Income Tax News
Calculation of income and tax on Insurance policy under Income Tax Act
However, in our opinion insurance policies are long term investments for a person and not giving the benefit of indexation...
Read more
Defective Notice received u/s 139(9) of the Income Tax Act after filing return of income? What to do?
If no action is taken within the due time i.e. 15 days against such defective notice then it will be...
Read more
Notices u/s 119(2)(b) being issued to companies for AY 2020-21. But Why?
In relation to the above delay in filing Form 10-IC, many companies had filed Form 10-IC under condonation and has...
Read more
No TDS u/s 194-I for lease rent of ship to IFSC unit [Read notification]
The lessee shall,- (i) not deduct tax on payment made or credited to lessor after the date of receipt of...
Read more
No TDS u/s 194IA if consideration for each buyer below Rs. 50 lakh [Read ITAT order]
We notice that the provisions of Section 194IA of the Act are applicable where consideration for transfer of an immovable...
Read more
New record of over 6.77 crore Income Tax Returns (ITRs) filed till 31st July, 2023; record growth of 16.1% Year-on-Year
During the peak filing period, e-filing portal successfully handled huge traffic providing a seamless experience to taxpayers for filing of...
Read more
PAN of Non-resident becoming inoperative on Income tax Portal due to non-linking of Aadhar
One of the most prominent reason for PAN of non-resident becoming inoperative is that PAN of such non-resident is still...
Read moreIncome tax notice to Salaried employee filing return and claiming refund by showing deductions and allowances
Further, if an employee claims refund every year it could mean that assessee could receive notice and would end up...
Read more
FAQ on increased TCS rate for Foreign remittance under LRS or foreign tour [Read circular]
ln case of purchase of overseas tour program package which is classified under LRS, TCS provision for purchase of overseas...
Read moreI-T Department Conducts Verification of Reporting Entities
In order to explain the legal obligations and processes, as well as to address difficulties faced by the Reporting Entities,...
Read more
Extension of Time Limit for Filing of various TDS/ TCS return for Q1 AY 2024-25
The statement of deduction of tax for the first quarter of the financial year 2023-24, required to be furnished in...
Read moreIncreased rate of TCS which includes 20% TCS on applicable to be applicable now from 01.10.2023
Increased TCS rates to apply from 1st October, 2023: The increase in TCS rates; which were to come into effect from 1st July,...
Read more
Form 10-IEA announced for opting in and out of Section 115BAC | Applicable from AY 2024-25
As announced in during the presentation of Budget, 2023, the new regime of tax under section 115BAC shall be the...
Read more
ITR 3 is now available for filing for FY 2022-23 i.e. AY 2023-24 | File ITR 3 online with experts on Taxontips
The heading of ITR 3 read as under: “For individuals and HUFs having income from profits and gains of business...
Read moreDetailed analysis of HUF (Hindu Undivided Family) – Tax and other laws
Gifts received by HUF from its members are exempted from Income Tax under Section 56(2)(vii)/ 56(2)(x) of the act.
Read more-
GSTR 9/ 9C due date to be extended to 31.10.2020 | E-invoicing will be voluntary in the beginning
-
How to pay Membership and COP fees of ICAI for 2020-21 |
-
Code/ Nature of payment 6CR updated by NSDL in challan 281 for paying TCS on sale of goods
-
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
-
SFT transaction mentioned in Form 26AS | What does it mean? | Who reports it? | SFT codes transaction type
- Default under TDS for 20% TDS or short deduction? Here is a relief from non-linking of Aadhar-PAN
- Received Notice Under Section 143(2) of Income Tax Act? Here’s Why You Got It and How to Tackle It Effectively?
- Statutory Compliance Calendar for June 2025 | Income tax, GST and various other laws
- Statutory Compliance Calendar for May 2025 | Income tax, GST and various other laws
- ITAT Mumbai: Capital Gains on Indian Mutual Funds Not Taxable in India for Non-Residents under DTAA [Case law]
- Statutory Compliance Calendar for April 2025 | Income tax, GST and various other laws
- No relief under section 87A for capital gain even after date extended to file revised return for AY 2024-25?
- Statutory Audit of Cash and Cash Equivalents in Indian Companies [Company Law]
- Statutory Audit of Trade Receivables in Indian Companies [Company law]
- Statutory Compliance Calendar for February 2025 | Income tax, GST and various other laws
TaxOnTips provides you all tax related solutions in easy way and update you with its regular updates & notifications Visit us for details.
We are based in Jaipur, India
