Income Tax Articles
New LRS Regulations Cause Concern for Wealthy Indians Parking Funds Abroad
The Liberalised Remittance Scheme (LRS) regulation in India has been revised, making it difficult for wealthy Indians to accumulate wealth in offshore bank accounts. Under the new rule, if an individual has legitimate money outside India in the form of foreign exchange, they must either invest it or use it within 180 days of realisation.
SC Limits Tax Authorities' Power to Reopen Completed Assessments Without Incriminating Material
The Supreme Court has ruled that the income tax (I-T) department cannot reopen completed assessments under Section 153A of the I-T Act, unless "incriminating material" is found during search and seizure operations.
Section 56(2)(X): Taxation of Gift
Gift received by any person or persons is taxed in the hands of the recipient under the head Income from other sources and at normal tax rates under Section 56(2)(x) of the Income-tax Act, 1961.
What is PAN and TAN?
PAN is a single number that is an electronic system and has all the tax related information of a taxpayer. TAN is a 10 digit alpha numeric number allotted to persons who are responsible for TCS and TDS.
Mandatory Certificate from Income Tax Portal for Section 80G Tax Deduction
When you donate money to a charity or NGO, you can get a tax deduction under Section 80G of the Income-tax Act, 1961. This means that you can reduce the amount of tax you have to pay based on the amount you donated.
Comparative Analysis of Registered Trust/Institution u/s 12AA/12AB
COMPARATIVE ANALYSIS OF SEC 12AA/12AB REGISTERED TRUST /INSTITUTION OR TRUST/INST/FUND REFERRED TO IN SUB CLAUSE (iv)(v)(vi)(via) of Sec 10(23C)
Filing of Form No. 10 of Income Tax Act
This Article is related to one of the amendment made in Form No. 10 by Notification No. 96/2022 dated 17th August, 2022 which became applicable for all the Trust/Institution registered under sub clause (iv)(v)(vi)(via) of Section 10(23C) of the Act for F.Y. 2022-23 (A.Y. 2023-24).
Taxation Aspect of Mergers and Amalgamation
Taxation Aspects of Mergers and Amalgamations Under Income Tax Act, 1961 Section 2(1B) of Income Tax Act defines amalgamation as merger of one or more companies with another company or merger of two or more companies to from one c
Deductions available under Old vs. New regime of Income Tax
This article covers the deductions available in Old Vs. New tax regime, in brief, should help in making the required choice. This is applicable from 01.04.2023 i.e. for FY 2023-2024 or say AY 2024-2025.
Choose Right Tax Regime for FY 2023-24
If you FAIL to choose between the New and Old Tax Regime, the Employer will take the New Tax Regime as DEFAULT and deduct TDS under it.
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