Income Tax Articles

Can Taxpayers claim the credit by filing TRAN-1 or not?

Tanya gupta 28 May 2020 at 12:55

Though the govt had made retrospective amendment in law but it will not be at par with the legal rights of the tax payer. The government had to inserted sub rule 1A under rule 117 owing to the technical difficulties on common portal faced by the taxpayers. Had it not been an issue, no need would have aroused for extending the due date.

What Taxes shall you pay for the Financial Year 2019-2020?

CA (CS) Ujjwal Jindal 27 May 2020 at 11:31

We have all been so caught up with the multiple announcements coming from the government that we have almost forgotten how the Finance Act 2019 changed the tax payments for the FY 2019-20. Here are the taxes that you shall pay in the FY 2019-20

Trusts having mixed activities eligible for exemption under Sec 11 and 12?

CA Shubham gupta 27 May 2020 at 10:08

In such case the cancellation of registration of trust under section 12AA by the Commissioner of Income tax is not required and even if commissioner of income tax has not cancelled the registration under section 12AA for such previous year, exemption under sec 11 & 12 shall not be allowed.

All about Capital Gain Account Scheme 1988

CA ROHIT TIWARI 27 May 2020 at 10:08

he Capital Gain Account Scheme (CGAS) was introduced in 1988 by the central government. The CGAS Scheme has total 13 rules which deals with various issues involved in deposit of unutilized amount under capital gain account.

How are Dividends Taxed?

Deepesh Jagwani 25 May 2020 at 10:10

Finance Act 2020 abolishe dividend distribution to tax shifts the burden of tax on dividend over the shareholders. Finance Act proposes for moving towards classical system of taxing dividends in the hands of shareholders/unitholders. The dividend is income in the hands of shareholders and not a company. Therefore, the incidence of tax should fall on the shareholders.

Purchasing property- Nightmare in India

Galactic Advisors 25 May 2020 at 10:08

Purchasing property- Nightmare in India

Planning to Return to India for good? Useful checklist

Galactic Advisors 23 May 2020 at 10:10

Many taxpayers had questions about the implications of Returning to India and how to streamline their compliance. We've created a checklist of items for Returning Indians to make life easier

Changes in taxation amid Covid 19

Anirban Sinha 22 May 2020 at 11:43

The FM lately announced some changes in Direct Tax in the wake of COVID-19. The TDS and TCS rates were reduced by 25%. Various relaxations were also given in GST and Customs some time back.

Amended TDS Regime for FY 2020-21

Taxolawgy 22 May 2020 at 11:43

TDS is Tax Deducted at Source. It is an indirect way for India's government to raise income tax at source. Union Finance Bill 2020 was presented by India's Finance Minister Nirmala Sitharaman which introduced various amendments for various income tax and the new tax regime for FY 2020-21.

Analysis of Direct Tax changes introduced by the FM -CCI Talk

CCI Team 21 May 2020 at 11:20

The Finance Minister recently announced various changes to Direct Tax while giving the details of the Economic Package. Various relaxations were given to the taxpayers in the form of extension of the statutory due dates, and reduction in the TDS and TCS rates. After the relaxations were announced by the FM people had several questions about the implications of such changes