Income Tax Articles

Extension of IT Due Dates

CA Umesh Sharma 14 September 2021 at 09:32

Extension of Income Tax Due Dates

How Stubbornness of Shekhar Became A Life-Saviour For Vishal (And How It Teaches An Unforgettable Tax Lesson)

Hardik Lashkari 14 September 2021 at 09:32

Vishal was dejected. He was feeling disheartened as he was left with no choice. He had to do what his dad, Shekhar, asked him to do this morning.

Tax Exemptions Available For Startups In India

Taxblock 13 September 2021 at 09:30

In order to accelerate the spreading of the startup movement in India, the Government had announced an action plan known as the Startup India initiative that addresses all the aspects of startup ecosystems.

Invocation of Section 69C If Assessee Is Opting For Presumptive Taxation

CA.R.S.KALRA 11 September 2021 at 22:59

Provisions of section 69C are very clear that wherever the assessee fails to explain the source of certain expenditure incurred during the year, the same may be deemed to be the income of the assessee.

Income Tax Updates: Transfer of capital assets from Air India Limited to Air India Assets Holding Limited

CS Tanveer Singh Saluja 11 September 2021 at 22:58

CBDT has issued certain notifications to provide for the transfer of capital assets from Air India Limited to Air India Assets Holding Limited and to clarify certain things under the Income Tax Act, 1961.

What is not included in the definition of Capital Asset?

Ritik Chopra 11 September 2021 at 09:35

While computing income under the head income from capital gains, the most important thing to understand is the definition of a capital asset. However, let us discuss certain assets which are not considered capital assets.

PFRDA has amended NPS investment rules through circular dtd. 26th Aug 21

FCS Deepak Pratap Singh 11 September 2021 at 09:34

Now the subscribers of NPS can remain in this investment medium after the age of 60 years or after their superannuation. Also, people above the age of 65 who want to open a new account in NPS can also do so.

Presumptive taxation scheme for professionals - Section 44ADA of the IT Act 1961

FCS Deepak Pratap Singh 11 September 2021 at 09:34

A person adopting the presumptive taxation scheme can declare income at a prescribed rate and, in turn, is relieved from the tedious job of maintenance of books of accounts and also from getting the accounts audited.

TDS on withdrawal from EPF - Section 192A

FCS Deepak Pratap Singh 10 September 2021 at 09:38

Tax is to be deducted by the Trustee of EPF Scheme,1952 or any other person authorized to make payment of the accumulated sum to the employees.

Detailed Discussion on Advance Tax

Varsha Nayyar 10 September 2021 at 09:38

Advance Tax is applicable to every taxpayer except to a senior citizen who is of more than 60 years of age, an individual resident of India, and who does not hold any income under the head Business or Profession.