Income Tax Articles

Extend Tax Audit, Transfer Price Audit and Income Tax Return due date for AY 2020-21

Posted by Aishna Kukreja 23 October 2020 31849 Views

Several organizations have come together to collectively request the FM Smt. Nirmala Sitharaman for an extension in the due date for filing of Tax Audit Report, Transfer Price Audit Report, and Income Tax Return for AY 2020-21.

Securities Transaction Tax - An Overview

Posted by Ayisha Anis 23 October 2020 10494 Views

STT is a tax levied on the purchase and sale of securities listed on stock exchanges in India. Amidst the COVID-19 pandemic, the interest rate for delayed payments of STT made between 20.03.20 and 30.06.20 has been reduced to 9% per annum.

LTC Cash Voucher Scheme - Should you Opt for it?

Posted by Puneet Taneja 21 October 2020 8117 Views

An employee is eligible for LTC and leave encashment of 10 days for travel to home town or any other destination twice in a block of four years. The cost of the ticket is exempt whereas the leave encashment is taxable.

Benefits under the Income Tax Act for creation of employment

Posted by Ajay Kumar Maggidi 19 October 2020 4425 Views

A taxpayer is eligible for deduction up to 30% of Additional Employee Cost for three consecutive assessment years, starting from the relevant previous year in which a new employee was employed.

Due date for filing of Tax Audit Report & ITR for AY 2020-21 - To extend or not to extend?

Posted by Aishna Kukreja 16 October 2020 48301 Views

The cases of COVID-19 are increasing every day. Amidst this, should the government extend the due date for the filing of the Tax Audit Report and ITR for AY 2020-21?

Section 80JJAA: Deduction in respect of employment of new employees

Posted by CA Santhosh Gupta Kethepalli 14 October 2020 17243 Views

In order to promote Employee generation, deduction under this section is given to all Assesses, whose books of accounts are required to get audited u/s.44AB. Know more about the section here.

Practical Case Studies on Tax Payable under the Vivad se Vishwas Scheme, 2020

Posted by Mayank Mohanka 13 October 2020 9390 Views

The due date of making payment of disputed tax was extended to 31.12.2020. Let us discuss the practical Case Studies on Tax Payable under the Vivad se Vishwas Scheme, 2020.

Section 194O: TDS on Payments made to E-Commerce Participants

Posted by CA Piyush Agarwal 13 October 2020 9746 Views

According to Section 194O, an e-Commerce operator is required to deduct TDS for facilitating any sale of goods or providing services through an e-Commerce participant. Know more about the section here.

Practicing as a Chartered Accountant under the Faceless Income Tax Era

Posted by Dilip K Raina 12 October 2020 14979 Views

In this article, we understand why e-faceless assessment is different from the earlier face to face assessment and why we need to fill gaps existing in our offices, if any, to face future challenges.