Income Tax Articles

A Reference Guide to Section 194Q of Income Tax Act, 1961

Nithin Chettoor 02 August 2021 at 19:07

Since the introduction of section 194Q has created a lot of confusion and query among taxpayers and tax consultants including professionals, let's understand the section through an FAQ model.

Section 36: Other Deductions Under The Income Tax Act

Ritik Chopra 02 August 2021 at 18:53

While computing the income of a business or profession, other expenses in the nature of Insurance Premium, Health Insurance Premium, Bonus, Interest on Borrowed Capital and 9 others are admissible for deduction.

Form 15CA & CB | CA Certificate | Foreign Remittance

Manoj Singh 31 July 2021 at 09:42

If any payment is made by any person to an NRI then form No. 15CA 15CB is to be furnished. Earlier only income chargeable to income tax in India had to be reported but now all payments are covered.

Do You Receive Gifts From Clients As A Result Of Good Work?

Hardik Lashkari 31 July 2021 at 09:42

The value of any benefit or perquisite, whether convertible into money or not, arising from business or the exercise of a profession shall be chargeable to income-tax under the head "Profits & gains of business or profession."

Surprise Extensions under the Income Tax Act

CA Satish Badve 30 July 2021 at 13:25

Most of the extensions are granted 3 days, 2 days,1 day before the scheduled date. There are more surprises sometimes when extensions come before 8 hours, 5 hours, 2 hours on the last date.

Re-Registration u/s 12AB for Trust/Institution

Kush Shah 28 July 2021 at 09:36

All the existing trusts and institutions registered u/s 12AA shall re-register themselves u/s 12AB w.e.f. 01.04.2021. Registration granted u/s 12AB shall remain valid for 5 years.

New Income Tax Portal - Kabhi Khushi Kabhi Gham

CA Umesh Sharma 28 July 2021 at 09:36

After the launch of the new portal, due to technical glitches, the functioning of the portal was affected. Various problems are being faced by the taxpayers, professionals, and other stakeholders.

Income Tax Return by Legal Representative

CA Satish Badve 27 July 2021 at 14:08

The legal representative can file the return for one AY only after the death of the person. They can register themselves on the Income Tax Site on behalf of the dead person and file the ITR.

Interest levy under three sections 234A, 234B and 234C

MOHAN ARYA 27 July 2021 at 12:30

In case a taxpayer does not file their ITR by the due date specified by the department, they will be required to pay interest on the outstanding tax, under sections 234A, 234B and 234C of the Income Tax Act 1961.

Tax Implications on Reconstitution/Dissolution of a firm and Transfer of Assets to partners

CA Sufiyan Ganodwala 27 July 2021 at 09:39

Finance Act 2021 has made amendments to the provisions of the Income Tax Act, pertaining to the tax liability arising on the distribution of assets by the firm to its partners on its reconstitution or dissolution.