Income Tax Articles

Section 94: Bond Washing Transactions

Ritik Chopra 08 May 2021 at 09:38

A bond washing transaction can be defined as a transaction where some securities are sold sometime before the due date of Interest and reacquired after the due date is over. In order to discourage such transactions Section 94 was introduced.

Residential Status of an individual with changes of Finance Bill, 2020 as per IT Act 1961

Vidushi Agrawal 08 May 2021 at 09:38

As per the Income Tax Act, a foreign citizen may end up being an Indian Resident & liable to pay tax for a particular year. So, it is important to know one's residential status.

Sec 35AD: Deduction in respect of capital expenditure incurred on setting up of a specified business

Ritik Chopra 07 May 2021 at 09:37

Deduction u/s 35AD is available towards any capital expenditure, wholly and exclusively, incurred for carrying on a specified business. This deduction has been applicable since AY 2010-11.

Section 40A(2)(b) of Income Tax Act, 1961

Sahil Dhingra 06 May 2021 at 19:11

Section 40A(2) of the Income Tax Act lays down provisions for the disallowance of certain payments to relatives. Let us discuss persons covered u/s 40A(2)(b).

Deductions under Chapter VIA

Suyash Tripathi 06 May 2021 at 09:38

There are a number of deductions available under various sections that will bring down your taxable income. In this article, we have discussed some deductions under chapter VIA that a taxpayer can claim.

Section 194Q: TDS on purchase of goods

ALEXANDAR GAZI 05 May 2021 at 09:52

The implication of section 194Q in the Income Tax Act, 1961 is one of the several desperate attempts of the Government to increase the flow of revenue into the exchequer.

Change name in Aadhaar Card

Bhavin Rafaliya 05 May 2021 at 09:51

In this article, we have given a complete step-wise tutorial on how one can correct their name in their Aadhaar Card, in person, via post or online.

Section 43B: Deduction of certain payments only if actually paid

Ritik Chopra 05 May 2021 at 09:48

In case a deduction has already been claimed on an accrual basis in any earlier previous year, it will not be allowed again in the year in which it is actually paid.

Section 194-O | An analysis

Sahil Dhingra 04 May 2021 at 11:42

According to Section 194O, an e-Commerce operator is required to deduct TDS for facilitating any sale of goods or providing services through an e-Commerce participant.

A Brief On Equalisation Levy

Sahil Dhingra 04 May 2021 at 09:49

India first introduced an equalisation levy in 2016, when it charged 6% of consideration for online advertisement services, earned by non-residents from an Indian resident carrying on a business.