Income Tax

The Income Tax Act of 1961 plays a crucial role in governing taxation in India. To ensure tax compliance and deter tax evasion, the Act includes a comprehensive set of penalties and prosecutions for various defaults and offenses. As taxpayers, it is essential to understand these penalties and their implications to maintain transparency and contribute …

Penalties under the Income Tax Act and Various Income Tax Offences Read More »

Form 26AS is an annual statement that includes all the details about the tax deducted at source (TDS), information regarding the tax collected by your collectors. The advance tax you have paid, self-assessment tax payments, information regarding the refund you have received over a financial year, regular assessment tax that you have deposited, and information regarding …

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 Being a taxpayer, you can file Income Tax Return (ITR), access previous year ITRs, e-verify ITR, know the current status of tax refund claim etc. online on the Income tax website? However, to perform these tasks, you first need to be registered on the IT department’s e-filing website. Details Required for Registration on Income Tax …

Registration as taxpayer Read More »

Generally, addition of jewellery found during the course of search has been a litigated issue in India from a very long time. The jewellery found during search generally presumed to belongs to searched assessee and his family. The Assessee is required to explain the source of Acquisition of Jewellery. The Jewellery which has been disclosed …

Jewellery seizure and addition under Income Tax: Validity and Limits Read More »

The Finance Act, 2021 has completely replaced the provisions of assessment and reassessment under Section 147 of the ITA. The Directorate of Income Tax (Systems) has issued e-Verification Instruction No. 2 (i) of 2024, guiding Assessing Officers (AOs) on initiating proceedings under section 147 of the Income Tax Act, 1961, specifically in e-Verification cases. This …

Income Tax Department issued Instructions to AOs for initiating proceedings u/s 147 Read More »

Non-residents without a Permanent Account Number (PAN) can now electronically file Form 10F that is required along with a tax residency certificate to avail of benefits of the tax treaty. The Central Board of Direct Taxes has enabled non-residents who do not have a PAN to e-file Form 10F on the income tax portal by …

Filing of Form 10F Read More »

Form 15G or EPF Form 15G is a document people submit to ensure no TDS is deducted on the interest you earn from your EPF, RD or FD. This form can be filled out by individuals below 60 years of age and Hindu Undivided Families (HUFs). For individuals aged 60 years and above have a different …

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Tax Deducted at Source was introduced with the purpose of collecting tax from the source of income. According to this concept, a person, known as a deductor, is liable to make a payment of specific nature to another person, known as a deductee. A person called a deductee shall then deduct tax at source and …

Late filing fees penalty for non payment of tds tcs Read More »

The Book Identification Number (BIN) quoting has been termed mandatory for government deductors, who are reporting TDS without payment through bank challans. The BIN is a unique verification key, that is disseminated by the Assessing Officer (AO) to the corresponding DDO should be correctly filled in the TDS/TCS statement, in accordance with the information which is …

Book Identification Number (BIN) Read More »