Income Tax Articles

Exceptions to the rule - Income of P.Y. is taxable in A.Y.

Ritik Chopra 27 February 2021 at 14:30

In some cases, income is taxed in the same year in which it is earned and so in these exceptional cases a previous year will also function as an assessment year. Let us discuss those exceptions.

What is E-Tax payment?

Ayushi Arora 27 February 2021 at 09:45

E-Tax payment is a facility provided to the taxpayers to make income tax payments through the internet, using Net-banking/Debit card of the selected Bank.

How to Determine the Residential Status of an Individual?

Ritik Chopra 27 February 2021 at 09:45

A person with an American citizenship can still be a resident of India for Income Tax purposes. The residential status of the assessee is to be determined each year with reference to the 'previous year'.

Section 115BAD | New Tax Regime for Resident Co-Operative Societies

Neethi V. Kannanth 27 February 2021 at 09:45

Section 115BAD was introduced to provide the benefit of a lower tax rate to Resident Cooperative Societies. It is applicable for any PY relevant to the AY beginning on or after 01.04.2021.

CBDT Extends Vivad se Vishwas Dates Yet Again!!

Mayank Mohanka 27 February 2021 at 09:45

CBDT vide its Notification No. 9/2021 dated February 26, 2021, has further extended the Due Dates under the Direct Tax Vivad se Vishwas Act, 2020.

Understanding the gamut of Dumb Documents unearthed in an IT Search and Seizure Action

CA.Mohit Gupta 26 February 2021 at 10:02

Non-speaking seized documents are referred to as 'Dumb Documents'. In this article, we will discuss the gamut of Dumb Documents unearthed in an IT Search and Seizure Action.

Presumptive Taxation u/s 44ADA

Neethi V. Kannanth 26 February 2021 at 10:02

Section 44ADA was introduced to extend the benefits of presumptive taxation to specified professionals and to reduce the burden of compliance to small professionals.

Section 194M | TDS on payments of certain Sums by Individual and HUF

CA.R.S.KALRA 26 February 2021 at 10:02

Discussing section 194M of the Income Tax Act which deals with the TDS on payments of certain Sums by Individual and HUF including its meaning, rate of TDS, threshold limit etc.

TDS u/s 194Q on purchase of goods

CA Piyush Agarwal 26 February 2021 at 10:01

Discussing Section 194Q (TDS on payment of a certain sum for purchase of Goods) of the Income Tax Act, which has been introduced by the Finance Minister in Union Budget 2021.

Corporate Tax Concession - All you need to know about Form 10IC and Form 10ID of Income tax

Ishita Ramani 25 February 2021 at 14:39

Domestic companies get an option to pay their corporate taxes at a concessional tax rate u/s 115BAA and 115BAB of the Income Tax Act, 1961 by filing Form 10IC and Form 10ID pertaining to certain conditions.