Income Tax Articles

All You Wish to Know about New TDS Sections 194R, 194S & Much More

Mayank Mohanka 26 February 2022 at 08:51

The Finance Bill 2022 has proposed two completely new TDS sections, 194R and 194S, in the Income Tax Act, to be made effective from 1.7.2022.

Investment Options for Saving Tax

Neethi V. Kannanth 25 February 2022 at 16:55

As we are marching towards the end of the F.Y. 2021-22, it’s time to make a few last-minute investments to save taxes. Here are some of the options available to you as mentioned in this article.

How Will Russia's Invasion of Ukraine Affect Taxes & Trade in India?

Mayank Mohanka 25 February 2022 at 08:58

As I am penning down this piece, the market capitalisation worth Rs. 13.4 lakhs crores have already been eroded with BSE index plunging by 2700 points and NSE index tanking by 815 points, on account of Russia’s launching of a special military operation cum all-out invasion by land, air and sea of Ukraine on 24.2.2022.

Updated Return- Advantages and Disadvantages

CA Umesh Sharma 25 February 2022 at 08:58

Government is trying to provide an opportunity to taxpayers to disclose their income which was previously omitted to be disclosed, and on the other hand will also generate additional revenue for the government. It will facilitate ease of compliance to the taxpayer in a litigation free environment.

Unsuccessful Appeal Submissions Turned into Explanatory Memorandum to Finance Bill!!

Mayank Mohanka 24 February 2022 at 09:05

Let us analyse some of these budget amendments proposed in the Finance Bill, 2022, aimed at overturning the well-known and established judgements

Calculation of taxable and non-taxable interests under EPF/GPF accounts

FCS Deepak Pratap Singh 24 February 2022 at 09:05

The Government has changed the rules for calculation of interest on EPF/GPF/RPF Accounts and has set threshold limit for contribution in EPF Rs. 2.50 Lakhs and GPF Rs. 5.00 Lakhs on which interest received will not be taxable.

TDS on purchase of goods

CA AJIT YADKIKAR 21 February 2022 at 08:40

The Finance Act 2021 has inserted a new section 194Q to provide for TDS by person responsible for paying any sum to any resident for purchase of goods of the value in excess of 50 Lakhs.

Best Judgment Assessment and Income Escaping Assessment

Neethi V. Kannanth 18 February 2022 at 08:56

Best Judgment Assessment under section 144

Sec 35DD: Amalgamation/Demerger expenses will be allowed to resulting company

FCS Deepak Pratap Singh 17 February 2022 at 08:37

The ruling of Delhi High Court will be much-needed support to the corporate world. This will help smooth restructuring of companies and claiming of restructuring expenses

Self Assessment and Enquiry Before Assessment under Income Tax

Neethi V. Kannanth 16 February 2022 at 15:12

The assessee is required to assess his income and determine if any tax is payable on the basis of return required to be furnished under section 115WD, 115WH, 139 142, 148, 153A or 158BC