A farmer decided to sell his old farm and use the proceeds to buy new farmland because he needed to relocate his agricultural land for a specific reason. In this instance, the seller’s goal was to transfer to new land rather than to make money by selling the old land. It would be difficult for … Read more
With less than a month left for the 31st December deadline for filing Income Tax Return for FY 2020-21, it is wise to gear up and begin the return filing process now (if you have not already) to avoid last-minute hassles and panic situations. In order to simplify the process of return filing, income tax department has recently introduced … Read more
The budget 2020-21 had few announcements in the Income Tax Act that aimed towards curbing tax evasion, promoting transparency and simplifying the existing tax system. Among the many proposals, one of them was to replace Form 26AS with a new Annual Information Statement (AIS). At present, Form 26AS offers detailed information relating to the tax deducted at source, tax … Read more
With the roll out of Annual Information Statement (AIS), tax filing is set to become easier as now you will be able to view all your tax-related information at one single place. You can refer to this statement while filing your income tax returns. It will give you a comprehensive view of your incomes from … Read more
India’s appetite for technology is tremendously growing. The country has emerged as the second-fastest digitizing economy amongst 17 leading economies of the world. This rapid growth helps propel India to the forefront of digital and technological innovations. In the wake of streamlining tax compliances through digitization and offering easier access to information, the income tax … Read more