Search results for: Income Tax Act

Under section 271B of the Income Tax Act, 1961, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has deleted the tax penalty with respect to Air India Air Transport Services Ltd, a subsidiary of Air India. The taxpayer possesses the Public sector company act and needs to submit its audit report in Form […]

In India, the rental income comes in compliance with the income tax. If you own a property and have rented it to another one then you are required to know the method to minimize the tax load. The rental income from real estate investments would be very much better for your portfolio returns. Thus as […]

Introduction of Section 68 Under Income Tax Why Section 68 was introduced under Income Tax Act, 1961? There was a need and importance to start the provision of section 68 beneath the income tax act, of 1961 to protect the interest of the revenue as the taxpayer was involved in the harmful tax practices to […]

There are various amendments in the tax rules effective from 1st April 2022, where I would discuss the new tax rules on EPF interest, Taxation of Virtual Digital Assets, Filing of Updated IT Return, and Tax relief on Covid-19 treatment expenses and compensation. Updated ITR Filing Before that, one will have a window of 5 […]

With effect from date FY 2020-21, a person has the choice to carry on with the existing income tax regime and claim the existing tax deductions and exemptions, or opt for the new tax regime and let go of 70 tax deductions and exemptions like sections 80C, 80D, tax exemption on HRA, LTA, and others. […]

Under the Central Board of Direct Tax (CBDT), there are nearly 5.89 cr people furnished their ITR on the new e-filing portal as of 31st December 2021. But the number, on comparing with the total population of 1 billion people, seems minute, however seeing the structure of Indian tax, the income of the proper number […]

The Central Board of Direct Taxes (CBDT) has released a circular concerning Tax Deduction at Source (TDS) and income tax deduction on salaries for the year 2021-22. The circular provided today comprises the rates of the deduction of the income tax via payment of the income chargeable beneath the head salaries in the FY 2021-22 […]

A division bench of the Delhi high court reused the income tax notice and the assessment order on the basis of the personal hearing was not granted to the taxpayer. In the confrontation with the high court, the taxpayer as a single person challenged the assessment order on the date 07.06.2021 provided beneath section 143(3) […]