Income Tax Articles

All about Thin Capitalisation

CA. Sahil Mehta 07 September 2020 at 09:53

Thin capitalisation refers to the situation in which the portion of the debt is heavier than the equity. They are sometimes referred to as highly leveraged or highly geared companies.

Allotment of Instant PAN Through Aadhaar Based e-KYC

Subodh Jain 06 September 2020 at 11:13

This facility is for allotment of Instant PAN (on a near-real-time basis) for those applicants who possess a valid Aadhaar number. PAN is issued in PDF format to applicants, which is free of cost.

Taxability of Business Perquisites under Income Tax Act

CA Mehul Thakker 05 September 2020 at 09:54

Any benefit or perquisite arising from exercise of business or profession shall be taxed under the head “Profits and Gains from Business or Profession”(PGBP).

Overview of Section 194N of Income tax Act

CMA Ramesh Krishnan 04 September 2020 at 10:35

The Finance Act, 2020, amended section194N with an intention of curb black money and to track people having huge cash withdrawal from bank and who haven't filed their return of income as per the requirement under income tax act.

Major Impacts in Income Tax Faceless Assessment Scheme

CA Umesh Sharma 31 August 2020 at 17:29

PM's "Transparent Taxation- Honouring the Honest" program has introduced us with the Faceless Assessment Scheme. How would be the functioning of such a Faceless Assessment Scheme?

What is IEC Code? How to apply for IEC Code?

Manzil Arora 29 August 2020 at 15:10

IEC Code contains a 10 digit number issued by the DGFT, Department of Commerce and Government of India. IEC Code is the same as the PAN of the firm.

All about Equalisation Levy

Manish Shashikant Savalkar 29 August 2020 at 11:22

Equalisation Levy was introduced in India in 2016 via Chapter VIII of the Finance Act 2016, with the intention of taxing the digital transactions i.e. the income accruing to foreign e-commerce companies from India.

Deduction in respect of Interest on Loan Taken for Acquisition of Residential House Property

CA Santhosh Gupta Kethepalli 27 August 2020 at 10:01

The maximum deduction allowable is ₹150000/-. The deduction of up to ₹150000/- under section 80EEA is over and above the deduction available under section 24(b) in

Tax On Income Distributed By Way Of Buy-Back Of Shares By Unlisted Companies- Anti Abuse Provision

FCS Deepak Pratap Singh 27 August 2020 at 10:01

Buy-back of share is one of those activities through which companies distributing the surplus to their shareholders, without payment of taxes. Initial stage provisions of Section 115QA are applicable to unlisted companies, but after July 5, 2019, it became applicable to listed companies also.

Filing ITR? Know best practices for your benefit!

CA Chanchal Jain 25 August 2020 at 11:02

So, pause! Before rushing towards filing ITR this year, follow a few more best practices that may save you time, benefit you over a number of years, and help you understand any new filing provisions. Note that this article assists those who already know at least a few aspects of filing ITR.