Income Tax Articles

Is ITAT wrong in interpreting the provisions of Sec 115JB as regards MAT?

Adv. Ravish Bhatt, ADIT, CIOT 29 September 2022 at 09:33

MAT is payable at the rate of 15% of the book profits of the company, prepared as per Schedule III of the Companies Act, 2013.

How does work from home affects the NRI working from India

Taxblock 29 September 2022 at 09:04

Many non-resident Indians (NRIs) came to India just as COVID-19 had started to spread and were stuck in India for a longer period. The main concern after the pandemic was regarding the treatment of their tax liabilities. However, the government has come up with various rules about the residential status of these people.

Disclosure in Tax Audit Clause 44

CA Ramanujan Sharma 29 September 2022 at 09:04

In this article author has shared the matter for qualification regarding clause 44 of the Tax audit

FAQs for filing of Form 3CA-3CD/3CB-3CD

Shree 28 September 2022 at 14:06

CBDT issued FAQs for filing of Form 3CA-3CD/3CB-3CD

Benefits of Double Taxation Avoidance Agreement (DTAA)

Taxblock 28 September 2022 at 08:46

The DTAA (Double Taxation Avoidance Agreement) assists NRIs who work outside of India in avoiding paying double taxes on income earned in India and their residency country.

Revised guidelines for compounding of offences under IT Act 1961

FCS Deepak Pratap Singh 26 September 2022 at 10:04

As you are aware the Compounding of an offence is a process or mechanism in which a defaulter is reprieved of major legal consequences and imprisonment by paying specified sum. An offence can be compounded by Principal Chief Commissioner or Chief Commissioner of Director-General having jurisdiction where defaulter resides or running business or profession.

Tax on Virtual Digital Asset

CA Himanshu Gandotra 26 September 2022 at 08:42

Virtual Digital Assets or Crypto-currency or NFTs are the center of attraction in today’s finance world. One gets very eager to learn and trade in these avenues considering their nature of quick and big profits. As we all know, these assets have grown tremendously in value in the last decade.

Haven't received income tax refund yet? Here are ways to check status of refund

Poojitha Raam Vinay 23 September 2022 at 14:10

The processing of the return takes place only after e-verifying the Income Tax Return.

Circular 18/2022 issued by CBDT on Section 194R

Shikhar Khurana 19 September 2022 at 10:48

Vide the powers conferred under sub-section (2) of section 194R of the Income Tax Act, 1961 (‘Act’) the Central Board of Direct Taxes ('CBDT') has issued guidelines for removal of difficulties in implementation of this section. These guidelines are binding on the income tax authorities and on the person providing such benefit/ perquisite.