Income Tax

CBDT notified Income-tax Returns for AY 22-23 (ITR-1 to ITR-7). Circular 8: CBDT extended date for filing Form 10AB till 30th September, 2022. Aadhaar PAN linking date extended till 31st March 2023 subject to payment of fee for Rs. 500/- till 30th June 2022 and Rs. 1,000/- thereafter.

Fully Taxable allowances: Dearness Allowance: The allowance is paid to the employees to cope with inflation. Entertainment Allowance: This is an allowance that is provided to the employees to reimburse the expenses which are incurred on the hospitality. Overtime Allowance: Overtime allowance is the allowance which is paid to the employees for working above…

 Any person aggrieved by any order passed by the State Bench or Area Benches of the Appellate Tribunal may file an appeal to the High Court and the High Court may admit such appeal, if it is satisfied that the case involves a substantial question of law.

Tax deducted or collected at source shall be deposited to the credit of the Central Government by following modes: 1) Electronic mode: E-Payment is mandatory for a) All corporate assesses; and b) All assesses (other than company) to whom provisions of section 44AB of the Income Tax Act, 1961 are applicable. 2)…

Exemptions under Short Term Capital Gains Short term capital gain is the gain that you receive on a capital asset that was held by a person for not more than 36 months prior to the sale or transfer. The exemptions on tax are as follows: Short term capital gain arising on…

1. Dividends 2. Income by way of winnings from lotteries, crossword puzzles, races including horse races, card games, gambling or betting of any form or nature whatsoever 3. Any sum received by an employer from his employees as contribution towards PF/ESI/ Superannuation Fund etc., if same is not deposited in…

Long-Term Capital Gains (LTCG) If equity shares listed on a stock exchange are sold after 12 months of purchase, the seller may make a long-term capital gain (LTCG) or incur a long-term capital loss (LTCL).  Before the introduction of Budget 2018, the long-term capital gain made on the sale of…

Latest Update in Faceless Tax Assessment The Gujarat high court has cancelled an order related to faceless assessment. The reason is a violation of natural justice principles. “CBDT has issued the notification for a scheme called the Faceless Assessment (1st Amendment) Scheme, 2021.” “In exercise of the powers conferred by…

Incomes which are charged to tax under the head ‘Income from other sources’ ‘Income from other sources’ is the residual head of income. Hence, any income which is not specifically taxed under any other head of income will be taxed under this head. Further, there are certain incomes which are…

The Income/ Loss from House Property is computed in the following manner:- 1. Gross Annual Value (i.e. Actual Rent or Expected Rent, whichever is higher) xxx (Less) 2. Municipal and Other taxes paid to Local Authority (xxx) 3. Net Annual Value (1-2) xxx (Less) 4. Deductions allowed under Section 24…