Income Tax Articles

Capital Gain Exemption u/s 54EC

Posted by Neethi V. Kannanth 06 April 2021 12887 Views

Section 54EC of the Income Tax Act,1961, provides for exemption from Capital Gains arising on transfer of a long term capital asset, being a land or building or both.

Do payments made to NRI computer software manufacturers/suppliers constitute as royalty?

Posted by Atishay Jain 05 April 2021 1382 Views

The controversy surrounding the taxation of payments for computer software in international transactions has been a subject matter of extensive litigation for over two decades in India.

JSON Utility for ITR1 & ITR 4 for AY 2021-22 released by CBDT

Posted by CA Sapna Ghelani 05 April 2021 7572 Views

The Central Board of Direct Taxes (CBDT) has introduced a new utility named JSON Utility for ITR - 1 and ITR - 4 for Assessment Year 2021-22 and have discontinued the Excel and Java Version of these ITR Utilities.

Section 198 and 145 - Deduction and Taxability of TDS

Posted by CA. Mohit chaturvedi 05 April 2021 12120 Views

Entire income shall be offered as income for taxation in the year of actual receipt u/s 145 and section 198 shall be treated as a section inserting deeming fiction to avoid ambiguity in the law.

Deduction for setting up industries in backward states u/s 80IC

Posted by Ritik Chopra 03 April 2021 11980 Views

Deduction u/s 80IC of the Income Tax Act has been provided by the government to set up industries in specified backward states and to provide a push to the economy.

TDS/TCS Rates w.e.f. 1st April 2021

Posted by Desh Raj 02 April 2021 54166 Views

The updated rates for Tax Deducted at Source and Tax Collected at Source which will be applicable from 1st April 2021 have been listed in this article.

How can NRIs transfer funds Overseas from India?

Posted by CA. Aditya Goel 02 April 2021 11306 Views

The NRI has to fill up and submit Form 15CA (Online Application Form) and Form 15CB (Chartered Accountant Certificate) to the bank branch to transfer money from India to a foreign country.

Deduction under Section 80DD & 80DDB

Posted by Ritik Chopra 01 April 2021 13705 Views

Discussing Deduction in respect of maintenance including medical treatment of dependent that is a person with disability [Section 80DD] and Deduction in respect of medical treatment, etc. (Section 80DDB).

IT Department sends partly faulty communication specifying High Value Information

Posted by CMA Navneet Kr Jain 30 March 2021 28766 Views

The income Tax department sends communications specifying High Value Information and seeks further information however communications seem to be partially faulty.

Section 80D of Income Tax Act

Posted by Ritik Chopra 30 March 2021 12549 Views

One of the most common expenditure of the general public is on medical/health insurance. Deduction regarding health insurance is allowed if health insurance premium is paid during the previous year out of income chargeable to tax and it is paid by any mode other than in cash.