Income Tax Articles

Calculation Of Capital Gain In Special Cases

Ritik Chopra 01 September 2021 at 09:53

Discussing Calculation Of Capital Gain In Special Cases like Amount received from Insurer, Deemed Transfer, and Transfer of Capital Assets by a person to firm, AOP or body of individuals, etc.

Interplay of Sec 44AA, 44AB and 44AD of the Income Tax Act, 1961

CA.R.S.KALRA 30 August 2021 at 17:21

There are various monetary limits u/s Sec 44AA, 44AB and Sec 44AD relating to maintenance of books of accounts and audit. These provisions have created ambiguity among taxpayers and professionals.

Income Tax (CBDT) Due Date Further Extended on 29th August 2021

CS Lalit Rajput 30 August 2021 at 09:36

CBDT, in exercise of its power u/s 119 of the Income-tax Act, 1961 has issued a circular w.r.t. Extension of timelines for electronic filing of various Forms under the Income-tax Act, 1961.

Income Tax Updates: Extension of timelines dated 29th August 2021

CS Tanveer Singh Saluja 30 August 2021 at 09:31

CBDT has announced an extension in the electronic filing of various forms under the Income Tax Act on 29th August 2021. Same has been discussed in a tabular format in this article.

Section 194Q and 206C(1H) - Lets resolve the confusion

Shivani Dundlodia 26 August 2021 at 09:50

Primarily both the sections seem similar. However, whenever Section 194Q becomes applicable, Section 206C(1H) will not be applicable. Section 194Q is a priority section over Section 206C(1H).

Common Mistakes while Filing an ITR

Neethi V. Kannanth 26 August 2021 at 09:39

Owing to various complexities, people tend to make many mistakes while filing their Income Tax Return which can be easily avoided if proceeded with more caution.

Section 44AD: Computation of Income on presumptive Basis

Ritik Chopra 26 August 2021 at 09:39

Under Section 44AD, small taxpayers with less than 2 crores of turnover are not required to maintain books of accounts and their profits are presumed to be 8% of their turnover.

Special benefits on contribution by corporates under NPS

CA. Heet Shah 26 August 2021 at 09:38

National Pension Scheme is a scheme introduced to cultivate a habit to save money for pension. It is available to any person between the age group of 18-65 years.

TDS on purchase of Goods - 194Q

Shivani Dundlodia 25 August 2021 at 09:26

Under Section 194Q the buyer deducts an amount equal to 0.1% of such sum exceeding Rs 50 lakhs in case the supplier of goods provides the buyer with its valid PAN details.

Section 234D - Levy of Interest when Excess Refund is Returned to the Government

Neethi V. Kannanth 24 August 2021 at 12:31

The taxpayer is liable to pay simple interest @0.5% on the amount so refunded for every month or part of a month comprised in the period from the date of grant of refund to the date of regular assessment.