Income Tax Articles
Retrospective Taxation in India
On 5th August 2021, The Taxation Laws (Amendment) Bill, 2021 proposed to remove the provisions of retrospective effect of tax completely. This step had resolved the problem of 17 industries.
DSC Requirement removed by CBDT for e-filings
The amended Rules mandate that electronic records submitted through the registered account of the taxpayers in the Income Tax Department’s portal shall be deemed to have been authenticated by the taxpayer by EVC.
Understanding the Taxability of ESOP Gains
ESOPs can be issued to permanent employees of parent or subsidiary company working in India or outside India and directors of the company including whole time or part time director but not including independent director.
Trust under Indian trust Act, 1882
A trust is a relationship in which a person or entity is bound by a fiduciary relationship to exercise that legal rights over the trust property for the benefits of any one or more individuals known as beneficiaries.
TDS and TCS on Purchase of Goods Under Income Tax
The tax deducted under section 194Q shall be applicable on businesses whose gross receipts, turnover, or total sales exceed 10 crores in the Assessment Year 2020-21.
What is Foreign Account Tax Compliance Act and CRS
The foreign account compliance tax account is the tax mechanism that compels U.S. citizens at home or abroad to disclose all their foreign account holdings while filing their annual reports.
Invocation of Section 68 if Assessee Is Opting For Presumptive Taxation
Since section 44AD does not obligate the assessee to maintain books, provisions of section 68 cannot be invoked where the assessee has filed an ITR under section 44AD without maintaining books of accounts.
ITR and Audit Reports Due Date Further Extended on 9th September by CBDT
CBDT has considered representation w.r.t. difficulties reported by the taxpayers and other stakeholders in the filing of ITR and various reports of audit for the AY 2021-22 under the Income-tax Act, 1961.
Liability Of Individual / HUF To Deduct Tax At Source - Section 194M
An individual or HUF paying commission, brokerage, contractual fees or professional fees is required to deduct tax at source from the amount paid or to be paid.
Detailed Discussion on Advance Tax
Advance Tax is applicable to every taxpayer except to a senior citizen who is of more than 60 years of age, an individual resident of India, and who does not hold any income under the head Business or Profession.
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