Income Tax Articles
Section 194IA | TDS on sale of immovable property
CA Himanshu Gandotra 26 April 2021 at 09:44This section intends to cover the Gross receipts/Sale consideration received by the Seller on the sale of immovable property. TDS is to be deduced by the person paying the above consideration i.e. buyer.
TDS on Purchase or TCS on Sale: Hassle?
CA Udit Gupta 26 April 2021 at 09:44The predicament arises when the turnover of both the buyer and seller exceeds Rs 10 crores and both are liable to comply under their respective provisions; as the sale and purchase are flipsides of a transaction.
Registration u/s 12A: New Procedure under Income Tax Act
CA Amrita Chattopadhyay 24 April 2021 at 13:03The new provisions have removed the concept of perpetuity and have provided that the registration of even existing organizations registered u/s 12A and 12AA would be renewable after 5 years.
A Brief about Form 10A and 10AB as per new Law on Registration of Trust
CA Harshali Salvi 23 April 2021 at 09:59Form 10A and 10AB has been prescribed in these new rules for the registration of the Trust U/s 12A & 80G and approval U/s 10(23C) sub-clause (iv) or (v) or (vi) or (via) & 35(1) sub-clause.
Deductions under Section 57
Ritik Chopra 21 April 2021 at 13:09The taxable income under the head 'Income from Other Sources' shall be computed after allowing deductions as provided in Section 57 of the Income Tax Act. Discussing such deductions in this article.
A Guide to Sec 80EE, Sec 80EEA and Sec 80EEB
Ritik Chopra 20 April 2021 at 14:35Understanding deduction w.r.t interest on loan for residential house property to a first time buyer (Sec. 80EE), deduction regarding payment of interest on loan taken for certain house property (Sec. 80EEA) and deduction w.r.t the purchase of an electric vehicle (Sec. 80EEB).
High-Value Financial Transactions tracked by the Income Tax Department
CA Sapna Ghelani 20 April 2021 at 09:54Discussing 10 high-value financial transactions that can bring you under the radar of the Income Tax Department. Let us get into the details and minimum transaction limits of these transactions.
Section 71: Inter Head Set-Off Of Losses
Ritik Chopra 19 April 2021 at 13:36A loss which could not be set off within the same head of income shall be allowed to be set off out of the income of any other head in the same AY, but subject to certain exceptions.
TDS on E-Commerce Transaction
Suyash Tripathi 18 April 2021 at 18:45Understanding TDS implications on E-Commerce transactions through the newly inserted Section 194-O of the Income Tax Act, 1961, applicable rate and various other provisions.
New Slab Rates in Section 115BAC for AY 2021-22
Sahil Dhingra 17 April 2021 at 17:02From FY 2020-21, taxpayers can choose to pay income tax under an optional new tax regime. The author, in this article, has listed the new slab rates u/s 115BAC.
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