Income Tax Articles

Provisions relating to payment of advance tax

Posted by Suhasini

20 May 2021 5129 Views

As per section 208, every person whose estimated tax liability for the year is Rs. 10,000 or more, shall pay his tax in advance, in the form of "advance tax".

Charitable Trusts and Amendments in Finance Act 2021 and FCR

Posted by CA Haridas Varma 20 May 2021 12112 Views

Discussing recent amendments in Finance Act 2021, Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 and Foreign Contribution (Regulation) Amendment Act, 2020 that will impact the functioning of Charitable Trusts.

Introduction of Alternate Taxation Scheme for Individuals and HUF w.e.f AY 2021-22

Posted by Ritik Chopra 20 May 2021 7997 Views

The new tax regime has reduced tax slabs for individual and HUF taxpayers with a condition to forgo certain tax deductions or exemptions. Let us discuss the new regime in this article.

Section 245N(a) - Advance Ruling

Posted by Neethi V. Kannanth 20 May 2021 1858 Views

Advance Ruling means written opinion or authoritative decision by an authority empowered to render it with regard to the tax consequences of a transaction or proposed transaction or an assessment in regard thereto.

Consequences of not filing the ITR

Posted by Sahil Dhingra 18 May 2021 7310 Views

Default in filing the Return of Income within the prescribed due date results in a fee or penalty. In this article, we discuss various fees and penalties u/s 234F, 270A, and 276CC.

Set Off and Carry Forward of Losses : An analysis

Posted by Neethi V. Kannanth 18 May 2021 8400 Views

If there is any loss under any head of income, the assessee can set off losses against income. Discussing the two ways of setting off losses against income i.e. through Intra-head and Inter-head adjustments.

Tax Planning while setting up of a business for A.Y 2021-2022 and A.Y 2022-2023

Posted by CMA SIVAKUMAR A,ACMA. 17 May 2021 9031 Views

Tax Planning while setting up of a business with reference to the Nature of Business for A.Y 2021-2022 and A.Y 2022-2023 - An analysis of Eight important Deductions as per the Income Tax Act.

Penalties under the Income Tax Act, 1961

Posted by Neethi V. Kannanth 17 May 2021 9123 Views

An offence committed by an assessee under the provisions of the Income Tax Act,1961 shall be subject to penalty. There are more than 45 penalties under the act. Discussing the same in this article.

Analysis of Section 194Q of Income Tax Act along with Section 206C(1H)

Posted by CA Harshawardhan Nigade 17 May 2021 3788 Views

Section 206C(1H) was introduced in Finance Act 2020 while Section 194Q was introduced in Finance Act 2021. Let's discuss the provisions of Section 194Q and its relation with Section 206C(1H).

Reporting of dividend distribution by companies to the IT department under SFT reporting

Posted by CA CMA Sagar Jaiswal 14 May 2021 8027 Views

Section 285BA of the Income Tax Act, 1961 read with Rule 114E of Income Tax Rules, 1962 says certain persons are required to report a statement of financial transaction (SFT) or reportable account to the Income Tax Department.