Income Tax Articles

Do You Receive Gifts From Clients As A Result Of Good Work?

Hardik Lashkari 31 July 2021 at 09:42

The value of any benefit or perquisite, whether convertible into money or not, arising from business or the exercise of a profession shall be chargeable to income-tax under the head "Profits & gains of business or profession."

Surprise Extensions under the Income Tax Act

CA Satish Badve 30 July 2021 at 13:25

Most of the extensions are granted 3 days, 2 days,1 day before the scheduled date. There are more surprises sometimes when extensions come before 8 hours, 5 hours, 2 hours on the last date.

Re-Registration u/s 12AB for Trust/Institution

Kush Shah 28 July 2021 at 09:36

All the existing trusts and institutions registered u/s 12AA shall re-register themselves u/s 12AB w.e.f. 01.04.2021. Registration granted u/s 12AB shall remain valid for 5 years.

New Income Tax Portal - Kabhi Khushi Kabhi Gham

CA Umesh Sharma 28 July 2021 at 09:36

After the launch of the new portal, due to technical glitches, the functioning of the portal was affected. Various problems are being faced by the taxpayers, professionals, and other stakeholders.

Income Tax Return by Legal Representative

CA Satish Badve 27 July 2021 at 14:08

The legal representative can file the return for one AY only after the death of the person. They can register themselves on the Income Tax Site on behalf of the dead person and file the ITR.

Interest levy under three sections 234A, 234B and 234C

MOHAN ARYA 27 July 2021 at 12:30

In case a taxpayer does not file their ITR by the due date specified by the department, they will be required to pay interest on the outstanding tax, under sections 234A, 234B and 234C of the Income Tax Act 1961.

Tax Implications on Reconstitution/Dissolution of a firm and Transfer of Assets to partners

CA Sufiyan Ganodwala 27 July 2021 at 09:39

Finance Act 2021 has made amendments to the provisions of the Income Tax Act, pertaining to the tax liability arising on the distribution of assets by the firm to its partners on its reconstitution or dissolution.

Which ITR Should You File for FY 2020-21?

Neethi V. Kannanth 27 July 2021 at 09:08

The applicability of the ITR form depends on the sources of income, amount of income earned and the category of the taxpayer like individual, HUF, Company etc.

Taxability of Share premium under Section 56(2)(viib)

Gursimaran Singh Rakhroy 27 July 2021 at 09:07

Section 56(2)(viib) was introduced to deter the use of unaccounted money done through subscription of shares of a closely held company, at a value that is higher than the FMV of the shares of such a company.

Interest earned out of share application is adjustable towards share issue expenditure

Gursimaran Singh Rakhroy 27 July 2021 at 09:07

The issue with respect to the tax treatment of interest earned out of the share application money deposited with a bank due to a statutory requirement has been a matter of debate before the Courts.