Income Tax Articles

[Solved] Issues in Applying Provisions of Section 43B of the Income Tax Act

Safder Alam 02 November 2020 at 10:02

FM has extended the last date for filing Tax Audit Report and Transfer Pricing report to 31st Dec 2020. Various issues in applying provisions of Section 43B have been resolved in this article.

Income Tax deduction for medical treatment U/s Section 80DDB

Pranab Banerjee 02 November 2020 at 10:02

U/s 80DDB of the Income Tax Act, taxpayers can claim a deduction for medical treatment of certain specified ailments for self or dependent. Know everything about the section in this article.

Introduction to US Tax Returns

Heer Gajjar 31 October 2020 at 17:43

The US Tax returns are broadly classified into 7 main categories. The types of tax returns, description, and their due dates are described in this article.

Processing of Income Tax Return by CPC Bangalore

CA Mehul Thakker 31 October 2020 at 10:46

Where a return has been filed u/s 139, or in response to a notice u/s 142(1), such return shall be processed by the CPC. The manner of such processing is discussed in this article.

TCS u/s 206C (1H) - New inclusions in the applicability of TCS

Kartik Jain 29 October 2020 at 13:19

All about TCS on sale of Goods [newly inserted Section 206C(1H)] effective from 01.10.2020 - New inclusions in the applicability of TCS.

[Solved] Practical Issues in Implementation of Section 50C of the Income Tax Act

Amit Rai 28 October 2020 at 11:06

Section 50C is applicable only to land or building or both. Some practical aspects with regard to the implementation of provisions of section 50C are solved here.

Extend Tax Audit, Transfer Price Audit and Income Tax Return due date for AY 2020-21

Aishna Kukreja 23 October 2020 at 12:33

Several organizations have come together to collectively request the FM Smt. Nirmala Sitharaman for an extension in the due date for filing of Tax Audit Report, Transfer Price Audit Report, and Income Tax Return for AY 2020-21.

Securities Transaction Tax - An Overview

Ayisha Anis 23 October 2020 at 10:11

STT is a tax levied on the purchase and sale of securities listed on stock exchanges in India. Amidst the COVID-19 pandemic, the interest rate for delayed payments of STT made between 20.03.20 and 30.06.20 has been reduced to 9% per annum.

LTC Cash Voucher Scheme - Should you Opt for it?

Puneet Taneja 21 October 2020 at 15:03

An employee is eligible for LTC and leave encashment of 10 days for travel to home town or any other destination twice in a block of four years. The cost of the ticket is exempt whereas the leave encashment is taxable.

Benefits under the Income Tax Act for creation of employment

Ajay Kumar Maggidi 19 October 2020 at 15:05

A taxpayer is eligible for deduction up to 30% of Additional Employee Cost for three consecutive assessment years, starting from the relevant previous year in which a new employee was employed.