Income Tax Articles

A Reference Guide to Section 194Q of Income Tax Act, 1961

Posted by Nithin Chettoor 02 August 2021 5710 Views

Since the introduction of section 194Q has created a lot of confusion and query among taxpayers and tax consultants including professionals, let's understand the section through an FAQ model.

Section 36: Other Deductions Under The Income Tax Act

Posted by Ritik Chopra 02 August 2021 6177 Views

While computing the income of a business or profession, other expenses in the nature of Insurance Premium, Health Insurance Premium, Bonus, Interest on Borrowed Capital and 9 others are admissible for deduction.

Form 15CA & CB | CA Certificate | Foreign Remittance

Posted by Manoj Singh 31 July 2021 18686 Views

If any payment is made by any person to an NRI then form No. 15CA 15CB is to be furnished. Earlier only income chargeable to income tax in India had to be reported but now all payments are covered.

Do You Receive Gifts From Clients As A Result Of Good Work?

Posted by Hardik Lashkari 31 July 2021 2740 Views

The value of any benefit or perquisite, whether convertible into money or not, arising from business or the exercise of a profession shall be chargeable to income-tax under the head "Profits & gains of business or profession."

Surprise Extensions under the Income Tax Act

Posted by CA Satish Badve 30 July 2021 35024 Views

Most of the extensions are granted 3 days, 2 days,1 day before the scheduled date. There are more surprises sometimes when extensions come before 8 hours, 5 hours, 2 hours on the last date.

Re-Registration u/s 12AB for Trust/Institution

Posted by Kush Shah 28 July 2021 12408 Views

All the existing trusts and institutions registered u/s 12AA shall re-register themselves u/s 12AB w.e.f. 01.04.2021. Registration granted u/s 12AB shall remain valid for 5 years.

New Income Tax Portal - Kabhi Khushi Kabhi Gham

Posted by CA Umesh Sharma 28 July 2021 8714 Views

After the launch of the new portal, due to technical glitches, the functioning of the portal was affected. Various problems are being faced by the taxpayers, professionals, and other stakeholders.

Income Tax Return by Legal Representative

Posted by CA Satish Badve 27 July 2021 7216 Views

The legal representative can file the return for one AY only after the death of the person. They can register themselves on the Income Tax Site on behalf of the dead person and file the ITR.

Interest levy under three sections 234A, 234B and 234C

Posted by MOHAN ARYA 27 July 2021 3378 Views

In case a taxpayer does not file their ITR by the due date specified by the department, they will be required to pay interest on the outstanding tax, under sections 234A, 234B and 234C of the Income Tax Act 1961.

Tax Implications on Reconstitution/Dissolution of a firm and Transfer of Assets to partners

Posted by CA Sufiyan Ganodwala 27 July 2021 3765 Views

Finance Act 2021 has made amendments to the provisions of the Income Tax Act, pertaining to the tax liability arising on the distribution of assets by the firm to its partners on its reconstitution or dissolution.