Income Tax Articles
Whether capital contribution in cash by partners will be taxable as cash credit
Can capital contribution of the individual partners credited to their accounts in the books of the firm be taxed as cash credit in the hands of the firm, where the partners have admitted their capital contribution but failed to explain satisfactorily the source of receipt in their individual hands?
All You Wish to Know about New TDS Sections 194R, 194S & Much More
The Finance Bill 2022 has proposed two completely new TDS sections, 194R and 194S, in the Income Tax Act, to be made effective from 1.7.2022.
Investment Options for Saving Tax
As we are marching towards the end of the F.Y. 2021-22, it’s time to make a few last-minute investments to save taxes. Here are some of the options available to you as mentioned in this article.
How Will Russia's Invasion of Ukraine Affect Taxes & Trade in India?
As I am penning down this piece, the market capitalisation worth Rs. 13.4 lakhs crores have already been eroded with BSE index plunging by 2700 points and NSE index tanking by 815 points, on account of Russia’s launching of a special military operation cum all-out invasion by land, air and sea of Ukraine on 24.2.2022.
Updated Return- Advantages and Disadvantages
Government is trying to provide an opportunity to taxpayers to disclose their income which was previously omitted to be disclosed, and on the other hand will also generate additional revenue for the government. It will facilitate ease of compliance to the taxpayer in a litigation free environment.
Calculation of taxable and non-taxable interests under EPF/GPF accounts
The Government has changed the rules for calculation of interest on EPF/GPF/RPF Accounts and has set threshold limit for contribution in EPF Rs. 2.50 Lakhs and GPF Rs. 5.00 Lakhs on which interest received will not be taxable.
Unsuccessful Appeal Submissions Turned into Explanatory Memorandum to Finance Bill!!
Let us analyse some of these budget amendments proposed in the Finance Bill, 2022, aimed at overturning the well-known and established judgements
Best Judgment Assessment and Income Escaping Assessment
Best Judgment Assessment under section 144
Sec 35DD: Amalgamation/Demerger expenses will be allowed to resulting company
The ruling of Delhi High Court will be much-needed support to the corporate world. This will help smooth restructuring of companies and claiming of restructuring expenses
Self Assessment and Enquiry Before Assessment under Income Tax
The assessee is required to assess his income and determine if any tax is payable on the basis of return required to be furnished under section 115WD, 115WH, 139 142, 148, 153A or 158BC
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