Income Tax Archive

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Interest and Penalty on TDS

Section 201(1A) TDS Interest, Section 234E Late Filing Fee, and Section 271H TDS Penalty

If payment of TDS is not made in the specified time or/and return filing of TDS is not complete before the due date then the Income Tax act imposed interest and penalties for the default made by the deductor.
Difference Between Financial Year and Assessment Year

Know the difference between FY and AY under Income Tax Act

FY is the year in which you earn income and AY is the year in which you pay tax on earned income
Senior Citizen Exemption From Filing of Return

Section 194P provide relief to senior citizen from filing of Income Tax Return

New section 194P of the Income Tax Act will provide conditional relaxation for senior citizens who are aged 75 or above 75 years.
Section 206CCA of the Income Tax Act 1961

Section 206CCA: Higher Rate of TCS for non-filers of Income Tax Return

Section 206AB and Section 206CCA - Special provision of TDS and TCS for non-filers of Income Tax Return at Higher Rates.
Section 206AB of the Income Tax Act 1961

Section 206AB: Higher Rate of TDS for non-filers of Income Tax Return

Section 206AB and Section 206CCA - Special provision of TDS and TCS for non-filers of Income Tax Return at Higher Rates.
Section 194P of the Income Tax Act

Section 194P- No ITR Filing for Senior Citizen aged above 75 years

Section 194P Conditional Relaxation for senior citizens who are of the age of 75 year or above from filing return of income-tax under Union Finance Bill 2021/ Budget 2021.
income tax changes in budget 2021

Some Important Income Tax Changes in Budget 2021

FM Smt. Nirmala Sitharaman did not announce any changes in the Income Tax slab but have changed some rules to help ease of compliance for taxpayers.
Difference Between Gross Total Income and Total Income

Gross Total Income and Total Income under Income Tax Act

Gross Total Income is calculated by adding the income of all of the five heads and to arrive at the total income you must subtract from it the deduction under chapter VIA of the Income Tax Act 1961.