Income Tax Articles

Income Tax Updates: Transfer of capital assets from Air India Limited to Air India Assets Holding Limited

CS Tanveer Singh Saluja 11 September 2021 at 22:58

CBDT has issued certain notifications to provide for the transfer of capital assets from Air India Limited to Air India Assets Holding Limited and to clarify certain things under the Income Tax Act, 1961.

What is not included in the definition of Capital Asset?

Ritik Chopra 11 September 2021 at 09:35

While computing income under the head income from capital gains, the most important thing to understand is the definition of a capital asset. However, let us discuss certain assets which are not considered capital assets.

PFRDA has amended NPS investment rules through circular dtd. 26th Aug 21

FCS Deepak Pratap Singh 11 September 2021 at 09:34

Now the subscribers of NPS can remain in this investment medium after the age of 60 years or after their superannuation. Also, people above the age of 65 who want to open a new account in NPS can also do so.

Presumptive taxation scheme for professionals - Section 44ADA of the IT Act 1961

FCS Deepak Pratap Singh 11 September 2021 at 09:34

A person adopting the presumptive taxation scheme can declare income at a prescribed rate and, in turn, is relieved from the tedious job of maintenance of books of accounts and also from getting the accounts audited.

TDS on withdrawal from EPF - Section 192A

FCS Deepak Pratap Singh 10 September 2021 at 09:38

Tax is to be deducted by the Trustee of EPF Scheme,1952 or any other person authorized to make payment of the accumulated sum to the employees.

Detailed Discussion on Advance Tax

Varsha Nayyar 10 September 2021 at 09:38

Advance Tax is applicable to every taxpayer except to a senior citizen who is of more than 60 years of age, an individual resident of India, and who does not hold any income under the head Business or Profession.

Liability Of Individual / HUF To Deduct Tax At Source - Section 194M

FCS Deepak Pratap Singh 10 September 2021 at 09:38

An individual or HUF paying commission, brokerage, contractual fees or professional fees is required to deduct tax at source from the amount paid or to be paid.

ITR and Audit Reports Due Date Further Extended on 9th September by CBDT

CS Lalit Rajput 09 September 2021 at 21:18

CBDT has considered representation w.r.t. difficulties reported by the taxpayers and other stakeholders in the filing of ITR and various reports of audit for the AY 2021-22 under the Income-tax Act, 1961.

Invocation of Section 68 if Assessee Is Opting For Presumptive Taxation

CA.R.S.KALRA 09 September 2021 at 14:36

Since section 44AD does not obligate the assessee to maintain books, provisions of section 68 cannot be invoked where the assessee has filed an ITR under section 44AD without maintaining books of accounts.

What is Foreign Account Tax Compliance Act and CRS

Taxblock 09 September 2021 at 09:37

The foreign account compliance tax account is the tax mechanism that compels U.S. citizens at home or abroad to disclose all their foreign account holdings while filing their annual reports.