Income Tax Articles

Deduction under section 54EC on Capital Gain

Anirban Sinha 22 May 2021 at 09:42

The tax deduction is available under section 54EC of the Income Tax Act. 54EC does not allow any tax exemption on short-term capital gain tax.

Income Tax Benefits Available to Individuals and HUF - Part 1

Neethi V. Kannanth 21 May 2021 at 18:07

Under the provisions of the Income Tax Act, various benefits are provided to Individuals and HUF. Through this article, let us understand some basic exemption limits and relief available to them.

Extension of Income Tax due dates for the AY 2021-22 related to the FY 2020-21

Susmita Dutta, CA , CPA 21 May 2021 at 16:22

CBDT, in exercise of its power under section 119 of the Income-tax Act, 1961, provides relaxation on Income Tax due dates as per Circular 9 of 2021 dated 20th May 2021.

Extension of Time Limit for Income Tax Compliance

CA Rahul Mittal 21 May 2021 at 15:36

In order to provide further relief to taxpayers in view of the COVID-19 pandemic, CBDT vide circular No. 09/2021 has further extended the time limits of certain compliances.

Income Tax (CBDT) Due Date Further Extended beyond May, 2021

CS Lalit Rajput 21 May 2021 at 09:42

CBDT has issued a circular w.r.t. extension of time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic and spike in COVID-19 cases.

Extension in various due dates vide Circular no. 9 of 2021 by CBDT

VIPUL DHAMIJA 21 May 2021 at 09:41

As per Circular No. 9 of 2021 issued by CBDT, some of the due dates of various compliances such as TDS, TCS, SFT and ITRs have been extended due to the Covid-19 pandemic in the country.

TDS on cash withdrawal in India

Manish Mehra 21 May 2021 at 09:41

Section 194N has imposed a TDS liability on Payer when any cash payment exceeding Rs. 1 crore is made (individually or in aggregate) during the financial year to Payee.

Provisions relating to payment of advance tax

Suhasini 20 May 2021 at 17:40

As per section 208, every person whose estimated tax liability for the year is Rs. 10,000 or more, shall pay his tax in advance, in the form of "advance tax".

Charitable Trusts and Amendments in Finance Act 2021 and FCR

CA Haridas Varma 20 May 2021 at 13:33

Discussing recent amendments in Finance Act 2021, Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 and Foreign Contribution (Regulation) Amendment Act, 2020 that will impact the functioning of Charitable Trusts.

Introduction of Alternate Taxation Scheme for Individuals and HUF w.e.f AY 2021-22

Ritik Chopra 20 May 2021 at 09:26

The new tax regime has reduced tax slabs for individual and HUF taxpayers with a condition to forgo certain tax deductions or exemptions. Let us discuss the new regime in this article.