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
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
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
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
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
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
Form 26AS be checked before Filing ITR is an essential concept for every taxpayer. As we know, Form 26AS records all the taxes paid on your behalf by your employer or clients. Furthermore, people popularly call it a Tax Credit Statement and is a vital document for ITR filing. Therefore, In this article, we will … Read more
Income tax due date extended amid covid is a much-awaited and needed relief. The Taxpayers are facing many difficulties in ITR filing and other tax obligations due to the impact of the Covid-19 pandemic. Furthermore, taxpayers are in confusion, especially in responding to different notifications by the government. Therefore, the government has now released two … Read more
Tax exemption given for Treatment and Ex gratia received due to Covid is a huge relief for families suffering from the consequences of pandemics. As we all know, The COVID-19 pandemic in India is part of the global 2019 coronavirus infection pandemic (COVID-19) resulting from severe acute coronavirus syndrome 2 (SARS-CoV-2). On 30 January 2020, … Read more
To ensure the taxpayer’s income tax return filing compliance is fulfilled, the government has implemented a new provision in the Income-tax Act, 1961. Furthermore, there have been thousands of cases where TDS on interest income have been deducted, but the individual does not file ITR. Thus, to ensure the correct income gets reported, the government … Read more