Income Tax Articles

How to choose a better health insurance policy?

Yash Porwal 09 July 2020 at 17:32

Floater Plan gives one coverage amount for the whole family whereas in Individual Plan every person will get his own coverage amount.

Expenditure on scientific research and its treatment under income tax act, 1961

FCS Deepak Pratap Singh 09 July 2020 at 09:59

Scientific Researches play important role in development of any country. The industrial houses are encouraged to establish their own research house or to donate in various Universities, IITs and other education institutions.

Section 194K- TDS on Income from Mutual Funds

Manzil Arora 08 July 2020 at 14:43

TDS of 10% will be applicable only on dividend income earned by investors in mutual funds and capital gain on sale of mutual funds is not covered in this section

Statement of Financial Transaction or Reportable Account- Sec 285BA of IT Act

CA Santhosh Gupta Kethepalli 07 July 2020 at 17:50

Obligation to furnish statement of financial transaction or reportable account {Sec - 285BA, Income-tax Act, 1961

Amendments with respect to Section 56(2)(x) and 50CA

CMA Damini Agarwal 07 July 2020 at 10:08

The Central Board of Direct Taxes (CBDT) has further amended Income Tax Rules, 1962, under vide Notification No. 40/2020 dated 29th June, 2020. The Provision of Section 56(2)(x) of Income Tax Rules states certain class of assesses to whom the provision does not apply.

Exemptions prescribed for taxpayers opting for New Tax Regime- Section 10(14)

CA Hetal Thakkar 07 July 2020 at 09:35

The taxpayers opting to be governed under the new tax regime have to forego various deductions and exemptions, unless specifically provided.

TDS under section 194N - Latest changes

Ramachandra 06 July 2020 at 12:48

The Govt.of India through Finance (No 2) Act 2019 had introduced a new section 194N in the Income Tax Act 1961, to provide for levy of Tax Deduction at Source (TDS) @ 2% on Cash payments in excess of One Crore Rupees

Equalisation Levy in Income Tax Act, 1961

CA Santhosh Gupta Kethepalli 06 July 2020 at 11:47

Transformation by CBDT from Taxing Business Income to Business Transactions

Some facts related to "Equalisation Levy"

FCS Deepak Pratap Singh 06 July 2020 at 09:11

CBDT has issued a notification dated 27th May 2016 stating that provision of chapter VIII relating to equalization levy would come into effect from 01st June 2016.

Income from house Property: A Notional Head of Income

CA Mehul Thakker 06 July 2020 at 09:11

Annual value of house property shall be assessed under this head even if assessee is not in receipt of actual rent income. And such annual value shall be determined in accordance with section 23 of the Act.