ITR U under section 139(8A) of Income Tax Act,1961
Introduction: Income tax return filing is one such task in India which almost every tax payer knows about but at times forget to complete this compliance. Many times due to certain circumstances or due to negligence or just not getting enough...
Form 10 IEA
Introduction: Income tax department have made their intentions clear in Union Budget 2023 to make new tax regime as default regime to file Income Tax Returns of all kinds of taxpayers. Earlier old tax regime was the default regime to file income...
Form 12BB : Investment Declaration Form
Form 12BB : Investment Declaration Form What is Form 12 BB?Form 12 BB is an Investment Declaration form that every salaried individual employee needs to submit to their employer for the purpose of claiming deductions of tax and exemptions on their...
Taxation of Gifts upon marriage
https://www.youtube.com/watch?v=4mPNkXq4Ch8
Explanation of Press Release on Implementation of E-Verification Scheme-2021
In India, many people are not aware about their eligibility and liability to file the Income Tax Return and hence they end up either not filing the ITR or under reporting the income that is subject to be reported on the Income Tax portal. There are...
Deductions From Income From House Property
Introduction: Almost every individual dreams of having a house of his own. Many a times, an individual invests his entire life savings in buying a property on his name. This is sometimes done through utilising one’s long saved own funds or the...
TCS (Tax Collected at source)
TCS (Tax Collected at source) What is TCS:Income tax provisions in India are dedicated at providing ample revenue to government, which the government shall use to provide better standard of living to citizens of this nation. In order to help...
Mutual Fund Taxation
https://www.youtube.com/watch?v=lgOsPNY7Ew8
No TDS is applicable u/s 194H in B2B Transactions if assessee is not responsible for paying Income Tax or Filing Income Tax Returns: Supreme Court
Deduction of tax at source from income has been one of the most crucial part of compliance for every set of persons as prescribed by law. Provisions of Deduction of Tax at source are attracted upon fulfilment of certain conditions where one person...
Rebate under section 87A of Income Tax Act, 1961
Introduction: In India, tax planning has been one of the most worrisome factor for common individuals and corporates who are not well aware of the benefits available to them. However, government of India has given certain special benefits to...
Defective Income Tax Return and its reasons
Defective Income Tax Return:Filing of Income Tax Return every year is the compliance every person must undertake if he falls within the specified category of Income Tax. In India, every person who is liable to file Income Tax Return faces the...
LEI number in ITR
https://www.youtube.com/watch?v=okGKmv8bwNU