Income Tax Articles

Section 115BBE- Bleak line between Righteousness and Injustice

Posted by CA.R.S.KALRA 02 December 2020 5736 Views

The provisions of sec 115 BBE of the Act are draconian at first glance and can give nightmares to the assessee. This section erodes the faith of the taxpayer in the IT Law since it is being applied retrospectively from April 2016.

When will CPC start to process Income Tax Returns for FY 19-20 / AY 20-21 and give Refund? Here is the answer

Posted by Soumya Laha 02 December 2020 22801 Views

CPC has started to process Income Tax Returns from 23rd November 2020. So, if you filed and verified your ITR successfully, your ITR will be processed soon.

Due Date Compliance Calendar - December 2020

Posted by Aishna Kukreja 01 December 2020 13064 Views

It is important to plan your month so that you don’t miss any due dates. In this article, we discuss all the due dates under all the acts that lie in the month of December 2020.

An analysis on Equalisation Levy

Posted by Shweta 30 November 2020 4314 Views

The Finance Act 2020 has expanded the scope of equalization levy by introducing Section 165A. Through this, the levy has been extended to non-resident ECO supplying goods and services online.

Taxability of Gifts - Some Interesting Issues

Posted by CA.R.S.KALRA 28 November 2020 17405 Views

The Gift Tax was reintroduced in a new form to fill up the vacuum created by the abolition of the Gift tax Act, 1958, and the provisions were included in the Income-Tax law w.e.f. 01.04.2005.

Concept of Deemed Speculation under Income Tax Act, 1961

Posted by CA Mehul Thakker 28 November 2020 5653 Views

Speculative transaction means a transaction involving a contract for the purchase and sale of commodities, which is periodically or ultimately settled other than by actual delivery or transfer.

Cashless Transactions - Evolution, Advantages, Impact and Measures by the Government

Posted by CA.R.S.KALRA 26 November 2020 5762 Views

Cash to the economy is like what blood is to the human body. The government can introduce various ways to restrict its usage, but it cannot pull it out of the system.

Sec 194-O: TDS by e-Commerce operator

Posted by CA S K MISHRA 25 November 2020 11924 Views

U/s 194-O w.e.f from 1st Oct 2020, an e-Commerce operator is required to deduct TDS for facilitating any sale of goods or providing services through an e-Commerce participant,

Income Tax Search and Seizure Assessments - No universal application of the "extrapolation technique" in Search Assessments

Posted by CA.Mohit Gupta 25 November 2020 1839 Views

In this article, we discuss the extrapolation technique in the Income Tax Search and Seizure Assessments and how there is no universal application regarding it....

Amendments made by Finance Act 2020 relating to Trusts

Posted by CA Santhosh Gupta Kethepalli 24 November 2020 8422 Views

Finance Act, 2020 has made changes with respect to the provisions related to Trusts and NGOs claiming exemption u/s 11 or u/s 12 of the Income Tax Act, 1961. Let us understand those changes.