Income Tax Articles


Taxability of Gifts: Sec 56(2)(X) of IT Act, 1961

  CA Santhosh Gupta Kethepalli    21 September 2020 at 09:41

To prevent the practice of receiving a sum of money or the property without consideration or for inadequate consideration, section 56(2)(x) brings to tax any sum of money or the value of any property received by any person without consideration or the value of any property received for inadequate consideration.



Important Income Tax (Direct Tax) Amendments (since 2019)

  CS Lalit Rajput    18 September 2020 at 10:46

The government has announced several measures to promote growth, investment and create new employment opportunities through the amendments in the Income-tax Act, 1961, and the Finance Act (No. 2), 2019.



ITR Filing Tips Financial Year 2019-2020

  MOHAN ARYA    14 September 2020 at 09:13

Finance (No. 2) Act, 2019 has inserted a new seventh proviso to section 139(1) to provide for mandatory filing of return of income for undertaking certain high-value transactions even though the person is otherwise not required to file a return of income due to the fact that total income is below the basic exemption limit.



Lower or No Tax certificate under Income tax- Procedure

  CMA Ramesh Krishnan    12 September 2020 at 10:55

The concept of TDS under Income tax act is a common procedure and the object of TDS is to collect tax from the very source of income.



How should the e-TDS/TCS return be prepared?

  Mita Basak    11 September 2020 at 09:31

e-TDS/TCS return has to be prepared in the data format issued by e-Filing Administrator. This is available on the Income Tax Department website and NSDL-TIN website



Form 49A : PAN Application Form Download

  Puneet Taneja    10 September 2020 at 15:44

Form 49A is the PAN Card application form for allotment of Permanent Account Number for Residents of India. Any Individual who wishes to apply for PAN should fill Form 49A.



Basic Questions on Computation of Income Tax

  Subodh Jain    08 September 2020 at 09:44

The taxes on income can be finalized only on the completion of the previous year. However, to enable a regular flow of funds and for easing the process of collection of taxes, Income-tax Act has provisions for payment of taxes in advance during the year of earning itself or before completion of the previous year.



List of ITRs & Forms for e-Filing with Description

  Subodh Jain    08 September 2020 at 09:43

List of ITRs & Forms for e-Filing with Description



Form-15G: Overview, Eligibility, and Format

  Puneet Taneja    07 September 2020 at 17:28

It is a declaration form to be filled up by individuals less than 60 years of age and HUFs stating their income is less than the Exemption limit to ensure that no TDS is deducted from their interest income in a year.



All about Thin Capitalisation

  CA. Sahil Mehta    07 September 2020 at 09:53

Thin capitalisation refers to the situation in which the portion of the debt is heavier than the equity. They are sometimes referred to as highly leveraged or highly geared companies.




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