Income Tax Articles
Introduction of Alternate Taxation Scheme for Individuals and HUF w.e.f AY 2021-22
The new tax regime has reduced tax slabs for individual and HUF taxpayers with a condition to forgo certain tax deductions or exemptions. Let us discuss the new regime in this article.
Submission of Income Tax Returns through IT return Preparers
It is quite evident that India has one of the lowest numbers of ITR filers considering the large population of the country. In order to overcome this problem and make tax filing easier for Indians from all walks of life, a new scheme to facilitate submission of Income Tax Return through Tax Return Preparers has been inserted w.e.f. June 1, 2006.
Whether sum received from Subsidiary to the holding company in a scheme approved by High Court considered as Slump Sale
Whether any sum received from a subsidiary company by a holding company under scheme of arrangement sanctioned by High Court under provisions of Section 391 to 394 of the Companies Act, 2013 , be treated as 'Slump Sale' and liable to Capital Gain Tax?
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.
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