Income Tax Articles

Key amendments in TDS & TCS provisions

CA ANILKUMAR B.COM FCA DISA 01 April 2020 at 10:53

TDS and TCS are one of the modes of recovery of income tax in the previous year itself. Amendments were introduced in TDS and TCS provisions in Budget 2020. Know hey amendments in TDS and TCS provisions.

Section 80-IAC Tax Exemption for Startups Entity & Angel Tax Exemption

Ashwin Jain 01 April 2020 at 10:35

Tax Exemption for Startups Entity under section 80-IAC & Angel Tax Exemption(After Union Budget 2020)Startup India is a flagship initiative of the Governmen

Best judgement assessment under the income tax act, 1961

FCS Deepak Pratap Singh 31 March 2020 at 10:46

As per Best judgment assessment under the income tax act, 1961 the AO, after taking into account all relevant material which he has gathered, is under an obligation to make an assessment of the total income or loss to the best of his judgment and determines the tax payable by the assessee.

Trusts and NGO's: 5 Important Direct Tax changes w.e.f. FY 2020-21 onwards

Pranjal Joshi 26 March 2020 at 10:02

The Income Tax Act, 1961 contains various provisions with respect to the Trust and NGOs. Here are the five key changes that will take effect from FY 2020-21 for Trust and NGOs.

Key Relief Measures announced by FM of India: COVID-19

CA Nikhil Jhanwar 26 March 2020 at 10:02

The FM has announced some measures for the taxpayers and the tax practitioners of the nation amidst the COVID-19 Outbreak. Read the key relief measures announced by the FM.

Meaning of Relative as per Income Tax Act 1961

Aishna Kukreja 25 March 2020 at 10:19

Meaning of Relative as per Income Tax Act 1961. Section 2(41)of the Income Tax Act 1961 defines the meaning of relative. The meaning of relative is further explained in Section 56(2)(vii).

Section 115BAB: An Analysis

Mikdad Merchant 24 March 2020 at 10:38

Income Tax Amendment Ordinance 2019 had inserted a new section 115BAB in the Income Tax Act 1961 to provide for the concessional rate of tax for new manufacturing companies. This article is guidance for anyone looking to take benefit of the new section and are in the process of setting up a new manufacturing unit.