Income Tax Articles

Donation to PM cares fund 100% deduction under Section 80G

Aishna Kukreja 07 April 2020 at 13:45

Donation to PM CARES Fund is eligible for 100% deduction under 80G of the Income Tax Act, 1961. The donation to PM CARES Fund is also an eligible CSR Activity.

Section 115BAC- Is the new Income Tax Regime beneficial?

Mayank Mohanka 07 April 2020 at 10:36

The new income tax regime u/s 115BAC has come into effect from financial year 2020-21. It is optional to opt for the New Tax Regime. Here is a break-even analysis od the New Income Tax regime.

Advance Ruling under the Income Tax Act

CA Udit Gupta 07 April 2020 at 10:36

The Advance Ruling Mechanism was incorporated under Income Tax Act on the recommendations of Wanchoo Committee.

CBDT Extension of validity of lower/nil TDS: A sigh of relief

Arpit Suri 06 April 2020 at 12:20

The CBDT on 31st March 2020 provided relief to many taxpayers and extended the validity of lower/nil TDS/TCS.

Income Tax Provisions related to loan from relatives, friends

CA AYUSH AGRAWAL (SHARP & ASS) 06 April 2020 at 12:19

Transaction of unsecured/secured loan from non-government & banking companies are generally traced & monitored by income tax departments. so it is important to know what are the sections that affect your daily transactions and how these transactions are dealt with in Assessment proceedings.

GAAR: General anti-avoidance rules

FCS Deepak Pratap Singh 06 April 2020 at 12:17

We know that tax is a compulsory contribution to state revenue, levied by government on worker's income and business profit, or added to the cost of some goods, services and transactions.

COVID-19: Know how to do tax planning

CMA SIVAKUMAR A,ACMA. 03 April 2020 at 10:20

Know how to plan your taxes for Assessment Year 2020-21 and 2021-2022 in the time of COVID-19. After various relaxations given by the Income Tax Department, know what you need to do to plan your taxes.

Section 115BAA and 115BAB : New tax rate for domestic and manufacturing companies

PIYUSH AGARWAL 03 April 2020 at 10:16

Section 115BAA and section 115BAB of the Income Tax Act, 1961 give the benefit of the reduced corporate tax rate to the domestic and manufacturing companies.

Analysis of the Direct tax Vivad se Vishwas act, 2020

CA. Atul Khurana 02 April 2020 at 10:14

Vivad se Vishwas Scheme was announced in Budget 2020. The Scheme aims at speedy and hassle-free recovery of these outstanding Income Tax dues. This scheme has come into the force from 17th March, 2020 and the last date to avail this scheme without interest is 30th June, 2020.

Key amendments in TDS & TCS provisions

CA ANILKUMAR B.COM FCA DISA 01 April 2020 at 10:53

TDS and TCS are one of the modes of recovery of income tax in the previous year itself. Amendments were introduced in TDS and TCS provisions in Budget 2020. Know hey amendments in TDS and TCS provisions.