Income Tax Articles

Whether sum received from Subsidiary to the holding company in a scheme approved by High Court considered as Slump Sale

Posted by FCS Deepak Pratap Singh 14 November 2021 4734 Views

Whether any sum received from a subsidiary company by a holding company under scheme of arrangement sanctioned by High Court under provisions of Section 391 to 394 of the Companies Act, 2013 , be treated as 'Slump Sale' and liable to Capital Gain Tax?

Whether depreciation on acquired goodwill allowable under provisions of Income Tax Act 1961

Posted by FCS Deepak Pratap Singh 12 November 2021 7744 Views

As per Section 32(1)(ii), depreciation is allowable in respect of know-how, patent, copyrights, trademarks, licenses, franchises or any other business or commercial rights of similar nature.

Section 80EEB of Income Tax Act

Posted by Mohit Mishra 11 November 2021 5631 Views

Deduction u/s 80EEB is only available to individual taxpayers. Check out under which tax regime is available.

Post Income Tax Search and Seizure findings of incriminating material and undisclosed income

Posted by CA.Mohit Gupta 10 November 2021 1832 Views

A vital question arises at this juncture and is also a matter of prolonged litigation as to whether the reasons to believe can come into existence after the issuance of a warrant of authorization.

All about Annual Information System

Posted by Susmita Dutta, CA , CPA 10 November 2021 3201 Views

The new AIS is related to interest, dividends, securities, transactions, mutual fund transactions, foreign remittance information. The information is processed to eradicate duplicity of information.

Section 206AB and 206CCA - Special Provision for Deduction/Collection of TDS/TCS for non-filers of ITR

Posted by CA.R.S.KALRA 09 November 2021 6140 Views

The new sections 206AB and 206CCA are inserted via Finance Act, 2021 which provides for a higher rate of TDS/TCS to be applied if the transactions are done with the non-filers of the Income Tax Return.

Applicability of Rate of Interest where interest rates have changed before tax/duty payment

Posted by Manish K.Gandhi 09 November 2021 4857 Views

Taxpayers have to pay tax on or before the prescribed due date and if tax is being paid after the due date, interest at the rates prescribed under the erstwhile Act shall be levied.

Section 194Q - Tax Deduction on the Purchase of Goods

Posted by CA.R.S.KALRA 08 November 2021 41043 Views

Deduction of tax at source on payment of certain sum for purchase of goods

CBDT notifies e-settlement scheme, 2021 - Overview

Posted by CS Lalit Rajput 08 November 2021 2257 Views

CBDT vide Notification No. 129/2021/ F.No. 370142/52/2021-TPL (Part IV) dated 01.11.2021, in exercise of its power under section 245D (11) & 245D (12) of the Income-tax Act, 1961 has issued a Scheme may be called the e-Settlement Scheme, 2021 to settle pending income-tax settlement applications transferred to a settlement commission.

Annual Information Statement (AIS)

Posted by utkarsh Varshney 08 November 2021 7235 Views

The Income Tax Department has rolled out the new Annual Information Statement (AIS) on its compliance portal (incometax.gov.in). The purpose of the new AIS is to make it easier for taxpayers to file their returns.