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Income Tax Appellate Hierarchy

Appellate Hierarchy:- 1. Appeal to CIT (A) An appeal to the Commissioner (Appeal) against any order which is appealable is to be presented within 30 days from the date specified. However the commissioner (Appeal) may admit an appeal even after the expiry of the said period of 30 days, if he is satisfied that the […]...

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Posted Under: Income Tax |

DSC Registration for Companies on new Income Tax Portal

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 [&h...

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Posted Under: Income Tax |

TAX Deducted on Source- Provisions for TDS on Purchase of Goods

TDS- Tax Deducted at Source, is deducted for the payment that exceeds a specified due limit. However, this was the case earlier. But now, from 1st July 2021, apart from the current scope of TDS deduction applicable on the notified nature of payment of expenses, businesses are required to deduct TDS on purchase of goods […]...

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Posted Under: Income Tax |

Section 149 of Income Tax Act 1961 as Modified by Finance Act 2021

Section 149 is modified by Finance Act 2021 and now any case can be reopened within three  years from the end of relevant assessment year as per clause (a) of Section 149(1)  if Assessing Officer has information which suggests that income chargeable to tax has escaped assessment as prescribed in Explanation 1 to Section 148 […]...

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Taxability of salary income & ITR Filing for Salaried Individuals

All about taxability of salary income and Income Tax Return (ITR) Filing for Salaried Individuals: What is Salary and its Components: The provisions pertaining to salary are contained in sections 15, 16 and 17 of the Income Tax Act, 1961. Salary income refers to the compensation received by an employee from a current or former […]...

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Capital Gain Tax on Shares and Mutual Funds

Categorization of Short term and Long Term Asset: Type Termed as Short–Term If Holding period is: Termed as Long-term if Holding period is : Equity funds (Note-1) Less than 12 months 12 months and more Debt funds (Note-2) If less than 36 months More than 36 months Hybrid equity-oriented funds If less than 12 months […]...

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Posted Under: Income Tax |

Stay to petitioner to not to deduct TDS u/s 194N till 30.09.2021

The Hon’ble Calcutta High Court in the matter Apeejay Tea Ltd. Anr. Vs Union of India & Ors. (Calcutta High Court) has given an interim order dated 08th July, 2021 regarding restraining the respondent’s authorities concerned from deducting tax on source on the basis of the aforesaid provisions of Section 194N till 30th September,...

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Posted Under: Income Tax |

Section 194LBB: Investment fund paying an income to a unit holder

Section 194LBB: Investment fund paying an income to a unit holder [other than income which is exempt under Section 10(23FBB)] When is the tax to be deducted under section 194LBB? The tax shall be deducted at the time of payment or credit whichever is earlier. Rate of TDS under section 194LBB (a) Where such income […]...

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Format of Declaration of filing of Income Tax Return for last two years

(To be given on letter head) Declaration in respect of filing of Income Tax Returns as required by Income Tax Act, 1961 as amended by Finance Act 2021 Date: To (NAME OF THE BUYER/ SERVICE PROVIDER AND ADDRESS) PAN No : XXXXXXXXXX(BUYER) ——————————- Sub :- Declaration in respect o...

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Tax Relief From Arrears – Filing of Form 10E In New Tax Portal

1. Further to my article How To File Form 10E in New Tax Portal – Arrears Under Sec 89 dated 21.06.2021, let’s try to understand the calculation of Relief and procedure to file FORM 10E with the help of practical Illustration Form 10 E is enabled on New Income Tax Portal. 2. ILLUSTRATION: Mr. Prasanna […]...

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Posted Under: Income Tax |