Income Tax Articles

The objective of this document is to summarize all the updates of Income Tax (Notifications, Circulars, other amendments and updates) in one place. The same are being summarized below, along with our opinions on certain clarifications.

In this article I am proposing an Income Tax Strategy that I feel will ultimately lead to the overall development of the country and promote an inclusive growth.

In this article, what points should be taken care off, while finalizing the books of accounts of the private limited company is explained

The article throws light on the tax rate on new manufacturing companies in India

Income Tax Slabs & Rates : A.Y 2020-21 [F.Y. 2019-20]

There may be some hope for relief from the courts based on the 1955 circular of CBDT and the decision of the Supreme court in Goetze case but it appears to be very risky. Therefore the author would advise all the entities to file the return immediately before 31-10-2019 without going for risky adventurous legal battle.

As most of you are aware, from years this issue is bothering many vendors who are dealing with either the government or with governmental agencies. I researched..

Before going into the concept of notional loss arising out of Mark-to-Market on forward contract, let's brush up some important basic definitions relating to the above treatment.

With the introduction of sec 115BAA, domestic companies who are paying tax at the rate of 25% (or 30%) now have an option to pay tax at a lower rate through sec 115BAA. Any person who had opted for sec 115BAA being a domestic company will pay tax at the rate of 22% on its total income irrespective of its turnover during the previous year.

The listed companies would have to prepare the quarterly financial results for the quarter ended 30 September very soon, and hence the decision have to be taken by them as to the income tax rates they opt for.