Income Tax Articles

Key changes in ITR Forms for AY 2021-22 - Part 4: ITR 6

Posted by Neethi V. Kannanth 13 October 2021 5416 Views

Option of Filing ITR in response to notice u/s 153A and 153C is removed from ITR as the requirement to file ITR under these sections is omitted. Dividend will now be taxable from Rs.1/‐ as section 115BBDA is omitted.

Overview of Form 35 for CIT(A) - Rule 45 of the Income Tax Rules

Posted by Sahil Dhingra 11 October 2021 8893 Views

The Provisions relating to the form of appeal to Commissioner (Appeals) are contained under Rule 45 of the Income Tax Rules. As per the said rule 45, an appeal to the Commissioner of Income Tax (Appeals) needs to be made in Form No. 35.

Side Effects of poor functioning of New Income Tax Portal

Posted by CA Umesh Sharma 08 October 2021 12111 Views

Due to technical glitches on the new Income Tax portal, taxpayers have failed to file Income Tax Return, Audit Report and there is a delay in submission of Financials in the bank for loan purposes.

Sukanya Samriddhi Yojana Scheme and its Tax Benefits

Posted by Taxblock 08 October 2021 3524 Views

Investments made under Sukanya Samriddhi Yojana Scheme are eligible for deduction under Section 80C. The interest accrued on the investment is also eligible for tax exemption.

Understanding Loans, Types of Loans For Individuals & Businesses and Tax Benefits around Them

Posted by Taxblock 08 October 2021 2945 Views

Business loan interest is eligible for exemption, however, the principal amount of the loan is not provided with any tax benefit. The interest is usually deducted from gross income.

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.