Income Tax Articles

What made #dateextendkarojhatpat trend on Twitter amidst the call for extending the Income Tax and GST Due Dates?

Posted by Aishna Kukreja 30 December 2020 33281 Views

Hashtags like #Extend_Due_date #Extend_Due_Date_Immediately #extendreturnfillingdates were trending on Twitter for a long time. However, there was something peculiar in the Twitter hashtag #dateextendkarojhatpat.

What is the Presumptive Taxation Scheme?

Posted by CA Pankaj Agarwal 30 December 2020 17324 Views

To give relief to small taxpayers from this tedious work, the Income-tax Act has framed the presumptive taxation scheme under sections 44AD, 44ADA, and 44AE.

Seven Reporting Clauses in Tax Audit Report causing Hardship to Tax Auditor & Auditee if the due date does not extend

Posted by Mayank Mohanka 30 December 2020 5559 Views

In this Taxalogue, I am discussing at least 7 Reporting Clauses in the Tax Audit Report (Annexure Form 3CD), which requires reporting by the Tax Auditor on certain specified compliances by the tax auditee up till the due date of filing of ITR u/s 139(1) of the Income Tax Act.

Equalisation Levy - Most Vital Concept in International Taxation

Posted by Venkat Raj 29 December 2020 2100 Views

This is perhaps the most vital concept in international taxation. Finance Act 2016 has brought a key change in the scope of international taxation. Finance act 2020 has further expanded the scope of equalisation levy.

Role of Dividend Tax in Achieving the Essence of the Budget

Posted by P.R. Sethuraman 28 December 2020 3712 Views

In this article, we discuss various changes that must be implemented in order to achieve the essence of the budget. One among them is the introduction of dividend Tax for the reasons mentioned in this article.

Points to be considered while doing Tax Audit in Tally Software

Posted by CA Kushwanth AVSR 28 December 2020 7765 Views

Among the softwares that are used for the preparation of books of accounts, Tally Software is widely used. In this article, we will discuss some important points that must be considered while doing a Tax Audit in the Tally Software.

CBIC appoints Jan 1, 2021, as date on which various sections of Finance Act, 2020 shall come into force

Posted by Bimal Jain 26 December 2020 3177 Views

The CBIC vide Notification No. 92/2020- Central Tax dated December 22, 2020, appointed January 1, 2021, as the date on which the following sections of the Finance Act, 2020 shall come into force.

International Taxation: Source Rule of Taxation

Posted by CA Mehul Thakker 26 December 2020 2700 Views

Section 9 of the Income Tax Act is a deeming fiction. This section provides that in certain situations, the income is deemed to accrue or arise in India despite fact that the actual place of accrual is outside India.

All About Provision of Section 56(2)(X) of Income Tax Act, 1961

Posted by Safder Alam 26 December 2020 11459 Views

Over a period of time, the Goi has time to time amended these provisions. Before 2017, Gift was taxable in hands of Individual, HUF, Firm and Closely held Company at tax is levied at the rates prescribed by Finance Act.