Any sum found credited in the books of the taxpayer, for which a taxpayer offers no explanation about the nature and source thereof or the tax authorities are not satisfied by the explanation offered by the taxpayer, is termed as cash credit.
The domestic companies shall not be liable to pay DDT on dividend distributed to shareholders on or after 01-04-2020. So dividend are not taxable in hand of company.
Advance Tax Payment - Due Dates & Mode of Advance tax payment of a every person whose estimated tax liability for the year is Rs. 10,000 or more.
Benefits & Exemption for Individuals & HUFs under Income Tax for A.Y. 2022-23 – This article explain in brief the Provisions under Income Tax India related to Individual and HUF.(1) Tax Rates and Relief of Individual and HUF, (2) Income Exempt from Tax of Individual and HUF, (3) Deductions allowable from Taxable Income to Individual/ HUF, (4) Tax Deducted at Source and Advance Tax, (5) Exemption from return filing for Individual and HUF.
Income Tax Return 2021-22.(New Json Based offline utility). Step by Step Guide to use new JSON based ITR Offline utility for A.Y. 2021-22. This Offline Utility enabled to import and pre-fill the data from e-filing portal.[News and Updates]
Using the VC facility, an assessee is enabled to express or submit one’s response orally before an Income Tax Authority who has initiated the proceeding and expect the response from the user.[News and Updates]
Taking another step towards e-governance and encouraging participation of citizen as stakeholders in curbing tax evasion, the Central Board of Direct Taxes has launched an automated dedicated e-portal on the e-filing website of the Department to receive and process complaints of tax evasion, foreign undisclosed assets as well as complaints regarding benami properties.........[News and Updates]
In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances due to the outbreak of COVID-19, the Government brought the Taxation and Other laws (Relaxation of Certain Provisions) Ordinance, 2020 ('the Ordinance') on 31st March, 2020 which, inter alia, extended various time limits........[News and Updates]
The Institute of Chartered Accountants of India, in its gazette notification dated 2nd August, 2019, had made generation of UDIN from ICAI website www.icai.org mandatory for every kind of certificate/tax audit report and other attests made by their members as required by various regulators. This was introduced to curb fake certifications by non-CAs misrepresenting themselves as Chartered Accountants..........[News and Updates]
The date for furnishing of Income-tax returns under section 139 of the Income-tax Act, 1961 (Act) for the Assessment Year 2019-20 was 31st March, 2020. However, on consideration of difficulties being faced by the taxpayers due to COVID-19 pandemic, the said date was initially extended to 30th June, 2020 and subsequently to 31th July, 2020 and 30th September, 2020 vide the..............[News and Updates]
During the Budget 2020 speech, the Finance Minister Nirmala Sitharaman announced the insertion of a new section called 115BAC into the Income Tax Act in the Union Budget 2020. Section 115 BAC, effective from FY 2020-21, deals with the new and optional income tax regime for individuals and Hindu Undivided Families (HUFs). ..............[News and Updates]