What is Financial Year & Assessment Year?
Financial Year is different from the Assessment Year. Financial Year is the year in which income earned and Assessment Year is the year in which income is assessed and taxed.
Financial Year is different from the Assessment Year. Financial Year is the year in which income earned and Assessment Year is the year in which income is assessed and taxed.
The ITC on bank charges can be claimed only if it is in furtherance of business. However, there are certain conditions which needs to be fulfilled for availing input tax …
Deduction of TDS on interests other than those on securities, such as interest on fixed deposits, interest on loans, and advances from sources other than banks, is covered by Section …
The Union Budget, 2020 amended Section 194N related to TDS on cash withdrawal from savings/current bank account. As per this amended Section, if an assessee has not filed Income Tax Return (ITR) for the last three financial years, then cash withdrawal from his/her savings or current bank account will attract TDS if the total amount withdrawn in a financial year exceeds Rs 20 lakh / Rs. 1 crore
The due dates for filing of audit report and Income Tax Return for certain category of taxpayers has been extended by CBDT for FY 2020-2021. The same was announced by …
ITR Filing & Income Tax Audit due dates extended (FY 2020-21) Read More »
Oh no! You missed the deadline of filing Income Tax Return by 31st December, 2021 and now you are worried as to what to do next? Don’t worry, even if …
Can I file Income Tax Return after 31st December 2021? Read More »
It is a settled law that the tax is calculated on the income earned during a relevant financial year. If the assessee has received any portion of salary ‘in arrears …
Cases in which Tax relief can be obtained under Section 89(1) Read More »
In the last year’s Union Budget of 2020, the Finance Minister Smt. Nirmala Sitharaman had capped the tax exemption on employers contribution to Provident Fund, National Pension Scheme and superannuation …