Income Tax Articles

Amendment in Residential Status as per Finance Act, 2020

Neethi V. Kannanth 08 January 2022 at 16:02

Determination of Residential Status is the key to determine the tax liability. There has been an amendment to Section 6 of the Income Tax Act, 1960 which deals with Residential Status as per Finance Act,2020.

How can you File an ITR after the Due Date and What are its Consequences?

Neethi V. Kannanth 06 January 2022 at 15:24

Are you one of those who has missed filing the return of income before the deadline of 31 December, 2021 and wondering if you can still file the return? If so, push your worries aside, as you can still file the return of income.

Relief under double taxation avoidance agreement

FCS Deepak Pratap Singh 06 January 2022 at 08:43

The Income Tax Act, 1961 provides for taxation of a certain income earned in India by Mr. X a non-resident. The DTAA, which applied to Mr. X provides for taxation of such income in the country of his residence. Examine, is Mr. X is liable to pay tax on such income earned by him in India?.

Transfer of property for less than stamp duty value - Some implications

FCS Deepak Pratap Singh 05 January 2022 at 10:45

Sections Involved: 43CA, 50C & 56(2)(x) of Income Tax Act, 1961. Sale /Transfer of land or building on consideration less than Stamp Duty Value

Process of Formation & Registered Gratuity Trust

Rajesh Kumar 05 January 2022 at 08:39

Steps for Formation of Gratuity Trust

Genesis of Revision order of CIT U/s 264 of IT Act 1961

CA, CPA (USA) Shikhar Garg 05 January 2022 at 08:39

Section 264 of the Income Tax Act provides, Powers to the Commissioner of Income Tax (CIT) to exercise the order in favour of the assessee.

Supersession of Facelesss Appeal Scheme 2020

Aman Gupta 03 January 2022 at 17:04

CBDT vide Notification No. 139/2021/F. No. 370142/66/2021-TPL dated 28.12.2021 substituted the Faceless Appeal Scheme, 2020 ("old scheme") with Faceless Appeal Scheme, 2021 ("new scheme").

Statutory Tax Compliance Tracker for January, 2022

CS Lalit Rajput 31 December 2021 at 14:15

Statutory Tax Compliance Tracker for the month of January, 2022

Controversy in computing the period of limitation to frame search assessments

CA.Mohit Gupta 30 December 2021 at 09:03

The period of limitation for completion of assessment u/s 153A of the Income Tax Act'1961 for the searches conducted on or before 31st Day of March'2021 is governed by the provisions of Section 153B of the act. Even though Section 153A of the Income Tax Act'1961

Procedure of filing a delayed refund claim

FCS Deepak Pratap Singh 27 December 2021 at 08:43

In case of TDS/TCS for claiming refund you have to file your return of income within due date as prescribed under provisions of Section 139 of the IT Act, 1961...