New provision for relief from penalty under income tax act Think before filling appeals under I-Tax act 1961 for the A.Y. 2017-18 read with new section 270AA If additions have been made by A.O. than most Read More …
Category: Tax Matters
Articles relating to income tax matters for common man in common or easy language
Penalties under the Income Tax Act, 1961
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 …
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 …
A Bird’s Eye View of HUF Taxation in India
A Bird’s Eye View of HUF Taxation in India Executive Summary Considering the unique social, cultural and economic dynamics of Indian joint family, the Income Tax Act has given the status of separate legal entity to Hindu Read More …