Income Tax Articles
Applicability of Rate of Interest where interest rates have changed before tax/duty payment
Taxpayers have to pay tax on or before the prescribed due date and if tax is being paid after the due date, interest at the rates prescribed under the erstwhile Act shall be levied.
Section 206AB and 206CCA - Special Provision for Deduction/Collection of TDS/TCS for non-filers of ITR
The new sections 206AB and 206CCA are inserted via Finance Act, 2021 which provides for a higher rate of TDS/TCS to be applied if the transactions are done with the non-filers of the Income Tax Return.
All about Annual Information System
The new AIS is related to interest, dividends, securities, transactions, mutual fund transactions, foreign remittance information. The information is processed to eradicate duplicity of information.
Post Income Tax Search and Seizure findings of incriminating material and undisclosed income
A vital question arises at this juncture and is also a matter of prolonged litigation as to whether the reasons to believe can come into existence after the issuance of a warrant of authorization.
Whether depreciation on acquired goodwill allowable under provisions of Income Tax Act 1961
As per Section 32(1)(ii), depreciation is allowable in respect of know-how, patent, copyrights, trademarks, licenses, franchises or any other business or commercial rights of similar nature.
Section 194Q - Tax Deduction on the Purchase of Goods
Deduction of tax at source on payment of certain sum for purchase of goods
What is new Annual Information Statement (AIS) & Taxpayer Information Summary (TIS) ?
On 1st Nov 2021 Income Tax Department has announced rollout of a new statement - AIS (Annual Information Statement). This (AIS) will give you all details (well almost all!) about YOUR financial transactions during the year.
Benefits of Filing Income Tax Return on time
Filing of tax return within the due date is mandatory to claim specified losses for an individual taxpayer, such as losses from capital gains, business, or profession, etc.
Self Assessment under Sec 140A of the Income Tax Act, 1961
Tax calculated under self assessment is required to be deposited by the assessee before submitting an ITR. The tax so paid shall be adjusted towards the tax liability as ascertained on regular assessment.
Interesting Issues in the Presumptive Taxation Scheme - Part VII
A firm having zero income is not liable for tax audit under section 44AB. It does not make any difference that the loss is after deducting the salary and interest to partners.
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