Income Tax Articles

New LRS Regulations Cause Concern for Wealthy Indians Parking Funds Abroad

Rashmi 28 April 2023 at 08:54

The Liberalised Remittance Scheme (LRS) regulation in India has been revised, making it difficult for wealthy Indians to accumulate wealth in offshore bank accounts. Under the new rule, if an individual has legitimate money outside India in the form of foreign exchange, they must either invest it or use it within 180 days of realisation.

Form 15G and Form 15H: Save TDS on Interest Income

Mitali 27 April 2023 at 16:55

Form 15G and Form 15H are self-declaration forms that can be submitted by individuals to their banks or financial institutions to request exemption from tax deduction at source (TDS) on interest income earned from fixed deposits, recurring deposits, and other investments.

SC Limits Tax Authorities' Power to Reopen Completed Assessments Without Incriminating Material

Rashmi 27 April 2023 at 08:50

The Supreme Court has ruled that the income tax (I-T) department cannot reopen completed assessments under Section 153A of the I-T Act, unless "incriminating material" is found during search and seizure operations.

Comparative Analysis of Registered Trust/Institution u/s 12AA/12AB

Geetanjali Pandey 26 April 2023 at 09:29

COMPARATIVE ANALYSIS OF SEC 12AA/12AB REGISTERED TRUST /INSTITUTION OR TRUST/INST/FUND REFERRED TO IN SUB CLAUSE (iv)(v)(vi)(via) of Sec 10(23C)

Mandatory Certificate from Income Tax Portal for Section 80G Tax Deduction

Rashmi 26 April 2023 at 08:47

When you donate money to a charity or NGO, you can get a tax deduction under Section 80G of the Income-tax Act, 1961. This means that you can reduce the amount of tax you have to pay based on the amount you donated.

Filing of Form No. 10 of Income Tax Act

Geetanjali Pandey 25 April 2023 at 17:46

This Article is related to one of the amendment made in Form No. 10 by Notification No. 96/2022 dated 17th August, 2022 which became applicable for all the Trust/Institution registered under sub clause (iv)(v)(vi)(via) of Section 10(23C) of the Act for F.Y. 2022-23 (A.Y. 2023-24).

Deductions in the new tax regime as per Union Budget 2023-24

Pranab Banerjee 25 April 2023 at 12:52

This article will help you understand some of the exemptions and deductions that are valid under the new tax regime.

Depreciation Rates as per Income Tax Act for FY 2023-24

Mitali 25 April 2023 at 11:57

Under the Income Tax Act, depreciation is allowed as a deductible expense for assets used in business or profession, subject to certain conditions and limitations. The amount of depreciation that can be claimed depends on the asset's useful life, which is determined by the Income Tax Rules.

Deductions available under Old vs. New regime of Income Tax

CA. Brijesh Baranwal 25 April 2023 at 08:51

This article covers the deductions available in Old Vs. New tax regime, in brief, should help in making the required choice. This is applicable from 01.04.2023 i.e. for FY 2023-2024 or say AY 2024-2025.

Why Indian Income Tax New Tax Regime is the Government's Favorite Child!

Abhishek Raja 24 April 2023 at 09:00

In this article, I will be discussing the new tax regime in India, comparing it with the old income tax regime, and explaining why the new regime is the government's favorite child.