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In this article, we will guide you through the step-by-step procedure of paying your income tax online at Time of Filing of ITR For Individuals using the official Income Tax website.
Understand the impact of the new Section 194R of the Income Tax Act introduced in 2022. Explore applicability, exceptions, and CBDT clarifications. Prepare for tax compliance and navigate potential complexities.
As we approach the year-end, it’s time to review the tax savings options for the individuals (especially salaried class) to save on taxes and earn some value out of the investments made. It has been seen that people generally don’t review their income structure timely and at the time of filing of returns, they realize […]
The related party transactions have always been under the close scanner of the Tax Authorities. Owing to the inherent nature of such transactions it is believed that such transactions are by far the most convenient way of shifting profits and accordingly subjected to detailed scrutiny by the Tax Authorities. The international transactions have been under […]
The determination of residency under the provisions of Income Tax Act, 1961 (‘Act’) is critical in determining the taxable income to be offered to tax in India. One issue that has been noted is with respect to taxation of crew members of ship or individuals leaving for employment outside India during the year and another being the impact of the changes made in residency provision for individuals.
Non-residents are subject to tax in India with respect to the income accrued/ deemed to accrue in India or received/ deemed to be received in India as per the provisions of the Income Tax Act, 1961 (‘Act’). While the international tax landscape is seeing a lot of changes in form of OECD BEPS Pillar 1 […]
CBDT vide notification dated 29 July 2021 [Notification No. 83/2021/F. No. 370142/30/2021-TPL] has omitted certain Rules due to provisions becoming redundant owing to omission or applicability of such provisions not relevant now as the same has expired long time ago. Further, the same is to ease the burden of the taxpayer in certain circumstances where […]
With the deployment of Income Tax Portal 2.0, the stakeholders have been facing a lot of issues, one of the same being in respect to filing of the Income Tax Returns. While filing the return of income there has been an issue faced in respect to Verification of the Income Tax return at the portal […]
Learn about the tax benefits of Section 80JJAA for organizations. Discover how to claim an additional deduction for employee costs.
The new Income Tax portal introduced by the Ministry of Finance from June 07, 2021 has been subject to various glitches since it’s inception and the stakeholders are facing problem on regular basis. Also, the proceedings under Income Tax are now managed electronically and the same has been made accessible at the new portal under […]
