Income Tax Articles

Section 143(1) of the Income Tax Act - Summary Assessment without Presence or Calling of an Assessee

FCS Deepak Pratap Singh 10 April 2021 at 09:17

An assessee would receive intimation under Section 143(1) if the assessee has paid either more or less than the amount which he is actually liable to pay.

Analysis Of Sec 45(2): Conversion Of Capital Asset Into Stock In Trade

FCS Deepak Pratap Singh 10 April 2021 at 09:17

Section 45(2) states that conversion of Capital Asset into business asset has been treated as a transfer of asset and Capital Gain is attracted on such conversion.

Sec 70: Inter Source Set-Off Of Losses

Ritik Chopra 08 April 2021 at 09:53

In this article, we will discuss how to set off loss from one source against income from another source within the same head of income, i.e., inter source set off [Sec. 70]

Can you File an Income Tax Return after the Due Date?

CA Sapna Ghelani 08 April 2021 at 09:53

Section 139(4) says if you have skipped the due date for filing ITR, you can file a belated return with a penalty for belated return of Rs 10,000.

ITR Forms and Tax Audit New Report for FY 2020-21

CA Umesh Sharma 07 April 2021 at 14:35

Only minimum changes that are required due to amendment in the Income Tax Act have been incorporated in the ITR forms. Some of these changes have been listed in this article.

Capital Gain Exemption u/s 54EC

Neethi V. Kannanth 06 April 2021 at 12:39

Section 54EC of the Income Tax Act,1961, provides for exemption from Capital Gains arising on transfer of a long term capital asset, being a land or building or both.

Do payments made to NRI computer software manufacturers/suppliers constitute as royalty?

Atishay Jain 05 April 2021 at 13:32

The controversy surrounding the taxation of payments for computer software in international transactions has been a subject matter of extensive litigation for over two decades in India.

JSON Utility for ITR1 & ITR 4 for AY 2021-22 released by CBDT

CA Sapna Ghelani 05 April 2021 at 09:30

The Central Board of Direct Taxes (CBDT) has introduced a new utility named JSON Utility for ITR - 1 and ITR - 4 for Assessment Year 2021-22 and have discontinued the Excel and Java Version of these ITR Utilities.

Section 198 and 145 - Deduction and Taxability of TDS

CA. Mohit chaturvedi 05 April 2021 at 09:30

Entire income shall be offered as income for taxation in the year of actual receipt u/s 145 and section 198 shall be treated as a section inserting deeming fiction to avoid ambiguity in the law.

Deduction for setting up industries in backward states u/s 80IC

Ritik Chopra 03 April 2021 at 09:52

Deduction u/s 80IC of the Income Tax Act has been provided by the government to set up industries in specified backward states and to provide a push to the economy.