Income Tax Articles

Introduction: The author in this article has analyzed the provisions of the various Acts with regard to the definition of a relative. A comparative analysis has been done among the definitions provided under: Companies Act, 2013 Income Tax Act, 1961 Accounting Standards Goods & Se..

Posted in Income Tax  9 comments |   2090 Views

Brief explanation on following proposed subject lines from Budget: i) Tax Rate ii) Electric vehicle [Section 80EEB] iii) Affordable Housing [Section 80-IBA & Section 80EEA] iv) Start-ups v) Tax deducted at source vi) Income Tax Return Tax Rate: 1. Threshold..

Posted in Income Tax |   2262 Views

The Indian government has taken various pro-active measures to empower the differently abled and their families. One of the benefits available to them is under Section 80U of the Income-tax Act with a view to reduce their taxable income. The criteria of disability for claiming the deduction of taxab..

Posted in Income Tax  5 comments |   2056 Views

Budget 2019 has proposed a new Section 194M, which requires an individual or an HUF , to deduct TDS @ 5%, where they make payment exceeding Rs. 50 Lac in a year to a contractor (referred to in Section 194 C) or to a professional (referred to in Section 194 J) The proposed Section 194M reads as un..

Posted in Income Tax  3 comments |   11459 Views

Differentiating between an employee, a contractor and a consultant may not be decisive for companies or start-ups, because all of them supply services (or goods in some cases). The Income Tax Act, however, recognises them separately and hence all of them get different tax treatment. Why is this c..

Posted in Income Tax |   862 Views

Sale of Goodwill and its taxability: Goodwill, the name in itself gives us an idea that it is a reputation that was built through business over a period of time. Goodwill includes trademarks, copyrights, licences, patents, brands, etc.  Why should goodwill be a topic of debate and why is it ..

Posted in Income Tax  5 comments |   1673 Views

We have previously blogged about why an LLP over a company may be a better option for start-ups considering compliances aspects. Let's look at some of the key tax elements that impact an LLP and why new-age start-up founders prefer an LLP over a company. Most start-up owners prefer limi..

Posted in Income Tax  1 comments |   1599 Views

Whether Late fee on TDS statement U/s 234E or interest U/s 201(1A) or late fee on income tax return U/s 234F or interest U/s 234A, B, C be levied by TDS-CPC, Ghaziabad/Income Tax CPC Bengaluru? Gazette notification issued by Govt. of India also doesn't allow TDS CPC-Ghaziabad to raise any dem..

Posted in Income Tax  3 comments |   2204 Views

Tax on Income from House property of Non-resident: It is very common for Indian's living abroad to own a house property in It is It is very common for Indian's living abroad to own a house property in India. This is because of the fact that House Property income generates a steady cash fl..

Posted in Income Tax  6 comments |   1991 Views

TDS under Sec 194-IA

  Suresh Thiyagarajan    02 July 2019 at 10:58

TDS u/s 194-IA relating to Transfer of Immovable Property(IP): The above section requires the transferee (person who purchases the IP) to deduct TDS @1% u/s 194-IA on the sale consideration payable by him to the transferor (person who sells the IP) if the value exceeds Rs. 50,00,000. However, th..

Posted in Income Tax  1 comments |   976 Views

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