# incometaxact
12 posts in `incometaxact` tag
Income Tax Reassessment Under Section 148A: Updated Schedules and Processes
The Finance Act, 2021, has introduced significant changes to the income tax reassessment provisions under Section 148A of the Income-tax Act, 1961. This blog post explains the new timelines and procedures for income tax reassessment, including the show-cause notice, taxpayer's response, and AO's decision.
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By Krishna
Understanding the Section 143(2) Notice Time Limit: An Overview for Taxpayers
The time limit for issue of notice under Section 143(2) of the Income-tax Act, 1961, is six months from the end of the financial year in which the return of income is filed. This time limit can be extended by the Commissioner of Income-tax or the Chief Commissioner of Income-tax, as the case may be, for a period not exceeding six months. Taxpayers must comply with the notice issued by the AO within the prescribed period to avoid adverse consequences.
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By Krishna
CBDT's Relaxation of TDS/TCS Provisions
The Central Board of Direct Taxes (CBDT) has introduced a relaxation in Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) provisions for cases where the deductee or collectee has passed away before linking their Permanent Account Number (PAN) with Aadhaar. This relaxation provides relief to family members and heirs of deceased taxpayers who may be facing difficulties in obtaining the refund of excess TDS or TCS deducted or collected. In this blog, we will delve into the details of this relaxation and its implications on taxpayers.
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By Krishna
TDS on Salary: An Extensive Guide on Income Tax Act Section 192
This article provides a comprehensive guide to TDS on salary and Section 192 of the Income Tax Act. It explains how TDS is calculated, deducted, and deposited with the government, and highlights the responsibilities of employers and employees. The article also covers tax exemption and deduction limits, making it a valuable resource for anyone looking to understand TDS on salary.
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By Krishna
Understanding Section 156 of the Income Tax Act
Receiving an income tax notice can be a daunting experience, especially if you're unsure of what it entails. Section 156 of the Income Tax Act is a crucial provision that deals with outstanding tax demands. This blog post provides a comprehensive guide to understanding income tax notices under Section 156, including what it means, how to respond, and the consequences of delay.
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By Krishna
Unlocking Section 80EEA's Benefits: A Comprehensive Guide to Affordable Housing
This blog offers a thorough explanation of Section 80EEA, an Indian tax deduction for first-time homebuyers. It describes the advantages, requirements for eligibility, and steps involved in claiming an interest deduction on home loans of up to Rs. 1.5 lakhs. The blog attempts to make affordable housing a reality and assist first-time homebuyers in understanding the provision.
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By Krishna
Section 135A of the Income Tax Act
This blog offers a thorough explanation of Section 135A of the Income Tax Act, which mandates that certain taxpayers include extra information about transactions with individuals outside of India in their tax audit report. The blog discusses Section 135A's requirements, such as who must comply, what information must be supplied, and the consequences of not complying. For taxpayers, chartered accountants, and tax professionals who need to know how Section 135A will affect their tax compliance responsibilities, it is a must-read.
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By Krishna
Unlocking Section 10(13A) Benefits: An All-Inclusive Guide to House Rent Allowance (HRA)
This blog post provides a detailed guide to Section 10(13A) of the Income Tax Act, which allows salaried individuals to claim exemption on House Rent Allowance (HRA) received from their employers. The post covers the eligibility criteria, calculation, and documents required to avail this tax benefit, making it a valuable resource for individuals looking to optimize their tax planning.
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By Krishna
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Sikkim's Tax Exemption History
This blog post delves into the history and implications of Sikkim's unique tax exemption, granted under Section 10(26AAA) of the Income Tax Act. It explains how residents of Sikkim are exempt from income tax and the conditions that apply, providing a comprehensive guide to this special provision.
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By Krishna
Explaining Income Tax Notice Section 143(2): A Detailed Guide to Section 143(3) Scrutiny
This blog post provides an in-depth explanation of the income tax notice under Section 143(2) and the scrutiny process under Section 143(3). It covers the types of notices, consequences of ignoring, and time limits for issuing notices and final assessment orders, helping taxpayers navigate the complexities of the income tax laws.
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By Krishna
Section 148A(d) of the Income Tax Act: What You Need to Know
This comprehensive guide explains Section 148A(d) of the Income Tax Act, covering the procedure for issuing notice, conducting inquiries, and the implications for taxpayers. Get insights into the time limitation clause, approval of specified authority, and exceptions.
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By Krishna
Section 57 Deductions - Income Tax Act
A thorough explanation of Section 57 of the Income Tax Act, which permits deductions against income subject to the "Income from other sources" head, is given in this article. It describes the several types of deductions that are permitted under Section 57, including as interest or dividends on tradable financial assets, employee contributions to welfare programs, costs related to rental revenue, and more. The purpose of the essay is to assist taxpayers in comprehending the nuances of Section 57 and in making well-informed decisions regarding their tax compliance and planning.
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By Krishna