Income Tax Articles

Section 50D of the Income Tax Act - An Analysis

FCS Deepak Pratap Singh 12 April 2021 at 09:49

The main purpose of the introduction of Section 50D is to check and prohibit freebies distributed by large business corporations to unrelated or strangers to avoid payment of tax.

Auto Fill IT Revised Form 16 for the FY 2020-21 u/s 115 BAC with interest income for senior citizens

Pranab Banerjee 11 April 2021 at 12:17

Senior citizens earning interest income from FDs, savings accounts and recurring deposits can get income tax exemption up to Rs 50,000 per annum under section 80TTB. This is through the amendment of the Finance Act 2018.

Section 80CCD - Deduction for National Pension Scheme

Sahil Dhingra 11 April 2021 at 12:17

The article deals with Section 80CCD - a deduction in respect of contribution to the pension scheme of Central Government, through which tax compliance burden of taxpayers can be reduced.

How to Apply for Redressal of Grievances on traces website for deductees

Aruhi 11 April 2021 at 12:16

Taxpayer/Deductee can raise online grievance through 'Request for Resolution' option available at TRACES website from Assessment Year 2013-14 onwards. This is the online module of raising request which can also be tracked by Deductee / Taxpayer at TRACES website.

Section 143(1) of the Income Tax Act - Summary Assessment without Presence or Calling of an Assessee

FCS Deepak Pratap Singh 10 April 2021 at 09:17

An assessee would receive intimation under Section 143(1) if the assessee has paid either more or less than the amount which he is actually liable to pay.

Analysis Of Sec 45(2): Conversion Of Capital Asset Into Stock In Trade

FCS Deepak Pratap Singh 10 April 2021 at 09:17

Section 45(2) states that conversion of Capital Asset into business asset has been treated as a transfer of asset and Capital Gain is attracted on such conversion.

Sec 70: Inter Source Set-Off Of Losses

Ritik Chopra 08 April 2021 at 09:53

In this article, we will discuss how to set off loss from one source against income from another source within the same head of income, i.e., inter source set off [Sec. 70]

Can you File an Income Tax Return after the Due Date?

CA Sapna Ghelani 08 April 2021 at 09:53

Section 139(4) says if you have skipped the due date for filing ITR, you can file a belated return with a penalty for belated return of Rs 10,000.

ITR Forms and Tax Audit New Report for FY 2020-21

CA Umesh Sharma 07 April 2021 at 14:35

Only minimum changes that are required due to amendment in the Income Tax Act have been incorporated in the ITR forms. Some of these changes have been listed in this article.

Capital Gain Exemption u/s 54EC

Neethi V. Kannanth 06 April 2021 at 12:39

Section 54EC of the Income Tax Act,1961, provides for exemption from Capital Gains arising on transfer of a long term capital asset, being a land or building or both.