Liability of Official Assignee

Liability of Official Assignee Circular of the Central Board of Direct Taxes (CBDT), dated the 28th of January, 2019, has provided clarifications on the status and liability of Official Assignee under the Income Tax Act. This article covers this recent…

TRACES Portal

TRACES Portal The website of TRACES (TDS Reconciliation Analysis and Correction Enabling System) has been set up by the TDS Centralized Processing Cell of the Income-tax Department to facilitate the reconciliation and correction of TDS. It connects all the stakeholders…

Income Tax Scrutiny

Income Tax Scrutiny The English language describes scrutiny as a process of critical observation or examination. In income-tax, scrutiny refers to the act of summoning taxpayers concerning the returns filed during an assessment year. This provision is enacted if the…

Income Tax Jurisdiction

Income Tax Jurisdiction When a taxpayer is filing income tax return online, he/ she has to be aware of the Income Tax ward or the Income Tax circle. The same information is required for applying a new PAN. Being aware…

Income Tax For Architects

Income Tax For Architects Architects are subjected to pay taxes to the government pertaining to the income they receive from their profession. They earn their income through a variety of means and each way has a different method of taxation.…

Income Tax eFiling Registration

Income Tax eFiling Registration E-Filing or Electronic Filing is the process of submitting income tax returns online with ease. This skips the tedious way of going to the Income Tax Department Office to file returns physically. The main advantage of…

Income Tax on Mutual Funds

Income Tax on Mutual Funds The primary objective of mutual funds is to facilitate easy access to bonds and stocks for the common man with the added incentive of buying and selling it on any day. To go with this,…

Income Tax for Freelancers

Income Tax for Freelancers Freelancing has emerged over the past few years as a significant source of income for many across India. The significant advantage that the freelance sector has is the benefit of earning regardless of an individual's age.…

Form 12BA

Form 12BA Form 12BA is an income-tax statement form which depicts the particulars of prerequisites, other fringe benefits, amenities, and profits in lieu of salary. It particularly highlights the value of such payments and the taxable amount indebted by the…

Expenditure Tax

Expenditure Tax Expenditure tax was enacted by the Indian parliament to facilitate the levy of tax on expenditure incurred in certain hotels, restaurants, and for matters connected therewith. The provision concerning this tax form is governed by the Expenditure Tax…