Income Tax Articles

What is IEC Code? How to apply for IEC Code?

Manzil Arora 29 August 2020 at 15:10

IEC Code contains a 10 digit number issued by the DGFT, Department of Commerce and Government of India. IEC Code is the same as the PAN of the firm.

All about Equalisation Levy

Manish Shashikant Savalkar 29 August 2020 at 11:22

Equalisation Levy was introduced in India in 2016 via Chapter VIII of the Finance Act 2016, with the intention of taxing the digital transactions i.e. the income accruing to foreign e-commerce companies from India.

Deduction in respect of Interest on Loan Taken for Acquisition of Residential House Property

CA Santhosh Gupta Kethepalli 27 August 2020 at 10:01

The maximum deduction allowable is ₹150000/-. The deduction of up to ₹150000/- under section 80EEA is over and above the deduction available under section 24(b) in

Tax On Income Distributed By Way Of Buy-Back Of Shares By Unlisted Companies- Anti Abuse Provision

FCS Deepak Pratap Singh 27 August 2020 at 10:01

Buy-back of share is one of those activities through which companies distributing the surplus to their shareholders, without payment of taxes. Initial stage provisions of Section 115QA are applicable to unlisted companies, but after July 5, 2019, it became applicable to listed companies also.

Filing ITR? Know best practices for your benefit!

CA Chanchal Jain 25 August 2020 at 11:02

So, pause! Before rushing towards filing ITR this year, follow a few more best practices that may save you time, benefit you over a number of years, and help you understand any new filing provisions. Note that this article assists those who already know at least a few aspects of filing ITR.

E-Assessment- The new Income Tax Regime

CA Santhosh Gupta Kethepalli 24 August 2020 at 10:42

The new scheme was slated to bring in a paradigm shift in the way tax assessments were carried out in India by eliminating person-to-person contact to the extent it is technologically feasible, providing a fair and transparent framework of assessments, ensuring the tax assessments were technically sound and that consistent tax positions were taken.

Section 269SU | Acceptance of Payment through Prescribed Electronic Modes

Dhiraj Kumar Choudhury 22 August 2020 at 13:48

Section 269SU provides that every person, carrying on business, shall, provide a facility for accepting payment through the prescribed electronic modes if any, being provided by such person, if his total sales, turnover or gross receipts in business exceeds Rs.50 Crores