Income Tax Articles

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

Posted by CA CMA Sagar Jaiswal 14 May 2021 8038 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.

Interest, Late Fees and Penalty under TDS provision

Posted by CAJayprakash Pandey 14 May 2021 18254 Views

Discussing TDS Interest and its different types, together with the late fees for delay in filing of TDS Return and penalty that may be imposed on late filing of TDS Return u/s 271H.

Restriction on Cash Transaction and 10 High value cash Transaction

Posted by CAJayprakash Pandey 14 May 2021 5177 Views

This article will help you to solve your problem related to the restriction on cash transaction and the top 10 high value transactions as per the Income Tax Act/GST.

Registration of Trust under Income Tax - Analysis of New Provisions

Posted by Manish Harchandani 13 May 2021 9843 Views

The Finance Act, 2020 introduced various amendments related to the registration of Charitable Trust and Religious Trust for availing the exemption u/s 11 and 12 of the Income Tax Act, 1961.

Deductions under Section 37 of the IT Act, 1961

Posted by Vidushi Agrawal 13 May 2021 8595 Views

A deduction is an expense that can be subtracted from the taxable income of an assessee to reduce the amount owed as specified in the Income Tax Act, 1961.

New v/s. Old tax scheme under IT act

Posted by prerna 12 May 2021 8924 Views

In this article, we have discussed the difference between the New and Old Income Tax Regime under six criteria, in a tabular format.

How to Apply for a Lower Tax Deduction Certificate?

Posted by Neethi V. Kannanth 12 May 2021 8407 Views

As per section 197, when the actual tax payable on the income of an assessee is lower than the TDS to be deducted by the payer, then the AO shall grant him a certificate upon the application made by the assessee.

Making the Right Choice between New Tax Regime Vs. Old Tax Regime

Posted by CAJayprakash Pandey 11 May 2021 16781 Views

The concept of Old Vs New Tax regime = a dual tax regime was introduced by Finance Act 2020 for FY 2020-21. In this article, we discuss the criteria one should follow while making the right choice between the two regimes.

Relief to Covid Patients only for payment to Hospitals in cash

Posted by CA Umesh Sharma 11 May 2021 1351 Views

CBDT has notified all Hospitals, Dispensaries, Nursing Homes, Covid Care Centres, or similar other medical facilities providing Covid treatment to patients for section 269ST so that they can receive cash payments of Rs. 2 lacs or more.

Due date of filing Return of Income

Posted by Sagar Devani 10 May 2021 17216 Views

Discussing the due date for filing Return of Income for companies who are required to get their accounts audited, for transfer pricing assesses and for other individuals.