Penalty Chart under the Income Tax Act, 1961 Failure to deduct TDS / TCS in full and part, Quoting false TAN in challan/ statements, Failure to apply for TAN, Failure to furnish e TDS statement / TDS certificate, Failure Read More …
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Income tax – various definitions
assessee” means a person by whom any tax or any other sum of money is payable under this Act, and includes— every person in respect of whom any proceeding under this Act has been taken for the assessment of Read More …
Clarification on Enrolment of Overseas Citizen of India (OCI) in National Pension System (NPS) at par with Non-Resident Indians (NRI) – PFRDA
Clarification on Enrolment of Overseas Citizen of India (OCI) in National Pension System (NPS) at par with Non-Resident Indians (NRI) – PFRDA PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY B-14/A, Chhatrapati Shivaji Bhawan, Qutub Institutional Area, Katwaria Sarai, New Delhi-110016 Read More …
New PPF rules: Five changes
New PPF rules: Five changes The government recently notified new rules for public provident funds or PPF accounts for the benefit of account holders. PPF is one of the most popular small savings schemes and it offers a guaranteed Read More …
“agricultural income” means
agricultural income” means— any rent or revenue derived from land which is situated in India and is used for agricultural purposes; any income derived from such land by— agriculture; or the performance by a cultivator or receiver of rent-in-kind Read More …
What is taxable Income as per Income Tax act
“income” includes— (i) profits and gains ; (ii) dividend ; (iia) voluntary contributions received by a trust created wholly or partly for charitable or religious purposes or by an institution established wholly or partly for such purposes or by Read More …
Income tax slab rates in India – AY 2020-21 (FY 2019-20)
Income tax slab rates in India – AY 2020-21 (FY 2019-20) Income tax slab rates are decided and governed by Income Tax Act 1961 and are subject to change every year. Here are the income tax slab Read More …
Major Tax Benefits for a salaried taxpayer
Major Tax Benefits for a salaried taxpayer The salaried taxpayers are a major chunk of the overall taxpayers in the country and the contribution they make to the tax collection is quite significant. Income tax deductions offer a Read More …
How to deal with Emerging Issues in TDS
How to deal with Emerging Issues in TDS Summary TDS contributes about 43% of direct taxes revenue as also significant proportion of indirect tax collections. Besides it is the most regular source of revenue unlike advance Read More …
Principles of Cross Examination in Context of Income Tax Proceedings
Principles of Cross Examination in Context of Income Tax Proceedings Executive Summary The issue of cross examination of witnesses in Income Tax proceedings has seen substantial litigation before various appellate fora. Many a time, income tax assessments, Read More …