Read this Article to know:- What to do if there is discrepancy in 26AS and AIS What to do if you have already filed ITR for FY 20-21 and forgot to consider some information which are reflecting in AIS. What is the meaning of word “Inactive” in AIS…..and many more. Income Tax Department has rolled…
Read More “Roll out of the new Annual Information Statement (AIS)” »
CBDT notifies Rules for implementing the amendments made by the Taxation Laws (Amendment) Act, 2021 PRESS RELEASE dated 02-10-2021 The Taxation Laws (Amendment) Act, 2021 (2021 Act), inter-alia, amended the Income-tax Act, 1961 (Income-tax Act) so as to provide that no tax demand shall be raised in future on the basis of the amendment to…
Transfer Pricing – Complete Analysis Table of Contents Introduction Computation of income from international transaction having regard to arm’s length price. Meaning of associated enterprise (Section – 92A) Meaning of international transaction (Section – 92B) Computation of arm’s length price (Section – 92C) Introduction With globalization, the world became a smaller place. One can trade…
Best Judgment Assessment Table of Contents Introduction Assessment under section 144 Scope of assessment under section 144 Procedure of assessment under section 144 Time-Limit Introduction Every taxpayer has to furnish the details of his income to the Income-tax Department. These details are to be furnished by filing up his return of income. Once the return…
Presumptive Taxation – A Complete Analysis Table of Contents- Meaning of Presumptive taxation scheme Section 44AD Persons who are eligible to take advantage of the presumptive taxation scheme of section 44AD Can an insurance agent adopt the presumptive taxation scheme of section 44AD? Computation of taxable business income Scope for further Deduction Turnover Limit…
FAQs on Salary Income 1. What is considered as salary income? section 17 of the Income-tax Act defines the term ‘salary’. However, not going into the technical definition, generally whatever is received by an employee from an employer in cash, kind or as a facility [perquisite] is considered as salary. 2. What are allowances? Allowances…
FAQs on Tax Deducted at Source (TDS) 1. What is tax deducted at source For quick and efficient collection of taxes, the Income-tax Law has incorporated a system of deduction of tax at the point of generation of income. This system is called as “Tax Deducted at Source”, commonly known as TDS. Under this system tax…
FAQs on filing the return of income 1. What is a return of income? ITR stands for Income Tax Return. It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department. It also allows carry…
FAQs on the Income Declaration Scheme, 2016 1. Where an undisclosed income in the form of investment in asset is declared under the Scheme and tax, surcharge and penalty is paid on the fair market value of the asset as on 01.06.2016, then will the declarant be liable for capital gains on sale of such…
FAQs on Computation of Tax 1. When do I have to pay the taxes on my income? The taxes on income can be finalized only on the completion of the previous year. However, to enable a regular flow of funds and for easing the process of collection of taxes, Income-tax Act has provisions for payment…
