income tax

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

Why should Form 26AS be checked before Filing ITR

Why should Form 26AS be checked before Filing ITR

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-19

Income Tax due date extended amid COVID-19

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

Higher TDS deduction if Income Tax Return not filed for 2 Years

Higher TDS deduction if Income Tax Return not filed for 2 Years

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

Essentials point to keep in mind before filing ITR this year

Essentials point to keep in mind before filing ITR this year

The government provided relief to taxpayers by extending the deadline as the nation is suffering from a frightful coronavirus pandemic. Filing ITR ( Income Tax Return) this year is extended to 30th September 2021 for Financial Year 20-21. Therefore it is essential to keep in mind some points before you do ITR Filing. In this … Read more

Income Tax collections exceed Corporate Tax after 21 years

Income Tax collections exceeds Corporate Tax after 21 years

Due to the pandemic and subsequent nationwide lockdown, India’s economy had gone through many changes. The significant population was stuck inside their homes. Consequently, people tried to find other sources of income. For example, people who lost their job due to lockdown started Freelancing. Moreover, Housemakers and Students also started working in various fields of freelancing … Read more

CBDT issues Clarification on Limitation for Appeals Filings before CIT

CBDT issues Clarification on Limitation for Appeals Filings before CIT

There’s a new notification ( No. 10/2021) as CBDT issues Clarification. The taxpayer in India needs to file CIT(Appeal) within 30 days from the date of order of assessment issued. However, due to lockdown, taxpayers are facing timely filing of appeals. Earlier we have seen that CBDT has issued Circular No. 08/2021 on which the … Read more

Know all about TCS on sales of goods

Know all about TCS on sales of goods

The Ministry of Finance has recently made some amendments to the Finance Act to smoother the tax collection process. The amendment is the introduction of a new sub-section (1H) in section 206 C. The sub-section defines that the person whose annual sale of goods is more than Rs 50 Lakh compared to last year, then … Read more

Income Tax Return Filing Due Dates for AY 2021-22 Extended

Income Tax Return Filing Due Dates d

Due to the Covid-19, the Government has extended the due date of filing ITR for Assessment Year 2021-22 for individuals by two months till September 30. The Central Board of Direct Taxes (CBDT) also extended the ITR filing deadline for companies by a month till November 30. In this article, we will discuss Income Tax … Read more