Income Tax Articles

Tax savings through HUF

Posted by FCS Deepak Pratap Singh 11 April 2022 6931 Views

HUF is a creation of law and cannot be created by the act of parties, except in the case of adoption by member of HUF.

Concept of "Safe Harbour Rules" under Income Tax Act 1961

Posted by FCS Deepak Pratap Singh 11 April 2022 3355 Views

Base erosion and profit shifting (BEPS) refers to corporate tax planning strategies used by multinationals to "shift" profits from higher-tax jurisdictions to lower-tax jurisdictions, thus "eroding" the "tax-base" of the higher-tax jurisdictions.

Box-Office Collections

Posted by CA Ranganatha Achar K 08 April 2022 6697 Views

As a Chartered Accountant and having my feet firmly on the ground about the costs I used to always feel that the producer of the movie tends to increase the Production cost and Revenue generated by the movie for an entirely different cause and could be a clear case of money laundering either single-handedly or with a group of Investors.

ITR Filing Online for FY 2021-22 (AY 2022-23)

Posted by Ishita Ramani 05 April 2022 27236 Views

Income Tax Department has notified 7 various forms up till now i.e. Form ITR 1 to ITR 7 for filing Income Tax Return for different types of income and different types of entities.

Maharashtra Settlement of arrears of Tax, Interest, Penalty, or Late Fees Scheme 2022

Posted by CA Umesh Sharma 04 April 2022 8342 Views

The Maharashtra Government has introduced the scheme in the L.A. BILL No. IX of 2022 to settle old disputes. Considering the same, the government has introduced disputes between the Maharashtra government and taxpayers.

CBDT's Clarification as Regards Application of MFN Clause for Lower Rate of Source Taxation

Posted by Adv. Ravish Bhatt, ADIT, CIOT 03 April 2022 5990 Views

The Central Board of Direct Taxes issued a clarificatory circular on 03.02.2022 pursuant to receipt of representations for clarity as regards application of MFN clauses available in the protocol to some of the DTAAs with OECD members.

Transfer of capital assets between holding and subsidiary company or vice-versa and its tax implications

Posted by FCS Deepak Pratap Singh 28 March 2022 7323 Views

As you are aware that the term "Business Restructuring" is composed of two words," Business" and "Restructuring". We know that the "Business", includes trade, commerce, manufacture, profession etc

Whether Notional Interest on Security Deposit paid by employer for accommodation of its employee will also be included while calculating perquisites

Posted by FCS Deepak Pratap Singh 23 March 2022 4098 Views

Perquisite value of a residential accommodation provided by the employer to its employee will be calculated on the basis of actual rent paid or payable and no notional interest on Security Deposit deposited by employer

Taxation of commission income of insurance agents

Posted by Pooja Prasad 22 March 2022 167318 Views

A lot of confusion arises when it comes to the income tax filing of insurance agents. An insurance agent, although having aggregate turnover below the audit limits, cannot file his Income Tax Return u/s 44AD, i.e., ITR-4. How does he file his ITR then!

Insertion of Section 79A - Plugging of lacuna by the Finance Bill 2022

Posted by CA.Mohit Gupta 21 March 2022 10693 Views

In the Union Budget 2022-23 through Finance Bill 2022, among other tax measures, the Hon'ble Finance Minister recommended "Insertion of New Section 79A: No set-off of losses consequent to search, requisition and survey".