Income Tax Articles

Relief Measures declared by CBIC and CBDT in Indirect Tax and Direct Tax

Aruhi 04 May 2021 at 09:48

Due to the COVID-19 pandemic situation in India, CBDT, as well as CBIC, have provided various relaxations in Direct Tax and Indirect Tax. Let us discuss the same.

Section 35D: Amortisation of Certain Preliminary Expenses

Ritik Chopra 04 May 2021 at 09:48

As per section 35D of the Income Tax Act, 1961, preliminary expenses incurred prior to the commencement of business, extending an existing business, setting up a new unit etc. are eligible to be amortized.

When You Go For Seeking Adjournment & End Up in Winning Your Case!!!

Mayank Mohanka 04 May 2021 at 09:48

The author has shared one of his cases that lead to an amendment in the Income-tax Act, allowing Power Sector Companies to compute their Book Profits for the purpose of MAT either on the basis of the Electricity Regulatory Act or the Companies Act.

Rationalisation of MAT Provision

Suyash Tripathi 04 May 2021 at 09:48

The Finance Bill, 2021 has proposed to amend section 115JB to provide that dividend income and expenses claimed in respect thereof be reduced or added back from the net profit if such income is taxed at lower than MAT rate due to DTAA.

Income Tax Implications on Loans to Employees

Ajay Kumar Maggidi 03 May 2021 at 09:57

Many organizations across the globe are offering loans to employees to support them in these difficult times. Here are the income tax implications for employees for the loans or advances offered by the employer.

Section 115BAD: Alternate Taxation Scheme for Co-Operative Societies

Ritik Chopra 01 May 2021 at 09:52

Section 115BAD provides the benefit of a lower tax rate to Resident Cooperative Societies. It allows them to pay tax at 22% and is applicable for any PY relevant to the AY beginning on or after 01.04.2021.

Who is required to file the Return of Income?

Sagar Devani 01 May 2021 at 09:52

As per Section 139(1) of the Income Tax Act, 1961, it is compulsory for companies and firms to file a return of income for every previous year on or before the due date in the prescribed form.

TDS under Section 206AB

Sashank Saxena 01 May 2021 at 09:52

Where tax is required to be deducted on any sum or income or amount paid under Chapter VIIB, TDS shall be deducted at higher of (i) at twice the rate in relevant provisions (ii) at twice the rate in force (iii) at 5%.

Practical difficulties of implementing 206C(1H) and 194Q

Shailesh Prajapati 01 May 2021 at 09:52

This article brings out the practical difficulties as well as a probable solution to the difficulties faced by Small and Medium Enterprise while implementing section 206C(1H) and 194Q.

Exemption Under Section 54G

Neethi V. Kannanth 30 April 2021 at 09:47

Section 54G provides for an exemption from capital gain arising on transfer of a capital asset, being plant or machinery or land or building or any rights in building or land used for the purpose of business in an industrial undertaking situated in an urban area.