Income Tax Articles

Vlogging New Industries and Tax Applicability on Vlogging

Posted by Taxblock 08 October 2021 2648 Views

If you are pursuing YouTube as your full time profession, you will be taxed under Income from Business or Profession. If it’s a part time earning, the income will be taxable under Income from Other Sources.

Transfer of Immovable Properties on Sale Consideration less than Stamp Duty Valuation

Posted by FCS Deepak Pratap Singh 08 October 2021 3744 Views

Where the consideration for transfer of the asset is less than the stamp duty value, the value so adopted shall be deemed to be the full value of the consideration, for computing income under PGBP.

Investing abroad through mutual funds

Posted by Ritik Chopra 08 October 2021 5277 Views

Many of you might not know that you can actually invest in abroad companies through mutual funds. Funds of Funds, Feeder Fund, and Actively Managed Funds are the different channels to invest.

Whether non gratuitous payment to a shareholder by company is taxable as deemed dividend?

Posted by FCS Deepak Pratap Singh 07 October 2021 1281 Views

A gratuitous loan given by a company to a shareholder would come u/s 2(22)(e ) but not in case where the loan or advance is given in return to an advantage conferred by such a shareholder.

Section 194N: TDS on heavy cash withdrawal from Banks / Post Offices

Posted by Taxblock 07 October 2021 7053 Views

With the amendment in Finance Act, 2020 section 194N was amended by substituting 83A which imposes 2% TDS on withdrawal of sum exceeding Rs.1 crore. This section has come into effect from 1st July 2020.

Professional Tax in India

Posted by Manzil Arora 07 October 2021 8058 Views

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.

What is Income Escaping Assessment?

Posted by Varsha Nayyar 07 October 2021 5174 Views

In technical terms, the income which is not disclosed at the time of filing returns is referred to as the income escaping assessment. As such, a valid notice must be served before an assessment or reassessment.

Is Depreciation allowed when vehicle is not registered in the name of leasing company?

Posted by FCS Deepak Pratap Singh 07 October 2021 3601 Views

As per the Motor Vehicles Act, the registration of a leased motor vehicle should be in the name of the lessee. However, as per the Income Tax Act, the asset must be owned by the person claiming depreciation.

Income Tax Questions & Answers Series Part II: Section 50C

Posted by FCS Deepak Pratap Singh 07 October 2021 4839 Views

Section 50C was introduced vide Finance Act. 2002 w.e.f. 01.04.2003, and prescribes similar provisions in the case of transfer of land or building or both, held in the nature of ‘Capital Assets’.

Problems and Answers - Section 115QA & 115F of the Income Tax Act 1961

Posted by FCS Deepak Pratap Singh 07 October 2021 2639 Views

Section 115QA provides that a domestic company distributing its income through buy back of shares will have to pay income tax/distribution tax @20% (surcharge @12% and education chess @4%).