Income Tax Articles

Change name in Aadhaar Card

Bhavin Rafaliya 05 May 2021 at 09:51

In this article, we have given a complete step-wise tutorial on how one can correct their name in their Aadhaar Card, in person, via post or online.

Section 43B: Deduction of certain payments only if actually paid

Ritik Chopra 05 May 2021 at 09:48

In case a deduction has already been claimed on an accrual basis in any earlier previous year, it will not be allowed again in the year in which it is actually paid.

Section 194-O | An analysis

Sahil Dhingra 04 May 2021 at 11:42

According to Section 194O, an e-Commerce operator is required to deduct TDS for facilitating any sale of goods or providing services through an e-Commerce participant.

A Brief On Equalisation Levy

Sahil Dhingra 04 May 2021 at 09:49

India first introduced an equalisation levy in 2016, when it charged 6% of consideration for online advertisement services, earned by non-residents from an Indian resident carrying on a business.

Relief Measures declared by CBIC and CBDT in Indirect Tax and Direct Tax

Aruhi 04 May 2021 at 09:48

Due to the COVID-19 pandemic situation in India, CBDT, as well as CBIC, have provided various relaxations in Direct Tax and Indirect Tax. Let us discuss the same.

Section 35D: Amortisation of Certain Preliminary Expenses

Ritik Chopra 04 May 2021 at 09:48

As per section 35D of the Income Tax Act, 1961, preliminary expenses incurred prior to the commencement of business, extending an existing business, setting up a new unit etc. are eligible to be amortized.

When You Go For Seeking Adjournment & End Up in Winning Your Case!!!

Mayank Mohanka 04 May 2021 at 09:48

The author has shared one of his cases that lead to an amendment in the Income-tax Act, allowing Power Sector Companies to compute their Book Profits for the purpose of MAT either on the basis of the Electricity Regulatory Act or the Companies Act.

Rationalisation of MAT Provision

Suyash Tripathi 04 May 2021 at 09:48

The Finance Bill, 2021 has proposed to amend section 115JB to provide that dividend income and expenses claimed in respect thereof be reduced or added back from the net profit if such income is taxed at lower than MAT rate due to DTAA.

Income Tax Implications on Loans to Employees

Ajay Kumar Maggidi 03 May 2021 at 09:57

Many organizations across the globe are offering loans to employees to support them in these difficult times. Here are the income tax implications for employees for the loans or advances offered by the employer.

Section 115BAD: Alternate Taxation Scheme for Co-Operative Societies

Ritik Chopra 01 May 2021 at 09:52

Section 115BAD provides the benefit of a lower tax rate to Resident Cooperative Societies. It allows them to pay tax at 22% and is applicable for any PY relevant to the AY beginning on or after 01.04.2021.