Income Tax Articles

Key Takeaways from the guidelines issued by the Singaporean Tax Authorities

Posted by Atishay Jain 12 April 2021 2175 Views

Singapore issues TP Guidelines for activities undertaken by Singapore based HQs or regional Hubs for APAC region. The said guidelines provide for the determination of remuneration for such hubs/ HQs on arm's length basis.

Section 50D of the Income Tax Act - An Analysis

Posted by FCS Deepak Pratap Singh 12 April 2021 3662 Views

The main purpose of the introduction of Section 50D is to check and prohibit freebies distributed by large business corporations to unrelated or strangers to avoid payment of tax.

Auto Fill IT Revised Form 16 for the FY 2020-21 u/s 115 BAC with interest income for senior citizens

Posted by Pranab Banerjee

11 April 2021 2162 Views

Senior citizens earning interest income from FDs, savings accounts and recurring deposits can get income tax exemption up to Rs 50,000 per annum under section 80TTB. This is through the amendment of the Finance Act 2018.

Section 80CCD - Deduction for National Pension Scheme

Posted by Sahil Dhingra 11 April 2021 2339 Views

The article deals with Section 80CCD - a deduction in respect of contribution to the pension scheme of Central Government, through which tax compliance burden of taxpayers can be reduced.

How to Apply for Redressal of Grievances on traces website for deductees

Posted by Aruhi 11 April 2021 2011 Views

Taxpayer/Deductee can raise online grievance through 'Request for Resolution' option available at TRACES website from Assessment Year 2013-14 onwards. This is the online module of raising request which can also be tracked by Deductee / Taxpayer at TRACES website.

Section 143(1) of the Income Tax Act - Summary Assessment without Presence or Calling of an Assessee

Posted by FCS Deepak Pratap Singh 10 April 2021 15251 Views

An assessee would receive intimation under Section 143(1) if the assessee has paid either more or less than the amount which he is actually liable to pay.

Analysis Of Sec 45(2): Conversion Of Capital Asset Into Stock In Trade

Posted by FCS Deepak Pratap Singh 10 April 2021 19554 Views

Section 45(2) states that conversion of Capital Asset into business asset has been treated as a transfer of asset and Capital Gain is attracted on such conversion.

Sec 70: Inter Source Set-Off Of Losses

Posted by Ritik Chopra 08 April 2021 20944 Views

In this article, we will discuss how to set off loss from one source against income from another source within the same head of income, i.e., inter source set off [Sec. 70]

Can you File an Income Tax Return after the Due Date?

Posted by CA Sapna Ghelani 08 April 2021 18230 Views

Section 139(4) says if you have skipped the due date for filing ITR, you can file a belated return with a penalty for belated return of Rs 10,000.

ITR Forms and Tax Audit New Report for FY 2020-21

Posted by CA Umesh Sharma 07 April 2021 11715 Views

Only minimum changes that are required due to amendment in the Income Tax Act have been incorporated in the ITR forms. Some of these changes have been listed in this article.