Income Tax Articles

Analysis of the Taxation Laws (Amendment) Bill, 2021

CA Ekta Thacker 18 August 2021 at 09:14

The Bill proposes to provide that no tax demand shall be raised in future on the basis of the retrospective amendment for any indirect transfer of Indian assets if the transaction was undertaken before 28.05.2012.

Section 44AA: Maintenance of accounts by certain persons carrying on profession or business

Ritik Chopra 16 August 2021 at 09:13

Maintenance of books of accounts is one of the most important tasks for any business or profession. Discussing the provisions u/s 44AA of the Income Tax Act, 1961 related to maintenance of accounts.

Top 5 Cash Transactions that can Attract IT Notice

CS Lalit Rajput 16 August 2021 at 09:13

Discussing the top 5 cash transactions that can attract IT notice with regard to savings/current account, credit card bill payment, bank FD, mutual fund/stock market/bond/debenture and real estate.

Section 194N: TDS on Cash Withdrawal from Banks/Post Offices (Updated for FY 2021-22)

CA.R.S.KALRA 15 August 2021 at 16:32

Section 194N is applicable in case of cash withdrawals of more than Rs 1 crore during the FY. This section will apply to all sums of money or an aggregate of sums withdrawn from a particular payer in the FY.

Section 41: Deemed Profits

Ritik Chopra 14 August 2021 at 09:09

Any loss of a business incurred during the year in which it ceased to exist and which could not be set off against any other income of that previous year shall be set off against deemed incomes.

TDS on E-commerce Operator (including Practical Case Studies)

CA.R.S.KALRA 12 August 2021 at 09:47

Any person, being an e-commerce operator facilitating the sale of goods or services of an e-commerce participant through its digital or electronic facility or platform is responsible to deduct TDS u/s 194O.

Section 35ABB: Expenditure for Obtaining a License to Operate Telecommunication Services

Ritik Chopra 12 August 2021 at 09:19

In case any capital expenditure is incurred for acquiring a license to operate telecommunication services and payment has been made, a deduction of an amount equal to the appropriate fraction shall be allowed.

CBDT inserts two new rules after Rule 21AH and two new forms after Form No.10IF

CS Tanveer Singh Saluja 11 August 2021 at 09:26

CBDT has notified a new set of rules to amend the existing Income-tax Rules, 1962. The aim of this amendment is to insert two new rules after Rule 21AH and two new forms after Form No.10IF.

Section 37: General Deductions under the Income Tax Act

Ritik Chopra 09 August 2021 at 13:31

Section 37(1) says that any expenditure, laid out or expended wholly and exclusively for the purpose of business or profession shall be allowed in computing the income chargeable under the head PGBP.

Is the Income Tax Portal levying late fees for filing ITR despite the due date extension?

CS Lalit Rajput 08 August 2021 at 10:33

Taxpayers are complaining that the income tax portal is levying a late filing fee. Tax filers are taking the social media route and requesting the department to remove the late-filing fee from the server.