Income Tax Articles

ITR Forms and Tax Audit New Report for FY 2020-21

CA Umesh Sharma 07 April 2021 at 14:35

Only minimum changes that are required due to amendment in the Income Tax Act have been incorporated in the ITR forms. Some of these changes have been listed in this article.

Capital Gain Exemption u/s 54EC

Neethi V. Kannanth 06 April 2021 at 12:39

Section 54EC of the Income Tax Act,1961, provides for exemption from Capital Gains arising on transfer of a long term capital asset, being a land or building or both.

Do payments made to NRI computer software manufacturers/suppliers constitute as royalty?

Atishay Jain 05 April 2021 at 13:32

The controversy surrounding the taxation of payments for computer software in international transactions has been a subject matter of extensive litigation for over two decades in India.

JSON Utility for ITR1 & ITR 4 for AY 2021-22 released by CBDT

CA Sapna Ghelani 05 April 2021 at 09:30

The Central Board of Direct Taxes (CBDT) has introduced a new utility named JSON Utility for ITR - 1 and ITR - 4 for Assessment Year 2021-22 and have discontinued the Excel and Java Version of these ITR Utilities.

Section 198 and 145 - Deduction and Taxability of TDS

CA. Mohit chaturvedi 05 April 2021 at 09:30

Entire income shall be offered as income for taxation in the year of actual receipt u/s 145 and section 198 shall be treated as a section inserting deeming fiction to avoid ambiguity in the law.

Deduction for setting up industries in backward states u/s 80IC

Ritik Chopra 03 April 2021 at 09:52

Deduction u/s 80IC of the Income Tax Act has been provided by the government to set up industries in specified backward states and to provide a push to the economy.

TDS/TCS Rates w.e.f. 1st April 2021

Desh Raj 02 April 2021 at 13:28

The updated rates for Tax Deducted at Source and Tax Collected at Source which will be applicable from 1st April 2021 have been listed in this article.

How can NRIs transfer funds Overseas from India?

CA. Aditya Goel 02 April 2021 at 09:54

The NRI has to fill up and submit Form 15CA (Online Application Form) and Form 15CB (Chartered Accountant Certificate) to the bank branch to transfer money from India to a foreign country.

Deduction under Section 80DD & 80DDB

Ritik Chopra 01 April 2021 at 09:57

Discussing Deduction in respect of maintenance including medical treatment of dependent that is a person with disability [Section 80DD] and Deduction in respect of medical treatment, etc. (Section 80DDB).

IT Department sends partly faulty communication specifying High Value Information

CMA Navneet Kr Jain 30 March 2021 at 15:05

The income Tax department sends communications specifying High Value Information and seeks further information however communications seem to be partially faulty.