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Draft Written Submission before CIT(A), Faceless related to PF & ESI late deposited after due date but before due date of ITR

Draft Written Submission before CIT(A), Faceless related to PF & ESI late deposited after due date but before due date of ITR Appeal filed against the order of rectification u/s 154 made by Assistant Director of Income Tax, CPC dated XX.XX.20XX [Jurisdictional ITO: Ward No. X (X), XXXX] Most respectfully submitted before the Hon’ble...

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Posted Under: Income Tax |

Income Tax Calculator: How Is Income Tax Calculated?

The income tax calculator considers factors like your income, age, housing loan payments, expenses, and investments to indicate the total tax payable on your income under the new or old Indian tax regime. The online tax calculator is free, easy to use, and generates error-free results quickly....

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Posted Under: Income Tax |

Income Tax Search and Seizure: Irregularity versus an illegal Income Tax Search- Analysis

Introduction: Section 132 of the Income Tax Act’ 1961 prescribes that the competent authorities are empowered to permit the authorized officers to enter, search, break open, seize, place marks of identification and take other steps as contemplated under sub-clauses (i) to (v). However, such powers can be exercised against a person upon ...

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Posted Under: Income Tax |

Turnover below Rs. 10 Crore – Tax Audit Applicability

Clarification on Tax Audit requirement for the persons whose turnover does not exceed 10 Crore Section 44AB Every person carrying on business, whose turnover does not exceed Rs. 10 Crore, is not required to get their books of accounts audited subject to following conditions: a. Aggregate of all amount received including amount received fo...

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Posted Under: Income Tax |

Analysis of Income Tax Due date & UDIN Upload time extension

Analysis of last dates of filling in lieu of extensions granted by I-Tax authorities & UDIN uploading by ICAI without any extension by MCA. 1. CBDT in lieu of non-proper working of I-Tax portal granted extension in filling of Income Tax Returns vide circular no 17/2021 dated 9th Sept 2021. Please note this is the […]...

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Posted Under: Income Tax |

Deciphering the scope of ‘goods’ – A labyrinthine task!

The scope and ambit of ‘goods’ has always been a contentious issue from a taxation perspective. Tax policies in India have witnessed an evolution of diverse taxes levied on the acts of production, manufacture, sale, lease and transfer of ‘goods’. Thus, situations where one has had to contend with the question of whether an article...

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Posted Under: Income Tax |

Income Tax Rate Applicable on Domestic Companies

Rates of Income Tax for Financial year (FY) 2020-21 i.e., Assessment Year (AY) 2021-22 and FY 2021-22 (AY 2022-23) applicable on Domestic Companies Introduction This article explains Tax Rates, Surcharge, Health & Education Cess, MAT applicable to domestic companies under different sections of Income Tax Act, 1961 for income liable t...

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Posted Under: Income Tax |

All about dividend income, payment and compliances

Dividend income, payment and reporting has undergone major changes during the last and current financial year with increased taxation in the hands of the recipients and increased reporting requirements. These days investment in shares and securities has become a favourite of most people and as a result many people have dividend income. Al...

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Posted Under: Income Tax |

Section 14A disallowance- South Indian Bank Ltd Vs. CIT (Supreme Court)

The issue before the Hon’ble Supreme Court (SC) was whether section 14A of the Income-tax Act, 1961 (the Act) enables the Department to make disallowance on expenditure incurred for earning tax-free income, where the assessee does not maintain separate accounts for the investments and other expenditure incurred for earning the tax-free ...

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Posted Under: Income Tax |

Summary on Taxation of Dividends (Part – I)

BEFORE AY 2021-22 ♦ Dividend is taxable in the hands of distributor (i.e. Assessee distributing dividend) @ 15% + Surcharge applicable + Education Cess @ 4% in form of CDT/DDT ♦ Assessee receiving dividend gets Exemption up to Rs. 10 Lakhs of dividend income, above Rs.10 lakhs, taxable @ 10% on excess amount FROM AY […]...

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Posted Under: Income Tax |