November 2021

Towards the assessee, the Central Board of Direct Taxes (CBDT) simplified the method of authentication of the electronic records in proceedings of faceless tax assessment. The central government had revised the income tax rules 1962 to furnish the records submitted via the account of the assessee in the income tax departments portal should be considered to authenticate …

Income Tax New Rule for Faceless Tax Assessment Proceedings Read More »

Form 26AS has all the required details of tax deducted concerned with the taxpayer by the deductor i.e. bank, employer etc. Therefore all the deductions of TDS which are shown up in the Form 16A/Form 16 can be cross verified by the means of Form 26AS. It is to be noted that the amount of TDS should …

Procedure to Download Form 26AS from ITR Filing Portal V2.0 Read More »

The income tax provision is applicable to all the individuals who have been eligible to the income tax bracket as decided by the government of India. The income tax slab starts from INR 5 lakh for individuals having income on a yearly basis. There are also certain provisions and deductions which can be done to …

Zero Tax on Salary Income INR 20+ Lakhs? Legal Way Here… Read More »

Income Tax Advantage Upon HRA for WFH Towards the salaried individuals, the tax exemption upon the house rent allowance (HRA) is an essential advantage. HRA has arrived through the portion of the salary and can be claimed through the employees residing on rent. But in the Financial year 2020-21, there are multiple salaried persons, specifically …

How to Claim Tax Exemption on HRA When You Work from Home? Read More »

In case you own multiple houses, then the ‘self-occupied property’ is accorded two to properties as chosen by yourself. Other than this property/ properties are handled as ‘deemed to be let-out’ for the intention of taxation. A self-occupied property is termed as the property which is tenanted throughout the year by the taxpayers for his …

Tips to File ITR If You Have Multiple Properties with Deductions Read More »

Taxpayers must have to submit their certain Income tax Returns under the specified time span to escape fines. However, there are majorly two documents that one should require for filing their annual returns namely form 16 and form 26AS. These two documents are equivalent and should match in all ways to ensure that your Income …

ITR Filing: Solution for TDS Mismatch Between Form 26AS & 16 Read More »

Following the ‘Gujarat model’ of the income tax investigation, the Central Board of Direct Taxes (CBDT), Delhi, has passed the guidelines for all the director generals of the income tax investigation department, telling them to follow a standard operating procedure (SOP) that indulge particular methods which being from the devising stage of research and capture …

CBDT New 20 Guidelines of SOPs for All Directors of Investigation Department Read More »

CBDT has revealed that the time period for processing the returns including the refund claims beyond the mentioned time limit for cases which does not come under scrutiny from 30, 2021, to November 30, 2021. “Central Board of Direct Taxes (Board) vide its order under section 119 of the Income-tax Act, 1961 (Act) dated 05.07.2021 on the …

CBDT Gives New Deadline for Processing ITR with Refund U/S 119 Read More »

The Board has informed the Income Tax (31st Amendment) Rules, 2021 that urged to change the income tax rules 1962 through latest ITR 11UE and 11UF towards the provision concerning to ‘Indirect transfer prior to 28/05/2012 of assets located in India’ as well as Form 1 or 2 or 3. The Central Board of Direct …

CBDT New I-T Rules 11UE and 11UF for Indirect Transfer Provisions Read More »

Education has the capacity to rectify the life of the people with quality. Some advantages are also given to the assessee by the government for the education prospectus. In this discussion, there is an explanation about the advantages of education furnished by the income tax laws in India. Full-time Education in India Deduction Under Section 80C One …

Tax Benefits on Interest Paid & Full Time Education U/S 80C Read More »