Income Tax

Income Tax Raid Conducted on Dainik Bhaskar

Raid conducted on Dainik Bhaskar group

The income tax department on Saturday claims that the Dainik Bhaskar group allegedly evaded taxes of Rs 700 Crore over a time span of 6 years. On conducting a raid it is found that Bhaskar evaded such a tremendous amount of taxes by fake companies assigned to their employee’s names to “book bogus expenses” and … Read more

Govt Collects Rs 2.41L Cr From Income Tax In Q1

Govt Collects Rs 2.41L Cr From Income Tax In Q1

As per the statement of the Finance Ministry India, the Govt collects Rs 2.41L cr from income tax as a direct tax in the first quarter of 2021 i.e. April to June. In the same period, the government of India has collected Rs.1.01 lakh crore on excise duty. At Lok Sabha, the finance minister Mr. Pankaj … Read more

Step-by-Step Guide to File Income Tax Returns Online & Offline

Step-by-step guide to file income tax returns Online & Offline

A step-by-step guide to file income tax returns Online & Offline is going to be very helpful for all of us.  As we all know, ITR filing is mandatory for every salaried person having an income of over 2.5 Lakhs. Furthermore, if you have no tax liability, even then you have to file ITR. However, … Read more

CBDT extends due date to file Form 15CA/15CB manually

CBDT extends due date to file Form 15CA15CB manually

Big relaxation for taxpayers and foreign currency remitters as CBDT extends the due date to file form 15CA/15CB manually. Many taxpayers reported various issues in the new income tax portal while filing form 15CA/CB. Therefore, addressing this issue CBDT extended the deadline to file these forms. In this article, we will understand this notification in … Read more

Taxpayers Can Do Income Tax Returns Filing At Post Office

Can Do Income Tax Returns Filing At Post Office

Now you do not have to waste your time going to the income tax office, as the government of India has launched a new website and service center for it. Ministry of finance officials released a statement that Taxpayers can do income tax returns filing at Post Office. The initiatives will help the individual and … Read more

Contribution To Patanjali Research Foundation To Get Tax Exemption

Contribution To Patanjali Research Foundation To Get Tax Exemption

The Central Board of Direct Taxes (CBDT), which monitors the tax regulations in India, released a notification on 13th July 2021 about the Contribution to Patanjali Research Foundation to get exemption on tax. Now the Patanjali Research Institute founded by ‘Patanjali Research Foundation Trust’ will fall under the “Research Association” category, said by the central government. … Read more

CBDT Latest Updates for Taxation Rules on Goodwill

CBDT Latest Updates for Taxation rules on Goodwill

There’s an important notification for taxpayers as the CBDT has set the latest updates about new taxation rules relating to Goodwill. The Central Board of Direct Taxes (CBDT) has issued new guidelines for calculating short-term capital gains (STCG) and write down value (WDV) in cases where goodwill depreciation has been received, possibly raising tax obligations … Read more

Income Tax Department issues refunds worth Thousand Crores till 5th July

Income Tax department issues refunds worth Thousand Crores till 5th July

As we all know, the income tax department issues refunds to taxpayers. These refunds are released after taxpayers do ITR Filing. This year too, the Income-tax department issues refunds. In this article, we will read about the Income Tax Department issues refund plus how you can check your Income tax refund status online. Income Tax department … Read more

CBDT issues guidelines for Taxing Partnership Firms on its Reconstitution

CBDT issues guidelines for Taxing Partnership Firms on its Reconstitution

Recently, The CBDT issues guidelines for taxpayers under section 9B. The new notification by CBDT sets new guidelines for taxing partnership firms in India. Therefore, everyone needs to know the new taxation rules to make the right decision while dissolving or reconstituting the company. In this article, we will read about CBDT issues guidelines for … Read more

TDS on Purchase of Goods to be effective from July 2021

TDS on Purchase of Goods to be effective from July 2021

As we all know, Till now, there are several TDS provisions to cover services related transactions such as professional services, rent, interest, work contract, etc. Now, The Indian Government has introduced a new section 194Q in the Income Tax Act, 1961 vide the Finance Act, 2021. As per Section 194Q w.e.f. July, 1st 2021 where … Read more