Income Tax Articles

Due date of filing Return of Income

Sagar Devani 10 May 2021 at 09:37

Discussing the due date for filing Return of Income for companies who are required to get their accounts audited, for transfer pricing assesses and for other individuals.

Tax Savings Tips to Reduce Your Tax Outgo

CAJayprakash Pandey 09 May 2021 at 10:18

Tax planning is a part of financial planning. Though it is difficult to avoid taxes, you can strategise to reduce the tax outgo efficiently. Laying out some tips for the same, in this article.

How to file belated ITR for Individual for FY 19-20

CAJayprakash Pandey 09 May 2021 at 10:17

According to the Finance Act 1987 amendment, you can file your Belated IT Returns anytime on or before 1 year from the end of the relevant Assessment Year (AY).

Challan cum returns under TDS provisions

CAJayprakash Pandey 09 May 2021 at 10:17

Discussing the three types of challan cum returns under TDS on Payment of transfer of Immovable Property, TDS on Rent on Property and TDS on Payment to Resident Contractors and Professionals.

Section 94: Bond Washing Transactions

Ritik Chopra 08 May 2021 at 09:38

A bond washing transaction can be defined as a transaction where some securities are sold sometime before the due date of Interest and reacquired after the due date is over. In order to discourage such transactions Section 94 was introduced.

Residential Status of an individual with changes of Finance Bill, 2020 as per IT Act 1961

Vidushi Agrawal 08 May 2021 at 09:38

As per the Income Tax Act, a foreign citizen may end up being an Indian Resident & liable to pay tax for a particular year. So, it is important to know one's residential status.

Sec 35AD: Deduction in respect of capital expenditure incurred on setting up of a specified business

Ritik Chopra 07 May 2021 at 09:37

Deduction u/s 35AD is available towards any capital expenditure, wholly and exclusively, incurred for carrying on a specified business. This deduction has been applicable since AY 2010-11.

Section 40A(2)(b) of Income Tax Act, 1961

Sahil Dhingra 06 May 2021 at 19:11

Section 40A(2) of the Income Tax Act lays down provisions for the disallowance of certain payments to relatives. Let us discuss persons covered u/s 40A(2)(b).

Deductions under Chapter VIA

Suyash Tripathi 06 May 2021 at 09:38

There are a number of deductions available under various sections that will bring down your taxable income. In this article, we have discussed some deductions under chapter VIA that a taxpayer can claim.

Section 194Q: TDS on purchase of goods

ALEXANDAR GAZI 05 May 2021 at 09:52

The implication of section 194Q in the Income Tax Act, 1961 is one of the several desperate attempts of the Government to increase the flow of revenue into the exchequer.