Income Tax Articles

International Taxation: Taxation of Non-residents Shipping Business-Section 44B of the Act

CA Mehul Thakker 21 December 2020 at 17:53

In this article, CA Mehul Thakker explains the concept of International Taxation with regard to the Taxation of Non-residents Shipping Business in Section 44B of the Income Tax Act.

Amendment to Sec 194J w.e.f 01.04.20 - The 2% and 10% Conundrum

CA. Ankit Chandrakar 21 December 2020 at 09:56

In this article, we will understand the amendment in Section 194J w.e.f 1st April 2020 - Interpretation of "Fees for Technical Services" (FTS) and "Fees for Professional Services" (FPS)

Important Judicial Pronouncements on Presumptive Taxation

CA.R.S.KALRA 17 December 2020 at 15:09

In this article, we discuss all the Important Judicial Pronouncements on Presumptive Taxation under the Income Tax Act 1961.

Residential Status under the Income Tax Act

Venkat Raj 17 December 2020 at 10:06

Residential status is a vitally critical component under Income tax. It varies for various classes of assessees. The concept of residential status lies under Income tax and FEMA.

TDS & Advance Tax

CA.R.S.KALRA 17 December 2020 at 10:06

The persons having a turnover of more than Rs. 1 crore but less than Rs. 2 crores and declaring income u/s 44AD would be required to deduct TDS. Furthermore, the eligible assessee is now required to pay advance tax by 15th March of the financial year.

Penalty for failure to get accounts Audited - Section 271B

CA.R.S.KALRA 16 December 2020 at 09:56

If the assessee fails to get his accounts audited or furnish a report of such audit u/s 44AB, a flat penalty u/s 271B shall be attracted. No penalty shall be imposed u/s 271B if the assessee proves that there was reasonable cause for such failure.

Combined Study of Section 44AB with Section 44AD

CA.R.S.KALRA 15 December 2020 at 18:22

Currently, businesses having turnover of more than one crore rupees are required to get their books of accounts audited by an accountant. In order to reduce the..

Should the Government Consider Extending the due date for filing Tax Audit, Transfer Pricing Audit and Income Tax Returns?

Aishna Kukreja 14 December 2020 at 18:56

Keeping in view the effect of COVID-19, the FM had extended the due date for filing the Tax Audit, Transfer Pricing Audit and Income Tax Returns. However, is there a need to extend these due dates further?

Why Your In-Hand Salary May Reduce from 2021

Shweta 14 December 2020 at 10:48

The GoI has recently notified the draft rules under The Code on Wages 2019. The new rules which are expected to enter into force in April 2021, will potentially have consequences on your take-home salary and retirement corpus.

How to use the Java based software utility available for download in the Income Tax Portal where the taxpayer does not have MS Excel versions 2010 or later

Aishna Kukreja 12 December 2020 at 13:05

How to use the Java based software utility available for download in the Income Tax Portal where the taxpayer does not have MS Excel versions 2010 or later