Time Limit for completion of scrutiny assessment proceedings – Section 153 of the Income Tax Act:
Section 153 defines the time limit for completion of scrutiny assessment proceedings by assessing officer which is as under: Section...
Thursday, August 20, 2026
Are your personal assets liable for capital gain? What is capital asset and capital gain income?
Capital gain income has been covered in the Income Tax Act from section 45 to 55. There are basically two...
Interest for non payment of Advance Tax: (Section 234B & 234C):
There are two types of interest leviable for non payment of advance tax: Interest u/s 234B (Applicable when advance tax...
Section 194M: TDS on payment made for contract, commission and professional service for personal use
Section 194M was inserted by Finance Act 2019 to bring under the radar the income earned by professional and contractor...
No Late fee u/s 234E for TDS returns filed prior to 01.06.2015:
Many of you must be receiving order/ notice u/s 200A from Income tax department for recovery of late fees for...
This is how Income Tax Department recover money from big defaulters.
You might have seen people making huge default of Income tax and then they are being prosecuted and for tax...
Penalty for Non filing or Late filing of Tax audit report – Section 271B and condonation in filing Tax Audit report
Yesterday i.e. 31st October 2019 was the last date for filing of tax audit report except for those living in...
Extension of due date for Tax Audit till 30th November 2019 in J&K & Ladakh
CBDT vide order u/s 119 Dt. 31st October 2019 extended the due date for filing Tax audit report and Income...
Interest on late deduction/ payment and Late filing fees under TDS provisions (Section 201(1A) and section 234E)
TDS in income tax i.e. Tax deducted at source is also a very confusing phenomenon for some people and they...
Monetary Limit for filing Appeal by Income Tax Department Revised/ Enhanced by CBDT:
The monetary limit which CBDT suggest is applicable to Income Tax Department i.e. it provides a parameter that the department...
Auditor should not sign the audit report in a hurry – Penalty of Rs. 10,000 u/s 271-J of Income Tax Act.
With the last few days for Tax audit there are many people who have still not finalized their books of...
What is cost inflation index and when its useful?
Cost inflation index in Income Tax is used to give inflation effect to cost for long term capital asset purchased...
Business with turnover above Rs. 50 crore need to compulsorily accept payment through electronic mode? – Section 269SU
Section 269SU was introduced in the Income Tax Act vide Finance Bill, 2019 and is made applicable from 01.11.2019 to...
Which income of Non-resident are taxable in India? And understanding calculation of residential status
Before starting the discussion on Income tax chargeable on income of non-residents let's first understand who are ordinary resident, resident...
Can you revise a belated income tax return? And FAQ on revise return.
When one used to file a belated return of income u/s 139(4), he/ she used to file it very carefully...
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GSTR 9/ 9C due date to be extended to 31.10.2020 | E-invoicing will be voluntary in the beginning
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How to pay Membership and COP fees of ICAI for 2020-21 |
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Code/ Nature of payment 6CR updated by NSDL in challan 281 for paying TCS on sale of goods
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Are all the due dates of tax audit and Income tax return for FY 2019-20 extended to 31.03.2021 by the bill presented in Lok sabha Dt. 18.09.2020
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SFT transaction mentioned in Form 26AS | What does it mean? | Who reports it? | SFT codes transaction type
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