Income Tax Articles

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.

Which ITR Should You File for FY 2020-21?

Neethi V. Kannanth 27 July 2021 at 09:08

The applicability of the ITR form depends on the sources of income, amount of income earned and the category of the taxpayer like individual, HUF, Company etc.

Taxability of Share premium under Section 56(2)(viib)

Gursimaran Singh Rakhroy 27 July 2021 at 09:07

Section 56(2)(viib) was introduced to deter the use of unaccounted money done through subscription of shares of a closely held company, at a value that is higher than the FMV of the shares of such a company.

Interest earned out of share application is adjustable towards share issue expenditure

Gursimaran Singh Rakhroy 27 July 2021 at 09:07

The issue with respect to the tax treatment of interest earned out of the share application money deposited with a bank due to a statutory requirement has been a matter of debate before the Courts.

Taxation of Cryptocurrencies

Gursimaran Singh Rakhroy 27 July 2021 at 09:07

The current dilemma faced by the government authorities is to come up with an efficient way of taxing cryptocurrencies, which in turn puts the crypto investor community in a jeopardy.

An Insight into Glitches in New Income Tax Portal 2.0 and Solutions

Vaibhav Singh 26 July 2021 at 09:32

Since its launch, the new e-filing portal has been prone to numerous glitches. Such glitches have restricted taxpayers from carrying out any tax-related work and any business transaction which is subject to tax.

Know 10 tax benefits for the amount spent or invested on Children

Tarun Kumar Madaan 26 July 2021 at 09:32

Parents don't think of tax benefits while spending money on their children, however, much of their spending on the children are also eligible for tax deductions.

Prevention Of Money Laundering Act, 2002 | A Brief Analysis

CA Ranganatha Achar K 24 July 2021 at 09:38

Money laundering, in the simplest of senses, is defined as a means or process by which proceeds from criminal activities are disguised in order to hide their illegal origin.

How to File an ITR for FY 2020-21 (AY 2021-22)?

Aishna Kukreja 22 July 2021 at 15:54

Filing of Income Tax Return is a way of declaring the amount of income earned and taxes paid thereupon to the Government. In this article, we will uncover two ways to file an ITR i.e. Online and Offline.

How to Respond to Assessment and Reassessment Notice under Section 148 of the Income Tax Act?

CA Sapna Ghelani 22 July 2021 at 14:16

The notice under section 148 could be issued within a period of 16 years from the end of relevant AY in case the income that has escaped assessment relates to assets located outside India.