WHAT IS INCOME TAX

What is income tax? Income tax is a direct tax imposed on the income of individuals and other entities by the government. Indian residents are required to consider their income from India as well as overseas during tax filing; whereas, foreigners are taxed only on their income originating from India. Incomes of different nature and volumes of entities other than corporate bodies are stacked under different income heads and slab rates. INCOME: WHAT ARE THE SOURCES OF INCOME TAXED UNDER WHAT IS INCOME TAX? Apart from a few exemptions and deductions…

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Income-Tax Returns & Other Audit Reports for The Assessment Year 2021-22 Have Been Extended

Income Tax Audit Due Date Extension: Latest News Some people who have to file tax audit reports and income tax return filing for FY 2020-21 have had their deadlines pushed back by the Central Board of Direct Taxes. By a press release on January 11, 2022, the income tax department announced that this would be the case.Extension of Due Dates for TAR & It ReturnTypeCurrent Due DateExtended Due DateTax Audit Report15.01.202215.02.2022Transfer Pricing Report31.01.202215.02.2022Audited Case IT Return15.02.202215.03.2022Transfer Pricing Case IT Return28.02.202215.03.2022The Central Board of Direct Taxes (CBDT), while exercising its powers under Section…

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