Income Tax Articles

Income Tax planning for school

Sandeep Rawat 16 July 2020 at 09:54

Income received by any university or educational institution existing solely for educational purposes and not for purposes of profit, and which is wholly or substantially financed by the Government is fully exempt from tax

Which ITR form to be filed by Individuals to file their taxes?

Ajay Kumar Maggidi 14 July 2020 at 10:55

Income Tax Return (ITR) is a declaration of incomes and taxes thereon by tax payers. It is required to be filed in each assessment year for the incomes in earned in previous year. You had earned incomes and paid taxes (TDS/Advance tax) in previous year.

Professional Tax in India

Manzil Arora 13 July 2020 at 16:18

Professional tax is an indirect tax imposed by the state governments in India. A person earning an income from salary, trades, callings, or practicing a profession are required to pay this tax.

Change in TDS on cash withdrawal from 1st July 2020!

CA Umesh Sharma 13 July 2020 at 14:43

Change in TDS on cash withdrawal from 1st July 2020!

Impact of MLI on Indian Tax Treaties

CMA Damini Agarwal 13 July 2020 at 09:34

Multilateral Instruments (MLI) is indeed the talk of the town in the world of International Taxation. Under the OECD*/G20 inclusive framework on Base Erosion and Profit Shifting (BEPS), more than 125 countries are collaborating to put an end to tax avoidance strategies that exploit the gap and mismatches in tax rules to avoid paying taxes.

Reduced Rate of Income Tax for Domestic Companies - Section 115BAA

CA Alexandar Gazi 13 July 2020 at 09:34

Every domestic company can optionally choose to pay income tax @22% on its total income for any previous year relevant to the assessment year beginning on or after 01.04.2020

Expenditure related to exempt income

FCS Deepak Pratap Singh 13 July 2020 at 09:33

An assessee is not required to pay any tax on exempt incomes and hence any expenditure incurred for earning these types of income should not be allowed to be deducted from taxable profit of an assessee.

Tax Saving Investment Options & Deductions under Income Tax for Individual and HUF

CA Rahul Mittal 11 July 2020 at 10:47

To claim a deduction in any year, it is necessary to invest in that year. Due to COVID Pandemic, Govt. has extended the date to 31.07.2020 for the financial year 2019-2020 to make an investment for deduction under chapter VI-A and section 54 to section 54GB.

Which ITR to file? Know the Correct Income Tax Form

CA Shubhi Khandelwal 10 July 2020 at 16:13

Depending on the type of income, the category the taxpayer falls under (Individual, HUF, Company etc.), and the income that the taxpayer makes, there are different types of Income Tax Returns (ITR) Forms which needs to be filed.

TCS on sale of goods- Section 206C(1H)

CA Alexandar Gazi 10 July 2020 at 09:44

Every seller of goods shall collect TCS @0.1% from buyer. Where buyer can’t provide PAN or Aadhaar Number to the seller TCS shall be collected @1% instead of 0.1%.