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The income tax portal 2.0 is a user-friendly model of the original website. The same has the advantageous upgrades concerned to the ITR filing and the management. The process is smoother to manage and the platform furnished various levels of services related to tax in the new version. The effective specification of the e-portal comprises: […]
The Employees’ Provident Fund Organisation (EPFO) had given the guidelines on imposing the tax deducted at source (TDS) on the earned interest via EPF account in which the contribution is more than Rs 2.5 lakh in the financial year. As per the circular issued on April 6, The TDS deduction would start from April 1. […]
As technology has come around most of the income tax (IT) departments’ communication addressed to the taxpayer is provided to his or her enrolled email. The Delhi High Court in Venad Properties Pvt ltd. vs. Commissioner of Income Tax (2013) 212 Taxman 20, ruled that the object and the intention of the service of the […]
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 the Income Tax Act, of 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 harmful tax practices […]
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 7.28 cr people furnished their ITR on the new e-filing portal as of 31st July 2024. 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 […]
