Save Taxes with Hindu Undivided Family (HUF)
Everyone wants to save Taxes and when taxpayers asks the question that How do we save our taxes after claiming all the eligible deductions ?? The quick answer that comes…
Income Tax Deduction on Donation?
Yes, Section 80G of the Income Tax Act, 1961 enables an assessee to claim deduction for donation made by him to certain organizations. Section 80G is a facility available in…
Form 26AS
Form 26AS is a consolidated statement of the taxes you have already paid in the financial year and refunds due to you. You can download the statement from the Income…
ITR Filing Exemption to Senior Citizens – Section 194P
Section 139 of the Income Tax Act governs the filing of ITR by every individual with an income over the basic exemption limit. Before Finance Bill 2021, if anyone asked…
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Voluntary Retirement Scheme [Exemption u/s.10(10C)]
Voluntary Retirement Scheme is availed by an employee that wishes to voluntarily end his or her service tenure at the organization before his or her retirement date. It is usually…
CBDT extends due dates for filing of Income Tax Returns and various reports of audit for Assessment Year 2021-22
Posted On: 09 SEP 2021 7:24PM by PIB Delhi On consideration of difficulties reported by the taxpayers and other stakeholders in filing of Income Tax Returns and various reports…
Save Income Tax Now!
There is a host of entire legitimate ways of saving tax under the Income Tax Act, 1961.Everything pertaining to the imposition, collection, recovery, and administration of income tax falls under…
Compulsory Quoting of PAN
PAN or Permanent Account Number is the unique code that identifies an Indian National. PAN is a 10-digit unique alpha-numeric code issued under Income Tax Act,1961. It is a…
TAXABILITY OF CAPITAL GAINS IN THE HANDS OF PARTNERSHIP FIRMS/AOP/BOI AFTER FINANCE ACT,2021 AMENDMENTS
1. POSITION BEFORE FINANCE ACT,2021 AMENDMENT Sec 45(4): Transfer of capital asset by firm to the partner: Earlier, Section 45(4) of the Income tax Act,1961 (“the Act”) provided…
Why You Must File Tax Returns – Part II
CA Suprio Ghatak, Partner, J K V S & CO, Kolkata Chartered Accountant – by profession Trainer, writer and speaker – by passion Orientation and MCS Faculty since 2014…
WHY YOU MUST FILE INCOME TAX RETURN
CA Suprio Ghatak, Partner, J K V S & CO, Kolkata Chartered Accountant – by profession Trainer, writer and speaker – by passion Orientation and MCS Faculty since…
Top Income Tax Judgements in 2020 – Part I
The summary of the top Income Tax Case laws is given below: 1. No section 194N TDS if cash withdrawn isn’t income of account…