Income Tax Articles

Taxability of Gifts - Some Interesting Issues

CA.R.S.KALRA 28 November 2020 at 11:18

The Gift Tax was reintroduced in a new form to fill up the vacuum created by the abolition of the Gift tax Act, 1958, and the provisions were included in the Income-Tax law w.e.f. 01.04.2005.

Concept of Deemed Speculation under Income Tax Act, 1961

CA Mehul Thakker 28 November 2020 at 09:56

Speculative transaction means a transaction involving a contract for the purchase and sale of commodities, which is periodically or ultimately settled other than by actual delivery or transfer.

Cashless Transactions - Evolution, Advantages, Impact and Measures by the Government

CA.R.S.KALRA 26 November 2020 at 12:13

Cash to the economy is like what blood is to the human body. The government can introduce various ways to restrict its usage, but it cannot pull it out of the system.

Sec 194-O: TDS by e-Commerce operator

CA S K MISHRA 25 November 2020 at 14:43

U/s 194-O w.e.f from 1st Oct 2020, an e-Commerce operator is required to deduct TDS for facilitating any sale of goods or providing services through an e-Commerce participant,

Income Tax Search and Seizure Assessments - No universal application of the "extrapolation technique" in Search Assessments

CA.Mohit Gupta 25 November 2020 at 08:37

In this article, we discuss the extrapolation technique in the Income Tax Search and Seizure Assessments and how there is no universal application regarding it...

Amendments made by Finance Act 2020 relating to Trusts

CA Santhosh Gupta Kethepalli 24 November 2020 at 15:12

Finance Act, 2020 has made changes with respect to the provisions related to Trusts and NGOs claiming exemption u/s 11 or u/s 12 of the Income Tax Act, 1961. Let us understand those changes.

Form 16 Vs. Form 16A Vs. Form 16B

Shweta 24 November 2020 at 10:06

Under the Income Tax Act, Form 16, 16A, and 16B refer to TDS certificates issued by the deductor to the deductee, which certify that tax has been deducted.

Form 15CA and Form 15CB: Forms to be filed for Payments made to Non Residents

Ajay Kumar Maggidi 23 November 2020 at 10:00

When taxpayers are involved in making payments to Non-Residents, they shall comply with the provisions of income tax which requires the taxpayers to file Form 15CA and 15CB as applicable.

Basics of Income tax: A Beginners Guide

shahyar husain 17 November 2020 at 10:49

In the following article, we explain all the steps required to calculate tax returns and the basics of income tax, from a beginner's perspective.

Buying your dream home becomes cheaper this Diwali!

CA Umesh Sharma 16 November 2020 at 16:18

One can now buy a house at a rate of 20% lower than the circle rate. This new norm is for residential units up to Rs. 2 Cr. and will be effective till 30th June 2021.