Income Tax Articles

Search and Seizure under Income Tax

CA.Mohit Gupta 13 August 2020 at 09:47

Whether an Income Tax survey proceedings u/s 133A of the Income Tax Act’1961 can be converted into an Income Tax Search and Seizure action u/s 132 of the Income Tax Act ‘1961

Compilation of Notifications & Circulars issued by CBDT in the month of July 2020

SAGAR MALHOTRA 12 August 2020 at 12:35

An analysis of the latest notifications and circulars issued by CBDT in the month of July.

FAQs on Reporting Portal

Manzil Arora 12 August 2020 at 12:33

The Reporting Portal is an online platform provided by the Income Tax Department to reporting entities for the purpose of registering themselves with the department (ITD) and thus allowing them to submit the required statements to be submitted on the portal

Cost Inflation Index for FY 2024-25

Ritika Agarwal 12 August 2020 at 11:19

Cost Inflation Index (CII) is a metric used in India. CII for FY 2023-2024 is 348. Check out the year-wise CII from 2001-02.

Treatment of conversion of a capital asset as stock-in-trade| Section 45(2)

CA Santhosh Gupta Kethepalli 12 August 2020 at 09:29

What is the treatment of conversion or treatment of a capital asset as stock-in-trade?

Section 115BAC- Should you go for the new tax regime?

Shivangi Agrawal 11 August 2020 at 09:57

From FY 2020-21, you can choose to pay income tax under an optional new tax regime. The new tax regime is available for individuals and HUFs. “Lower tax rates but no deductions/exemptions” is the key feature

Vivad se Vishwas: Settlement of Disputes under Income Tax Laws

Karan Khanchandani 11 August 2020 at 09:47

Recently, measures have been taken by the government to reduce and settle the pending income tax litigations by introduction of Vivad se Vishwas scheme through budget announcement, notifying it as an Act on 17th March, 2020

International Taxation: Decoding DTAA & Foreign Tax Credit

Karan Khanchandani 10 August 2020 at 10:12

When the same income is taxed more than once, it creates double taxation. This may be due to when a person is taxed in more than one country for the same income which he had earned, leads to double taxation

Belated Filing Of Income Tax Return For Financial Year 2018-19

CA Rahul Mittal 10 August 2020 at 10:11

As per section 139(4) of Income Tax Act, a belated return can be filed before the expiry of one year from the end of relevant assessment year or before the completion of assessment whichever is earlier.

Concept of "Deemed Owner" under the Income Tax Act,1961

CA Mehul Thakker 08 August 2020 at 10:41

The head "Income from house property" is one of the significant heads of income while determining the total income of a taxpayer. This head is a notional head of income.