Income Tax Articles

Guidelines on TDS/TCS u/s 194O, 194Q & 206C

Posted by Shree 03 December 2021 15167 Views

The Finance Act, 2020 and the Finance Act, 2021 have inserted sections 194-O, 194Q, and 206C(1H) to the Income-tax Act for mandating deduction and collection of tax at source on certain transactions. The guideline on TDS/TCS under Section 194O, section 194Q & Section 206C is explained as under.

Sec 115BAC: New system for calculation of income tax liability of individual and HUF

Posted by CA Alexandar Gazi 02 December 2021 17289 Views

The Budget 2020 introduced section 115BAC in the Income Tax Act, 1961. The section is applicable for income earned for the periods starting from 01.04.2020 i.e. from the assessment year 2021-2022 this new system (optional) takes effect for the calculation of income tax liability of an individual and HUF.

Statutory Tax Compliance Calendar for the month of December, 2021

Posted by CA. Mohit Kumar 02 December 2021 6399 Views

This Article contains compliance requirements under various statutory Act for which the due date falls in the month of December, 2021. The due dates are very crucial for compliances of the statutory provision under various act in order to avoid penalty, interest or late fee

Short term capital loss

Posted by Taxblock 30 November 2021 4936 Views

When the amount received from the sale of capital asset is less than cost of acquisition plus expenses on transfer can be termed as capital losses. The loss can be earned from any of the Short-Term Capital loss or Long Term Capital loss depending upon the period of holding.

Automated Income Tax Arrears Relief Calculator u/s 89(1) with Form 10E for the FY 2021-22

Posted by Pranab Banerjee

30 November 2021 25529 Views

Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E for the F.Y.2021-22| a pay structure that can help you reduce your tax burden.

FAQs on Annual Information Statement (AIS)

Posted by Jatin Pal 29 November 2021 10547 Views

FAQ's on Annual Information Statement

Will profit on sale of a car used for personal purposes be taxable under the IT Act?

Posted by FCS Deepak Pratap Singh 29 November 2021 8499 Views

Whether the profit on sale of a car in personal use for 6 years be taxable under provisions of the Income Tax Act, 1961

What is tax planning and why it is so important for individuals or businesses

Posted by Taxblock 29 November 2021 2138 Views

Tax planning is a process of analyzing one's financial situation during the year and coming up with various exemptions and deductions that reduces tax liability in a legitimate manner.

Assessment of incriminating material found during Income Tax Search u/s 153A

Posted by CA.Mohit Gupta 28 November 2021 2111 Views

Section 153A provides the procedure for completion of assessment in case of a person where a search is initiated under Section 132 or books of account or other documents or any assets are requisitioned under Section 132A after 31st May, 2003 but on or before the 31st Day of March'2021.

Whether sum paid through MODVAT credit is not allowed as deduction u/s 43B

Posted by FCS Deepak Pratap Singh 27 November 2021 2563 Views

Section 43B(a), deduction is allowed on "any sum payable by the assessee by way of tax, duty, cess or fee." The scheme of s. 43B is to allow deduction when the sum is actually paid.