Income Tax Articles

Section 199 | Credit For Tax Deducted

CA.R.S.KALRA 10 March 2021 at 09:47

In pursuance of rules framed under section 199 of the Income Tax act, credit for tax deducted at source shall be given to the deductee for the assessment year for which such income is assessable.

How to Determine the Residential Status of a HUF?

Ritik Chopra 10 March 2021 at 09:47

Residential Status is to be determined for the taxability of income of a person. This term is coined under the Income Tax Act and has nothing to do with the nationality or citizenship of a person.

Section 197A | No TDS Deduction

CA.R.S.KALRA 09 March 2021 at 10:10

Section 197A provides for any individual, not being a firm or a company, to apply for an exemption of TDS deduction on his/her income from interest on deposits with the banks in India if such income is below the taxable limit.

Fasting for Stranded Resident Indians & A Half-Baked Cookie for NRIs!!

Mayank Mohanka 08 March 2021 at 09:44

CBDT fails to recognise that the question is not of the double taxation issue but the probable adverse taxation consequences arising out of an individual's changed residential status due to his/her forced stay of more than 182 days in India, due to COVID.

Section 197 | Certificate For Deduction at Lower Rate

CA.R.S.KALRA 08 March 2021 at 09:44

Section 197 of the Income Tax Act, permits taxpayers a facility of Nil or lower tax rate deduction of TDS or exemption of TDS. The Nil or lower TDS application is valid for the period for which it is issued or until the assessing officer cancels it.

Tax Implications on Digital Advertising Services

Akshay Parakh 06 March 2021 at 17:12

Discussing how advertisements in digital platforms like YouTube, Instagram, and Facebook etc. work and how Taxation at various point of business occurs.

Section 196D | TDS on Income of foreign institutional investors from securities

CA.R.S.KALRA 06 March 2021 at 09:59

Under Section 196D of the Income Tax Act, TDS is deducted for a Foreign Institutional Investor if the income is in respect of securities referred to in Section 115AD.

Section 196C | TDS on Income from foreign currency bonds or GDRs

CA.R.S.KALRA 05 March 2021 at 09:48

Under Section 196C, any income arising by way of interest, dividend, or long term capital gains from foreign currency bonds or GDRs is liable for TDS @ 10%.

Taxability In Case Of Partly Agricultural And Partly Non-Agricultural Income

Ritik Chopra 05 March 2021 at 09:48

Discussing how taxpayers can distribute their income in case of agricultural income and non-agricultural income according to Rules 7, 7A, 7B and 8 of the Income Tax Rules, 1962.

Sec 54B - Exemption From Capital Gain on Transfer of Land used for Agricultural Purposes

Neethi V. Kannanth 04 March 2021 at 17:00

The exemption u/s 54B is available only if capital gain arises on transfer of land used for agricultural purpose is utilized for purchasing another land which will be utilized for the purpose of agriculture.