Income Tax Articles

Statutory Tax Compliance Tracker - October, 2022

Posted by CS Lalit Rajput 03 October 2022 7695 Views

Tax Compliance Tracker for the month of October, 2022

All about Foreign Bank and Financial Accounts Regulations (FBAR)

Posted by Taxblock 03 October 2022 2762 Views

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?

Posted by Adv. Ravish Bhatt, ADIT, CIOT 02 October 2022 4134 Views

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

Posted by Mayank Mohanka 02 October 2022 20013 Views

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

Posted by Neethi V. Kannanth 01 October 2022 17934 Views

Compliance Calendar for the month of October 2022

What is NRE and NRO Account?

Posted by Taxblock 01 October 2022 5571 Views

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?

Posted by Adv. Ravish Bhatt, ADIT, CIOT 29 September 2022 5138 Views

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

Posted by Taxblock 29 September 2022 3403 Views

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.