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Form 10B is to be filed via a trust or institution that holds the enrollment u/s 12A or that submits an application for enrollment via furnishing of the Form 10A. Form 10B poses an audit report that is furnished by a CA on the assessee’s nomination. Income tax form 10B would be accessed and submitted […]
In the Finance Act, 2021, the Finance Minister has increased the limit for the essential audit under Section 44AB of the Income Tax Act, 1961 to Rs 10 crores, provided that at least 95% of all business transactions are carried out through non-cash / digital modes. The major goal behind this is to diminish the […]
Recently the government has decided to introduce some of the important income tax amendments with the association of the IT department to create a better scenario within the income tax compliance for every individual. Check out some of the important & needful income tax amendments by the CBDT department: Some Categories Gets Pre-filled ITR Council […]
This is the time of year when employees of many firms start receiving requests to share details of their tax-saving investments with their employers. However, before that, you have to choose whether you want to opt for the new tax regime or the old tax regime. Budget 2020 has come up with a new tax […]
In case you own multiple houses, then the ‘self-occupied property’ is accorded two properties as chosen by yourself. Other than this property/ properties are handled as ‘deemed to be let out’ for the intention of taxation. A self-occupied property is termed as the property which is tenanted throughout the year by the taxpayers for his […]
The central government on account to deal with the hurdles faced by the several stakeholders due to Covid – 19 pandemic, has taken into contemplation received by multiple stakeholders has concluded to prolong the timelines for compliances under the Income-tax Act, 1961 ( (hereinafter introduced to as “the Act”) in the following cases, as under […]
Covid-19 has influenced people all across the world in a bigger way. It produces an effect on the financial state of the people living in the world. Towards the medical treatment for those who get influenced through covid-19. Here, we have mentioned all details about income tax refund of TDS deducted on medical treatments for […]
The Central Board of Direct Taxes (CBDT) revised the Income Tax laws on return of income compatible to revise beneath section 148 Get o know the legal mechanism of how to respond to the assessment and the reassessment notice as per section 148 of the Income Tax Act 1961 of the Income Tax Act. CBDT […]
The Mumbai bench of the income tax appellate tribunal (ITAT) has freshly stood that the penalty beneath section 271(1)(c) of the IT act 1961 shall not be imposed towards the cause that the taxpayers had wrongly availed the tax deduction of the yearly exchange service cost looking for the corresponding as revenue expenditure. The taxpayer […]
