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How To Claim Section 80iac Exemption Under Income Tax Act

How To Claim Section 80iac Exemption Under Income Tax Act The Government through this initiative aims to empower Startups to grow through innovation and design. Tax exemption under Section 80IAC of the Income Tax Act is one of the benefits from the various benefits provided to startups under Startup India Scheme. In this article, we … Read more

know the last date for filing ITR & Tax Audit

LAST DATE FOR FILING ITR & TAX AUDIT   There are various kinds of audits being conducted under different laws such as company audit, statutory audit conducted under company law provisions, cost audit, stock audit etc. Similarly, income tax law also mandates an audit called ‘Tax Audit’. Section 44AB of the Income-tax Act, 1961 contains the provisions … Read more

Penalty Levied For Not Furnishing Return Of Income Under Income Tax Act,1961

Penalty Levied For Not Furnishing Return Of Income Under Income Tax Act,1961 Under the old provisions i.e. Section 271F of IT Act applicable for income tax returns filed up to Financial Year 2016-17, taxpayers who late file their income tax return could be subject to a penalty of Rs.5000. However, the penalty of Rs.5000 for late … Read more

Know if your Liable to pay Advance Tax

Know if you are liable to pay Advance Tax  Every individual has certain responsibilities under different laws and when it comes to the Income Tax Act. One of the primary responsibilities is to pay the required tax on the income earned during the year. There are various ways in which the tax will be paid … Read more

Detailed procedure to file ITR-2 (online)

STEPS TO FILE ITR-2 FOR THE A.Y 2020-2021 In the view of Difficulties faced by the taxpayers due to COVID-19 pandemic situation, the Government vides Income Tax notification dated 24 June 2020, has extended the deadline for filing return of income for A.Y. 2020-21 from the original due date of 31st July 2020  to 30th November 2020.   … Read more

Section 44ADA: Presumptive Taxation Scheme for Professionals

SECTION 44ADA- PRESUMPTIVE TAXATION SCHEME FOR PROFESSIONALS Section 44ADA was inserted after Section 44AD of Income Tax Act, 1961 with the effect from the financial year 2016-2017. This section provides special provisions for computing profits and gains of profession on a presumptive basis. The Presumptive Taxation Scheme is inserted to give relaxation to all small … Read more

NOTIFICATIONS AND CIRCULARS ISSUED BY CBDT

DIRECT TAXES UPDATES: One time relaxations for verification: In case of returns for the Assessment Years 2015-16, 2016-17, 2017-18, 2018-19 and 2019-20 which were uploaded electronically by the taxpayer within the time allowed under section 139 of the Income-tax Act, 1961 and which have remained incomplete due to non-submission of ITR-V Form for verification, CBDT … Read more

Pay Advance Tax to avoid penalty

PAY ADVANCE INCOME TAX TO AVOID PENALTY By Taxpayer discharging their Income Tax liability, the government believes that they can simultaneously earn and pay tax. This can be done by two modes i.e collection and deduction of tax at source in most cases like salary, interest, rental, brokerage, commission, and professional fees. Taxpayers who have not … Read more