• Who can use ITR 1, ITR 2, ITR 3 and ITR 4 Sugam for A.Y. 2021-22

    The start of a tax year marks the beginning of many timelines with the filing of return of income occupying a prime spot. As much as tax return filing is the bounden duty of every taxpayer, it is also pertinent to use the correct Form so that the requisite disclosures are made and penal consequences not triggered. Selecting the appropriate Form is only the starting

  • Case Laws- PILCOM Vs Commissioner of Income Tax



    A.I.R. 2020 S.C. 204


  • Income Tax Return Processing- An Analysis

    Income tax return filing
    The taxpayers should file their income tax returns by the due date to avoid any late fees and the penalty. The ITR processing starts only with the filing of the return; it can be on time or after the due date. However, it is also advisable to file the

  • Taxation of Political Party and Electoral Trust

    Income Exempted from Income Tax of Political Party

    As per sec 13A of Income Tax Act following Incomes are Exempted from Income Tax upon satisfaction of Certain Conditions : -

    Income Chargeable under Heqd Income from House Property

    Income Chargeable under Head Income from Capital Gains

    Income Chargeable under Head Income from Other Sources including Donation Received.

    But any Income which is Chargeable

  • Article on Section 194A – TDS on Interest other than Interest on Securities

    What is Section 194A?
    This section is only applicable to a resident. Thus, the provisions of section 194A are not applicable in case of payment of interest to a non-resident.
    Payments made

  • Deemed Income Under Income Tax Act

    Deemed Income means Income which is actually not earned or received by Asseessee but Income Tax Act consider such as Income deemed to be received in India.


    Deemed Income on basis of Certain Past allowances of Deduction but Received Subsequently

    As per sec 59 of Income Tax Act where assessee had claimed any Deduction or allowance in any previous years but in current financial year Asseessee Received any amount of

  • Reasons for Mismatch of Income in Income Tax Return and Consequences of Such Mismatch

    Every Income Tax Return Filled by Asseessee will be Processed by Income Tax Department at Centralised Processing Centre (CPC) Bangalore without calling Asseessee.

    During Processing of Income Tax Return Income Tax Department will Compute Income of Asseessee after Making Certain Adjustments.

    Following Adjustments will be made in Income of Asseessee During Processing of Income Tax Return: -

    Any Arithmetic Error in Income

  • Steps on ITR -V – How to send, Open & Password

    In this Article we have dealth with Some of the FAQ related to ITR -V  i.e.

    1. What date should be provided in case ‘Ancestral Date’ is written on PAN Card ?

    2. Can I send the ITR-V to CPC by Registered Post? 

    3. What are other formalities to be done after I print ITR-V? 

    4. I have not received a copy of ITR-V in my mail id or the

  • Step By Step- How to file revised TDS return

    Procedure for Filing Revised TDS Return
    If you find any mistake in filling of the eTDS or want to make any modifications like changing the name, address, challan serial no., BSR code, challan tender date, etc, you can correct your form in simple steps. However, before going through the steps, there is something you should know:

    Update deductor details such as Name, Address of Deductor.

  • Frequently Asked Questions Reduction in the statutory rate of EPF contribution from 12% to 10%

    In order to increase the monthly take-home pay for employees, Finance Minister Nirmala Sitharaman announced a reduction in EPF Contribution from 12% to 10% for both, employers and employees.

    This measure came into place under the Atmanirbhar Bharat Package in order to provide relief to the employees.

    Q.1: What is the revised rate of EPF contribution announced by the Central Govt. under the Atmanirbhar Bharat