Important for a customer to know whether there is any tax liability on the amount deposited in a bank and whether his account will be debited with a TDS amount for withdrawals from his bank account. Taxability Cash Deposits/Withdrawals – Specified Financial Transactions According to Income Tax Act, some of the transactions are treated as specified financial … Read more
Income Tax Department has issued a reminder to taxpayers about the imminent deadline for filing the Updated Income Tax Return (ITR) for the Assessment Year 2021-2022
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Income Tax Department has issued a reminder to taxpayers about the imminent deadline for filing the Updated Income Tax Return (ITR) for the Assessment Year 2021-2022. This revised return is applicable in cases where the taxpayer has not previously submitted an income tax return or if the initially filed return contains errors or omissions. The … Read more
Supreme Court Allows Retroactive Application of Section 153C TAXCONCEPT
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the recent Supreme Court decision regarding the applicability of the changes made in the Income Tax Act. Title: Supreme Court Ruling: Changes in Income Tax Act Applicable to Earlier Search Cases The Supreme Court of the country recently made a significant decision regarding the applicability of changes made in the Income Tax Act. The apex … Read more
TDS Meaning, Full Form, Calculation, and Filing Make TDS Payment Online TAXCONCEPT
TDS Meaning and TDS full form: TDS full form is Tax deducted at source and it is a tax collection process of the Government of India to collect tax at source of income only. Under this system, a specific percentage is deducted when the payer makes the payment. And then, this deducted amount is paid … Read more
Filing tax returns now easier but capital gains tax rules continue to be a pain point TAXCONCEPT
While the new tax regime introduced in 2020 remains the most discussed personal tax announcement, the focus on tech-enabled tax return-filing and faceless assessment initiatives have also made a significant impact. Income tax returns are being processed and refunds issued faster. Effective tax liability has gone down under both the regimes over the years. Thanks … Read more
Beneficial Income Tax Rate under Double Taxation Avoidance Agreement(DTAA) on Interest Payment to Lender under Income Tax Act, 1961 TAXCONCEPT
Introduction: In the intricate web of international trade and cross-border financial transactions, the specter of double taxation looms ominously. Double Taxation Avoidance Agreements (DTAA) emerge as the beacon illuminating the path for businesses and individuals navigating the complexities of global taxation. Enshrined within the framework of the Income Tax Act of 1961, these agreements serve … Read more
