Income Tax Articles

Section 40A(3/3A) I Restrictions on Expenditure (Capital & Revenue)

CA.R.S.KALRA 04 February 2021 at 10:39

This article gives a thorough analysis of Sections 40A(3) and 40A(3A) of the Income Tax Act, which deals with the Restrictions on Expenditure (Capital & Revenue).

Section 194IC | TDS on Payment Made Under Specified Agreement

CA.R.S.KALRA 03 February 2021 at 10:16

Discussing Section 194IC of the Income Tax Act, which deals with the TDS on Payment Made Under Specified Agreement including the provisions for Joint Development Agreement.

Equalisation Levy | An Analysis

CA Sapna Ghelani 03 February 2021 at 10:16

Introduction of Equalisation Levy in India was back in 2016, with the intention of taxing the digital transactions i.e. the income accruing to foreign e-commerce companies from India.

Enabling ITR Rectification on the portal for the AY 2020-21

CA Sapna Ghelani 30 January 2021 at 11:39

A rectification request under section 154(1) of the Income Tax Act,1961 is allowed by the Income Tax Department for correcting mistakes when there is a mistake in your Income Tax Return.Rectification can be filled if any error of fact or an arithmetic mistake is made.

Popular tax saving deductions and tips to look out for in FY 19-20

mariam mulla 27 January 2021 at 09:51

Discussing Deductions u/s 80C, 80CCC, 80CCD(1), 80CCD(2), 80D, 80DD, 80DDB, 80E, 80EE, 80EEA, 80EEB, 80G, 80GG, 80GGA, 80GGB, 80GGC, 80TTA, 80TTB, 80U of the Income Tax Act and how they can help you in saving taxes.

Section 206C(1H) - New Provisions and its applicability w.e.f 01.10.2020

Saloni Gandhi 27 January 2021 at 09:51

The Finance Act, 2020 inserted sub-section (1H) u/s 206C w.e.f 01.10.2020 which requires a seller to collect TCS from the buyer for the amount received as consideration for the sale of goods if it exceeds Rs. 50 lakhs in any previous year.

Section 194IA | TDS on Purchase of Immovable Property

CA.R.S.KALRA 25 January 2021 at 09:45

Discussing Section 194IA of the Income Tax Act, which deals with the TDS on Purchase of Immovable Property including its meaning, rate of TDS, exceptions and practical illustrations.

International Taxation: Relief from double taxation

CA Mehul Thakker 23 January 2021 at 14:47

Double taxation generally means taxation of same income of a person in more than one country. The main reason behind double taxation is that countries across the world different rules for taxing income.

Section 194IB | TDS on Rent of Property

CA.R.S.KALRA 23 January 2021 at 14:46

Discussing Section 194IB of the Income Tax Act, which deals with the TDS on Rent of Property including its meaning, persons responsible to deduct tax, rate of TDS and practical illustrations on the same.

How to Calculate the Taxable Income on Salary?

M Venkat 22 January 2021 at 15:06

Discussing Section 15 and 17(1) of the Income Tax Act which lays down provisions for calculation of taxable income on salary in the new and old tax regime.