Income Tax Articles
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.
Whether Grant By Holding Company To Its Subsidiary Treated As Revenue Receipt
The Appellate Tribunal held that the grant received was not taxable as revenue receipt since the said grant was given to recoup the losses incurred by the assessee and was hence, in the nature of capital contribution.
Whether Fluctuations In Foreign Exchange Considered As Capital Receipt
In respect of income chargeable under Section 4(1), Income Tax shall be deducted at the source or paid in advance, where it is so deductible or payable under any provision of this Act.
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