Income Tax Articles

ITR Filing Online for FY 2021-22 (AY 2022-23)

Ishita Ramani 05 April 2022 at 16:36

Income Tax Department has notified 7 various forms up till now i.e. Form ITR 1 to ITR 7 for filing Income Tax Return for different types of income and different types of entities.

Maharashtra Settlement of arrears of Tax, Interest, Penalty, or Late Fees Scheme 2022

CA Umesh Sharma 04 April 2022 at 13:58

The Maharashtra Government has introduced the scheme in the L.A. BILL No. IX of 2022 to settle old disputes. Considering the same, the government has introduced disputes between the Maharashtra government and taxpayers.

CBDT's Clarification as Regards Application of MFN Clause for Lower Rate of Source Taxation

Adv. Ravish Bhatt, ADIT, CIOT 03 April 2022 at 10:19

The Central Board of Direct Taxes issued a clarificatory circular on 03.02.2022 pursuant to receipt of representations for clarity as regards application of MFN clauses available in the protocol to some of the DTAAs with OECD members.

Transfer of capital assets between holding and subsidiary company or vice-versa and its tax implications

FCS Deepak Pratap Singh 28 March 2022 at 08:37

As you are aware that the term "Business Restructuring" is composed of two words," Business" and "Restructuring". We know that the "Business", includes trade, commerce, manufacture, profession etc

Whether Notional Interest on Security Deposit paid by employer for accommodation of its employee will also be included while calculating perquisites

FCS Deepak Pratap Singh 23 March 2022 at 09:09

Perquisite value of a residential accommodation provided by the employer to its employee will be calculated on the basis of actual rent paid or payable and no notional interest on Security Deposit deposited by employer

Taxation of commission income of insurance agents

Pooja Prasad 22 March 2022 at 08:50

A lot of confusion arises when it comes to the income tax filing of insurance agents. An insurance agent, although having aggregate turnover below the audit limits, cannot file his Income Tax Return u/s 44AD, i.e., ITR-4. How does he file his ITR then!

Insertion of Section 79A - Plugging of lacuna by the Finance Bill 2022

CA.Mohit Gupta 21 March 2022 at 09:03

In the Union Budget 2022-23 through Finance Bill 2022, among other tax measures, the Hon'ble Finance Minister recommended "Insertion of New Section 79A: No set-off of losses consequent to search, requisition and survey".

Critical analysis of section 68 of Income Tax Act, 1961

CA. Pushp Kumar Sahu 19 March 2022 at 14:50

There was a great need and importance for introducing the provisions of section 68 under the income tax act, 1961 to safeguard and protect the interest of revenue, as assessee was engaged in harmful tax practices to evade tax in the form of Black Money, Accommodation Entries, Cash Credit Entries etc.

Analysis of word "Advancement of any other object of general public utility" under IT Act 1961

FCS Deepak Pratap Singh 19 March 2022 at 07:18

As you are aware subject to the provisions of Sections 60 to 63, the income of a religious or charitable trust or institution, to the extent specified in the Act, is exempt from tax when certain prescribed conditions are fulfilled

Capital gains cannot be considered while calculating book profit for Section 115JB

FCS Deepak Pratap Singh 18 March 2022 at 08:03

THE BOMBAY HIGH COURT HELD THAT- Capital Gain credited to Capital Reserve Account instead of Profit & Loss Account cannot be considered while computing Book Profit for the provision of Section 115JB (MAT).