. As per the recent reports, the Finance Ministry is considering taxing crypto income through trading and crypto exchanges. Sources argue that even if it … Read more

All about Income Tax E-Filing 2.0 portal

All about Income Tax E-Filing 2.0 portal

The CBDT has launched a new Income Tax e-Filing 2.0 portal. The new portal was launched on 7th June 2021. The government’s intention behind launching a new Income Tax Portal was to facilitate taxpayers. Therefore, the government has launched several new features in the portal. In this article, we will learn all about the Income … Read more

Income Tax Department Raid On 3 Commission Groups

Income Tax Department Raid On 3 Commission Groups

In Punjab, the Income Tax Department identified tax fraud by three commission agents who were also involved in the field of farmers besides having a business of cold storage facilities and rice mills,  Income tax department raid claimed “suppression” of company revenues and “inflation” of expenditures. In this article, we will read about the latest … Read more

Reduced Penalty for late filing of Income Tax

Reduced Penalty for late filing of Income Tax

For the financial year 2020 to 2021, the time limit to file ITR (income tax return) is September 30th, 2021 (it expanded from the typical time limit of July 31st, 2021 owing to the Coronavirus). Till the previous year, if a levy payer missed the ITR filing time limit, the greatest Penalty they would have … Read more

Learn the Difference Between TDS and TCS

Learn the Difference Between TDS and TCS

TDS Return Filing is one of the most crucial components of financial management in Income Tax. People should maintain track of their earnings, Investments and make plans for a Life Insurance policy, a name plan, or another Tax-saving strategy. The government does not rely just on Income tax to fund its operations. It also receives … Read more

No ITR filing for Senior Citizens aged 75 years and Above

No ITR filing for senior citizens aged 75 years and above

The latest update for Taxpayers, as the government has announced No ITR Filing for citizens aged 75 years and above. The announcement was made in Finance Budget, 2021. Thus, The Central Board of Direct Taxes (CBDT) has now issued regulations and declaration forms that elderly persons must file with the designated bank, which will deduct … Read more