Page 5 - Income Tax Law

Apply for re-computation of income under Rule 132 to avoid tax penalty

Those with income from business or profession, who have availed deduction on cess/surcharge, must do so by March 31

Section 54 benefits available on house built on contiguous plots: Experts

If adjacent apartments are purchased from a developer, make the modifications to convert them into one unit

Get a fix on key changes in the new Income Tax Return Forms for AY 2022-23

The forms are quite elaborate and seek a lot of information, so get the documentation and paperwork ready, and make complete disclosures while filing returns

I-T refunds worth Rs 1.83 trn issued to 20.7 mn taxpayers so far in FY22

This includes personal income tax refunds of Rs 65,498 crore to over 2.04 crore assessees and corporate tax refunds of Rs 1.17 lakh crore to 2.30 lakh entities

SC approves deduction of interest paid via debentures for tax calculation

In its order last week favouring MM Aqua Technologies, it held that explanation 3C to section 43B(d) of Income Tax Act is 'clarificatory' and does not add a new condition retrospectively

Tips on handling tax matters and digital assets of a deceased person

Legal heirs must file tax returns for income earned in the year the dead passed away

A quick and simple guide on tax compliance ahead of the March 31 deadline

Apart from tax planning, you need to make sure you've paid your advance tax correctly and linked your Aadhaar to your PAN

Over 47.3 million ITRs filed till December 30 for fiscal 2019-20

The government has extended the deadline for filing ITR till January 10 for individuals

Over 42.3 million ITRs for fiscal 2019-20 filed till December 27

Over 4.23 crore taxpayers have filed their Income Tax Returns for Assessment Year 2020-21 (fiscal year 2019-20) till December 27, the Income Tax department said on Monday. "More than 4.23 crore Income Tax Returns for AY 2020-21 have already been filed till 27th of December, 2020. Have you filed yours? If not filed as yet, don't wait. File your #ITR for AY 2020-21 TODAY!," the Income Tax department tweeted. This includes over 2.38 crore taxpayers filing ITR-1, over 92.26 lakh filing ITR-4, over 51.05 lakh ITR-3 and over 31.09 lakh filing ITR-2. The deadline to file Income Tax Returns (ITRs) by individual taxpayers for 2019-20 fiscal (Assessment Year 2020-21) ends on December 31, 2020, while the same for taxpayers whose accounts require to be audited is January 31, 2021. The due date was extended from July 31and October 31, 2020, respectively in view of the COVID-19 pandemic. At the close of the deadline for filing ITR without payment of late fees for fiscal 2018-19 (assessment year

LTC cash voucher scheme: If you spend less, tax benefit will be lower

Under cash scheme, now extended to private-sector employees, 3x the LTC fare has to be spent

Four key reasons why the AAR is losing its relevance in direct taxes

Set up in 1993 to provide clarity to MNCs about taxability of certain transactions, and later to domestic companies for deals above Rs 100 cr, it has become dysfunctional due to vacancies at the top

Govt looks to extend faceless assessment scheme to 8 more I-T proceedings

The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020, is introduced in the Lok Sabha on Friday

Decoding India's stand on digital tax

Traditional international tax law principles fail to account for the developments in technology that allow businesses to cater to market jurisdictions remotely

I-T tribunal stays tax demand against Tata Education and Development Trust

The Rs 100-crore tax demand on Tata Education and Development Trust was raised last year by the I-T department owing to cancellation of registration on past exempted income.

Old income tax regime or new? Work out the math before you make your choice

Compute your income-tax liability twice, under the old system and the new. Factor in likely events like job loss of pay cuts

Facing tax and divestment shortfall, govt puts faith in Vivaad se Vishwas

The scheme is the sixth tax amnesty launched by Modi-govt; none of its predecessors has yielded anything close to Rs 9 trillion, the amount the govt hopes to mop up this time

From arbitration to bounced cheques, here're the key court orders

SC has reiterated that once the issuance of a cheque and the signature on it have been admitted, there's always a presumption that it was issued to satisfy a legally enforceable debt or liability.

Track the number of days you spend in India to avoid the taxman's knock

Any discrepancy between what you report and the records of the government could land you in trouble

Firms opting for lower tax regime can't adjust accumulated credits on MAT

The ordinance to cut the corporation tax rate has said MAT provisions will not apply to a company which has exercised the option for a lower rate of tax

Passive funds can work if they simplify investing: Motilal Oswal AMC CEO

Once we see some recovery in real estate, this money will get released and move towards capital market products like mutual funds, says Aashish Somaiyaa