With an aim to hold control over black money transaction and also to promote the digital transactions, the provisions of section 269ST of the Income Tax Act were introduced and made effective from 1st April 2017. The provisions of section 269ST mandate specific modes of undertaking transactions. In case the person fails to comply with […]
Understand the penalty for failure to collect tax at source (TCS) as per section 271CA of the Income Tax Act. Learn how to avoid this penalty and the amount payable.
Understand the penalty for contravening provisions of section 269SS. Learn about the applicability, authority, and amount of penalty under section 271D of the Income Tax Act.
Understand the provisions of Section 271C of Income Tax Act, 1961 that impose penalties for TDS failure, non-deduction, or non-payment.
Understand the penalty for failure to furnish a section 92E report under section 271BA of the Income Tax Act.
Understand the implications of section 271B penalty for failure to get accounts audited as per the Income Tax Act.
Understand the penalty provisions of Section 271AAC of the Income Tax Act. Learn about the consequences of income determined under specific sections.
Understand the penalties for failure to maintain transfer pricing documents under section 271AA of the Income Tax Act.
Understand the consequences of failing to maintain books of accounts and documents as required by section 271A of the Income Tax Act.
Leave Travel Allowance (LTA) is the most common element of compensation adopted by employers to remunerate employees due to the tax benefits attached to it. Section 10(5) of the Income-Tax Act, 1961, read with Rule 2B, provides for the exemption and outlines the conditions subject to which LTA is exempt. Through this write-up, I want to shed light on the taxability and some other interesting relevant aspects which you as a salaried employee must keep in mind.
