Income Tax Articles

Arjuna (Fictional Character): Krishna, The due date of Income Tax Audit is 30th September, 2019 and all the taxpayers are busy finalizing their Income Tax Report. So, what the taxpayer should do in order to avoid scrutiny risk? Krishna(Fictional Character): Arjuna, The taxpayer should take due ca..

Posted in Income Tax |   192 Views

If a Non Resident Indian (NRI) and A Citizen of Indian Origin (CIO) sells their property located in India after retaining it at least for three years, then they has to pay long-term capital gain tax at 22.88%* U/s 195 of Income Tax Act 1961 on the capital gain or in simple term on profit made on the..

Posted in Income Tax  1 comments |   292 Views

FAQ's on ITR Filing

  Guest    12 September 2019 at 11:32

Queries related to ITR Filing Deduction(s) u/c VI-A is not allowing? Answer: Deduction u/c VI-A is not allowing may be because there is no Income being offered in the Return. Please fill some Income and then proceed to fill deduction(s) u/c VI-A, the same shall be allowed up to the maximum eli..

Posted in Income Tax  1 comments |   2739 Views

Indian authorities have introduced unilateral, bilateral and multilateral APAs with effect from 1 July 2012. There are no monetary or other conditions prescribed under the Indian APA rules for a taxpayer to be eligible for applying for an APA. However, the APA mechanism is not available for specifie..

Posted in Income Tax |   1634 Views

Many Individual investors have started investing in the equity and derivative market due to lot of exciting opportunities that the share market offers. However, most are unaware of taxability of such transactions made by them. Here are tax implications of share transactions based on var..

Posted in Income Tax  9 comments |   2666 Views

Why You Should File Income Tax Returns

  Varsha Chopra    06 September 2019 at 10:23

A lot of individuals seem to think that filing tax returns is voluntary and therefore dismiss it as unnecessary and burdensome. As we will see, this is not a very healthy perspective on tax-filing. Filing tax returns is an annual activity seen as a moral and social duty of every responsible citiz..

Posted in Income Tax  8 comments |   8306 Views

It is a very common mistake at the time of submitting the TDS return that the PAN of the applicant entered wrongly, now this will make your TDS return defective and the applicant has to revise the same. TDS department will send the notice if they found PAN was wrong in the submitted return or the la..

Posted in Income Tax  8 comments |   7392 Views

Since initiation, a lot of amendments are included in income tax laws to make rigid the architecture of our tax regime. Presented in the month of July, Income tax changes in 'Budget 2019' will be effective from 1 September. To put a check on the liquidity in the market, the rule is initiated..

Posted in Income Tax |   2737 Views

The maiden budget for the year 2019 was presented in the parliament by the new finance minister Nirmala Sitaraman on 05-07-2019 and the same has been settled now. So whatever changes are there the same need to follow for the entire year and later on until there is a change. For the event manageme..

Posted in Income Tax  2 comments |   1768 Views

Taxation of hypothetical Income

  Dilip K Raina    02 September 2019 at 10:59

Meaning of Income as per Black's Law Dictionary:  The return in money from one’s business, labour, or capital invested; gains, profit, or private revenue..”Income” means that which comes in or is received from any business or investment of capital, without reference t..

Posted in Income Tax  1 comments |   3133 Views

Popular Articles

CCI Articles

submit article

Stay updated with latest Articles!

CA Learning