Income Tax Articles

FAQs on Scope and Eligibility of the Vivad se Vishwas Act 2020

Aishna Kukreja 05 December 2020 at 10:07

On 4th December 2020, the Central Board of Direct Taxes released the second set of FAQs which focuses on the Scope and Eligibility of the Vivad se Vishwas Scheme 2020.

Introduction to Presumptive Taxation

CA.R.S.KALRA 04 December 2020 at 15:38

Section 44AD of the Income Tax Act 1961 provides for computing business income on a presumptive basis, which was introduced by virtue of The Finance Act 1994

Section 115BBE- Bleak line between Righteousness and Injustice

CA.R.S.KALRA 02 December 2020 at 17:11

The provisions of sec 115 BBE of the Act are draconian at first glance and can give nightmares to the assessee. This section erodes the faith of the taxpayer in the IT Law since it is being applied retrospectively from April 2016.

When will CPC start to process Income Tax Returns for FY 19-20 / AY 20-21 and give Refund? Here is the answer

Soumya Laha 02 December 2020 at 12:42

CPC has started to process Income Tax Returns from 23rd November 2020. So, if you filed and verified your ITR successfully, your ITR will be processed soon.

Due Date Compliance Calendar - December 2020

Aishna Kukreja 01 December 2020 at 14:25

It is important to plan your month so that you don’t miss any due dates. In this article, we discuss all the due dates under all the acts that lie in the month of December 2020.

An analysis on Equalisation Levy

Shweta 30 November 2020 at 10:02

The Finance Act 2020 has expanded the scope of equalization levy by introducing Section 165A. Through this, the levy has been extended to non-resident ECO supplying goods and services online.

Taxability of Gifts - Some Interesting Issues

CA.R.S.KALRA 28 November 2020 at 11:18

The Gift Tax was reintroduced in a new form to fill up the vacuum created by the abolition of the Gift tax Act, 1958, and the provisions were included in the Income-Tax law w.e.f. 01.04.2005.

Concept of Deemed Speculation under Income Tax Act, 1961

CA Mehul Thakker 28 November 2020 at 09:56

Speculative transaction means a transaction involving a contract for the purchase and sale of commodities, which is periodically or ultimately settled other than by actual delivery or transfer.

Cashless Transactions - Evolution, Advantages, Impact and Measures by the Government

CA.R.S.KALRA 26 November 2020 at 12:13

Cash to the economy is like what blood is to the human body. The government can introduce various ways to restrict its usage, but it cannot pull it out of the system.

Sec 194-O: TDS by e-Commerce operator

CA S K MISHRA 25 November 2020 at 14:43

U/s 194-O w.e.f from 1st Oct 2020, an e-Commerce operator is required to deduct TDS for facilitating any sale of goods or providing services through an e-Commerce participant,