Income Tax Articles

Tax Deductee Guide | How to meet your TDS obligations?

Aruhi 16 April 2021 at 13:28

In case of certain prescribed payments, the person making the payment is required to deduct tax at source at the prescribed rate. Let us discuss how deductees are required to meet their TDS obligations.

Section 56(2)(X): Taxation of Gift

Sahil Dhingra 16 April 2021 at 12:02

Gift received by any person or persons is taxed in the hands of the recipient under the head Income from other sources and at normal tax rates under Section 56(2)(x) of the Income-tax Act, 1961.

Deemed Dividend under Section 2(22)(e)

Neethi V. Kannanth 15 April 2021 at 08:32

Deemed Dividend is the dividend that is not actually paid as a dividend but assumed to be a dividend for the purpose of taxation under Section 2(22)(e) of the Income Tax Act.

Overview of Form 35 for CIT(A) - Rule 45 of the Income Tax Rules

Sahil Dhingra 14 April 2021 at 13:13

The Provisions relating to the form of appeal to Commissioner (Appeals) are contained under Rule 45 of the Income Tax Rules. As per the said rule 45, an appeal to the Commissioner of Income Tax (Appeals) needs to be made in Form No. 35.

Govt. Amendments in Finance Bill & application for renewal/registration of charitable institutions

CA CMA Pratibha Bothra 14 April 2021 at 12:26

This article highlights Govt. Amendments in Finance Bill 2021 & application for renewal/registration of charitable trusts and institutions.

Changes in Tax Audit Report in Form 3CD from AY 2021-22 in a Tabular Form

CA Sapna Ghelani 14 April 2021 at 09:49

The changes introduced in the Tax Audit Form in Form 3CD from the AY 2021-22 are shown in this article, in a tabular form. These changes in Form 3CD are effective from the 1st day of April 2021.

Amendment in Tax Audit Form 3CD for AY 2021-22

Sahil Dhingra 12 April 2021 at 14:36

The author in this article lists down the amendments introduced in Tax Audit Form 3CD for the AY 2021-22 and the introduction of sub-rule (3) in Rule 6G.

Key Takeaways from the guidelines issued by the Singaporean Tax Authorities

Atishay Jain 12 April 2021 at 09:49

Singapore issues TP Guidelines for activities undertaken by Singapore based HQs or regional Hubs for APAC region. The said guidelines provide for the determination of remuneration for such hubs/ HQs on arm's length basis.

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.