Income Tax Articles

Small delay in depositing PF & ESI would lead to irreparable income tax loss decides Supreme Court

CA Ankit Gulgulia (Jain) 20 October 2022 at 08:53

Most of us are under an impression that depositing Provident Fund and ESI although is a regular monthly exercise but a small delay cannot impact any Income Tax Perspective since we can claim deduction of such PF and ESI Contribution if it is deposited before the Due date of Filing Income Tax Return under Income Tax Act, 1961.

FAQs related to filing of Form 27C

Shree 06 October 2022 at 09:27

FAQs related to filing of Form 27C is now available on Income Tax Portal

Statutory Tax Compliance Tracker - October, 2022

CS Lalit Rajput 03 October 2022 at 07:28

Tax Compliance Tracker for the month of October, 2022

All about Foreign Bank and Financial Accounts Regulations (FBAR)

Taxblock 03 October 2022 at 07:28

The Foreign Bank and Financial Accounts Regulations (FBAR) form came into existence as part of the Bank Secrecy Act of 1970 (BSA) with the aim to prevent taxpayers from avoiding paying taxes by hiding assets overseas

Whether payment by a resident to non-resident for imported software is payment of 'royalty' requiring to deduct tax u/s 195 or a transaction of purchase of goods?

Adv. Ravish Bhatt, ADIT, CIOT 02 October 2022 at 18:22

S.9(1)(vi)(b) of the Income Tax Act, 1961 ("The Act") provides that income by way of royalty payable by a resident except where the royalty is payable in respect of any right, property or information used or services

Understanding Important Tax Audit Reporting Clauses with Funny QAs

Mayank Mohanka 02 October 2022 at 18:12

In this article, I am presenting some hilarious Tax Audit QAs/visualisations conceived and visualised by me, which will help You in understanding all important reporting clauses in the Form 3CD Annexure in the Tax Audit Report (TAR), in a funny yet purposeful and useful manner.

Due Date Compliance Calendar for the month of October 2022

Neethi V. Kannanth 01 October 2022 at 13:12

Compliance Calendar for the month of October 2022

What is NRE and NRO Account?

Taxblock 01 October 2022 at 08:49

A Non-Resident External (NRE) Account is a bank account that an NRI can open in an Indian scheduled bank to deposit their foreign earnings in India. These accounts can be savings accounts, current accounts, recurring deposits, and fixed deposit accounts

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.