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Articles Category : Income Tax
Section 206AB of the income tax act which will be effective from 01.07.2021
Posted Date : 12-Jun-2021 , 08:37:35 am | Posted By Shilpa Sardana

A new section 206AB in the income tax Act has been introduced which will be effective from 01.07.2021 - as a special provision providing for higher rate of TDS for the non filers of income tax return. This section impose a higher rate of TDS if the transactions are done with the non filers of income...

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Category : Income Tax | Comments : 0 | Hits : 498

Important Income Tax Provisions applicable to Co-Operative Societies.
Posted Date : 23-Mar-2021 , 05:59:11 pm | Posted By CA M.RAGHAVENDRA PRASAD

The Income Tax Provisions, as applicable to Co-Operative Societies  are lucidly mentioned herein below : 1. Section 40A particularly Sub- Section (3): If any payment , whether Capital Expense or Revenue Expense , exceeding Rs 10,000:/is made on one day to one person , then in computing Busines...

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Category : Income Tax | Comments : 0 | Hits : 2380

DOWNSIDE OF BELATED RETURN
Posted Date : 15-Mar-2021 , 02:16:37 pm | Posted By RAMAN KUMAR

As per rules notified under section 234F of the Income Tax Act which came into effect from 1 April 2017, filing your ITR after the due date, can make you liable to pay a maximum penalty of Rs 10,000.  ** However a relief to small taxpayers, the Income Tax Department has stated that if your&nbs...

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Category : Income Tax | Comments : 0 | Hits : 2744

Difference between Statutory provisions applicable to Companies under Existing Payment of Gratuity Act 1972 (Amended) & The Social Security Code 2020
Posted Date : 24-Feb-2021 , 10:26:47 pm | Posted By TIKARAM CHAUDHARY

This article is an attempt to elaborate the difference between Statutory provisions applicable to Companies under Existing Payment of Gratuity Act 1972 (Amended) & The Social Security Code 2020 effective from 01.04.2021. Background Gratuity being an important retirement benefit to employees in...

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Category : Income Tax | Comments : 0 | Hits : 2905

कैटल्स की बिक्री, टैक्सेबल taxfree?
Posted Date : 18-Jan-2021 , 02:57:09 pm | Posted By RAGHUVEER SINGH POONIA

कैटल्स की बिक्री, टैक्सेबल taxfree? pets की बिक्री से होने वाली आय टैक्सेबल या taxfree? छायादार पेड़ों की बिक्री टैक्सेबल या taxfree? ...

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Residential status of taxpayers in India
Posted Date : 21-Dec-2020 , 05:37:45 pm | Posted By RAGHUVEER SINGH POONIA

Some smart taxpayers, along with some smart tax consultants, had developed a system that they would not pay tax in any country of the world. In the finance act 2020,  for such taxpayers, the Government of India has tried to bring such taxpayers into the tax net by introducing a new concept &quo...

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Category : Income Tax | Comments : 0 | Hits : 2494

TAX COLLECTION AT SOURCE [SEC. 206C (1H) OF INCOME TAX ACT, 1961]
Posted Date : 04-Oct-2020 , 11:56:59 am | Posted By Santhosh Gupta Kethepalli

Tax Collection at Source [Sec. 206C (1H) of Income Tax Act, 1961] Introduction:- Section 206C of the Income Tax Act provides for the collection of Tax at Source In order to widen and deepen the tax, a new sub-section (1H) is inserted with effect from 1st October, 2020. Who is Liable to...

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Category : Income Tax | Comments : 0 | Hits : 2845

Measures taken to discourage Cash Transactions and to promote Digital Economy by CBDT
Posted Date : 25-Sep-2020 , 12:33:12 pm | Posted By Santhosh Gupta Kethepalli

Measures taken to discourage Cash Transactions and to promote Digital Economy by CBDT Introduction:- Sections 269SS and 269T which deals with cash payment and repayment of loans and deposits. Both the sections were introduced to curb the black money. Tax evasion is one of the serious proble...

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When Income of a Previous Year assessed in Previous Year Itself
Posted Date : 16-Sep-2020 , 12:55:58 pm | Posted By Santhosh Gupta Kethepalli

Cases where Income of a Previous Year will be assessed in the Previous Year itself under Income Tax. General Rule:- Income of a previous year is assessed in the assessment year following the previous year. Exception to this rule:- Cases where income of a previous year is assessed i...

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Category : Income Tax | Comments : 0 | Hits : 2963

Why Qualified Actuary needed to compute Gratuity Liability of School / University
Posted Date : 11-Sep-2020 , 11:33:05 pm | Posted By TIKARAM CHAUDHARY

This article is in continuation with my earlier article “Payment of Gratuity Act is fully applicable to Teachers in Schools“. This article is attempt to give the briefing about “Need of Actuarial Services of A Qualified Actuary for computation of Gratuity Liability for Ac...

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Payment of Gratuity Act is fully applicable to Teachers in Schools
Posted Date : 11-Sep-2020 , 11:20:51 pm | Posted By TIKARAM CHAUDHARY

This article is prepared to create awareness amongst CA’s, Accounting/Finance Personnel & Management of Schools about Supreme Court Judgment dated 07.03.2019 about Eligibility of Teachers in Schools for Gratuity Benefits under the ‘Payment of Gratuity Ac...

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Formation of An Approved & Registered Gratuity Trust
Posted Date : 11-Sep-2020 , 11:06:48 pm | Posted By TIKARAM CHAUDHARY

indian and Multinational Companies form Gratuity Trust in terms of Part C of Fourth Schedule of IT Act, 1961 for getting tax benefits available under Section 36 (1) (v) & Section 10 (25) (iv) of the Income Tax Act, 1961. These 2 Tax Benefits Are Not Available To Companies, If They Make The ...

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A General Discussion on Notice issued U/s 142
Posted Date : 06-Sep-2020 , 07:10:08 pm | Posted By Akash Dhanuka

Notice u/s 142(1) of the Income Tax Act, 1961   Rationale behind introduction of Section 142 in the Act: Assessee fails to file the ROI within due date u/s 139(1) is expose to risk of Best Judgment Assessment us 144 of the Act. It would be unfair for him if after the due date revenue ...

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Category : Income Tax | Comments : 0 | Hits : 1498

All you need to know about TCS on sale of Goods
Posted Date : 02-Sep-2020 , 12:32:48 pm | Posted By Ravi Ladia

TDS and TCS have been a reliable weapon for the Government over the years serving the varied objectives of preventing tax evasion, widening the tax base and ensuring steady revenue collection for the Government. Thus, over the years, the Government’s clear intention has been to bring as many t...

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Category : Income Tax | Comments : 0 | Hits : 1154

TRANSPARENT TAXATION: SEAMLESS AND FACELESS
Posted Date : 14-Aug-2020 , 06:22:04 pm | Posted By Supriya Dewan

TRANSPARENT TAXATION: SEAMLESS AND FACELESS     With an aim to bring greater transparency, easing tax compliances and benefiting the honest taxpayers the platform for faceless assessment, faceless appeal has been launched which would change the way taxes have been paid in India. The tax...

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Category : Income Tax | Comments : 0 | Hits : 469

DTVSV (Vivad se Vishwas Scheme 2020)
Posted Date : 11-Aug-2020 , 06:36:29 pm | Posted By GURMUKH KOTWANI

DTVSV Vivad se Vishwas Scheme 2020       Objectives of Vivad Se Vishwas Scheme 2020   Reduce income tax pending litigation Generate timely revenues for the Government Help taxpayers end their tax disputes with the department by paying disputed tax and get wa...

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Category : Income Tax | Comments : 0 | Hits : 572

Need Income Tax planning for school
Posted Date : 15-Jul-2020 , 11:19:32 am | Posted By Sandeeprawat

                                           Need  Income Tax planning for school Gove...

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Category : Income Tax | Comments : 0 | Hits : 391

FM announces Relief for Stranded NRIs due to COVID Lockdown
Posted Date : 10-Jul-2020 , 10:57:26 am | Posted By Ca For Nri

FM announces Relief for Stranded Non-Resident Indians and Foreign Nationals for NRI tax rules due to COVID Lockdown. On Friday, Indian Finance Ministry allowed discounting of prolonged stay period in India to determine residency status amid the lockdown. In a much anticipated and awaited relief for ...

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Category : Income Tax | Comments : 0 | Hits : 197

NRI: Planning to Come Back to India for Good? Check-Points Explained
Posted Date : 10-Jul-2020 , 10:55:32 am | Posted By Ca For Nri

An individual chooses to stay outside India and work day and night away from family and social circle for years and decades. The intentions are to have better living standards by earning more, looking at opportunities available vis-a-vis in his own home country. The apparent intentions of a person...

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TAX BENEFITS NOT TO BE MISSED BY SENIOR CITIZENS
Posted Date : 09-Jul-2020 , 02:48:44 pm | Posted By Supriya Dewan

TAX BENEFITS NOT TO BE MISSED BY SENIOR CITIZENS   Who is a senior and very senior Citizen under Income tax Act? Income tax Act 1961 categorizes senior citizens into senior and very senior citizens: SENIOR CITIZEN: Those who have attained the age of 60 years or above are senior citizens and ...

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Concept of Merchant Exporter
Posted Date : 07-Jul-2020 , 10:03:06 am | Posted By Ajay Kumar

                                                        Concept of Merchant Exporter    With recent changes of indirect tax, the Council noticed...

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Category : Income Tax | Comments : 0 | Hits : 365

Prohibited use or application of income or property OF Charitable trust
Posted Date : 27-Jun-2020 , 03:06:36 pm | Posted By Sandeeprawat

Prohibited use or application of income or property OF Charitable trust   when any part of the income or any property of the trust whenever created, is, during the previous year, used or applied directly, for the benefit of any person referred to in section 13(3), the denial of exemption ope...

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Category : Income Tax | Comments : 0 | Hits : 611

GEARING UP FOR ASSESSMENT YEAR 2020-21 & SUBSEQUENT ASSESSMENT YEARS
Posted Date : 22-Jun-2020 , 08:47:41 pm | Posted By Supriya Dewan

GEARING UP FOR ASSESSMENT YEAR 2020-21 & SUBSEQUENT ASSESSMENT YEARS   BACKGROUND: This article shall provide an insight into changes in Income tax forms, additional disclosures required by income tax department and main considerations while filing Income tax returns. It is advisable for ...

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Category : Income Tax | Comments : 0 | Hits : 832

HOW TO MAINTAIN FINANCIAL HEALTH DURING COVID-19
Posted Date : 25-May-2020 , 10:01:01 pm | Posted By Supriya Dewan

HOW TO MAINTAIN FINANCIAL HEALTH DURING COVID-19   BACKGOUND: The whole world economy is expecting an uncertainty and hardship because of the unprecedented COVID 19 pandemic. There has been a slump in stock markets, failures in reviving businesses, catastrophic impact on workings hours...

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Category : Income Tax | Comments : 0 | Hits : 1132

OPPORTUNITY IN CHAOS: THE ERA OF STARTUPS AND INNOVATION
Posted Date : 20-May-2020 , 09:50:49 pm | Posted By Supriya Dewan

OPPORTUNITY IN CHAOS: THE ERA OF STARTUPS AND INNOVATION BACKGROUND: The COVID 19 pandemic persists to be a health and human crisis, but the impact on business organisations is sagacious. Amidst this crisis, the major focus of Government is on promotion of start-ups as they are much more flexibl...

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Category : Income Tax | Comments : 0 | Hits : 1063

Dividends - No longer Tax Exempt?
Posted Date : 09-May-2020 , 02:34:52 pm | Posted By CA (CS) Ujjwal Jindal

In India, there are numerous instruments available for an investor wherein he can park his fund and reap a bonus/reward. Depending on the type of instrument, this bonus/reward has been named differently. When the investment instrument is debt, the bonus/reward is termed as interest and when it is eq...

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Category : Income Tax | Comments : 0 | Hits : 943

Recovery of Outstanding Tax Demand- Resources with the assesse
Posted Date : 05-May-2020 , 11:57:10 am | Posted By CA MUKESH KABRA

RECOVERY OF OUTSTANDING TAX DEMAND Month of February is the Valentine month and everyone in this world must grapple with their respective valentine. Taxman will also be busy with their valentine i.e. Recovery of the tax arrears whereas tax practisoners will also be busy with their valentine i.e. P...

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Category : Income Tax | Comments : 0 | Hits : 1020

Decoding of section 115BAB
Posted Date : 05-May-2020 , 11:54:55 am | Posted By CA MUKESH KABRA

DECODING OF SECTION 115BAB It is said that a person feels joyous and happy when something unexpected positively happened in one’s life but on other hand unexpected kindness showered on them by almighty God also frightened one’s inner soul simultaneously from an unexpected fear that what ...

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Category : Income Tax | Comments : 0 | Hits : 695

Agriculture Income Under Income Tax
Posted Date : 05-May-2020 , 11:49:41 am | Posted By CA MUKESH KABRA

Agriculture Income under Income Tax Income Tax have various contentious issues despite being one of the oldest Law of the Land. On these issues assesse and revenue used to loggerhead each other on various form of Authorities. Taxation of AGRICULTURAL INOCME is also one of such contentious issue. On...

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Category : Income Tax | Comments : 0 | Hits : 1007

ANALYSIS OF THE DIRECT TAX VIVAD SE VISHWAS ACT, 2020
Posted Date : 01-Apr-2020 , 02:38:17 pm | Posted By ATUL KHURANA

Dear Readers, You might have heard/read about the Vivad Se Vishwas Scheme in the Budget 2020 which is intended to reduce or simplify the litigations under which an assessee is not required to pay heavy penalties and interests in case of any pending dispute with the department. Only pending tax amou...

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Category : Income Tax | Comments : 0 | Hits : 1104

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