Income Tax Articles

Revised TDS/TCS Rate Chart from 14.05.2020 to 31.03.2021

Ashwin Jain 14 May 2020 at 09:45

The TDS and TCS rates have been reduced by 25% of the existing rates. The revised TDS rates will be effective from the period 14/05/2020 to 31/03/2021.

Changes in TDS rates as per Finance Act 2020

Parth Shah 13 May 2020 at 10:15

TDS/TCS Rates for FY 2020-21 were revised in the Finance Act 2020. The Finance Act 2020 gave effect to the Budget 2020 changes in existing TDS/TCS Rates or addendum new TDS/TCS Rates, A.Y 2021-22

Draft Format of Engagement letter & Management representation on Tax Audit

Gaurav Singla 13 May 2020 at 10:15

The purpose of the Management Representation Letter on various matters is to focus the management's attention on those matters so that the management can specifically address those matters in more detail than would otherwise be the case.

Overview of International Business

CA Muskan Jain 12 May 2020 at 14:13

In this article, I have given the overview of International Business, its drivers, its benefits and difference between Domestic & International Business and I hope that this article will help you to understand the basics of International Taxation.

Tax Audit under Income Tax Act after the amendments by Finance Act 2020

CA Rakesh Negi 12 May 2020 at 11:05

Section 44AB, contains provisions of the "TAX AUDIT" under the Income Tax Act 1961. "TAX AUDIT" is an examination of books of accounts of the assessee. The examination is conducted to ensure that the assessee has properly maintained the books of accounts and other records and the tax liability has been computed properly.

Thumb Rule of Personal Financial Planning

CA Brijmohan Lavaniya 12 May 2020 at 09:28

Personal Financial Planning is very crucial for your Financial well being. Here are 21 thumb rules of Personal Financial Planning.

Why HUF may not be effective tool for tax planning

CA Brijmohan Lavaniya 12 May 2020 at 09:28

The main reason for creating a Hindu undivided family is that the family gets an extra PAN card & file its separate return by splitting family income and thereby resulting in tax saving & reducing the tax liability. This is why CA's advise their clients to create a HUF & save the taxes. However, it is not a very effective way to save taxes.

10 Reasons Why an Income Tax Notice maybe issued to you!

Mayank Goyal 11 May 2020 at 10:56

Worry is a side-effect of an Income Tax notice being issued in your name but just a notice doesn't conclude anything. One may get the notice due to multiple reasons which could include not filing the return on a timely basis, calculation errors, improper reporting of income (not concealment) or even claiming excessive losses.

Monetization and Transferability of Business Losses: The Next Indian Business Revolution

CA SANKET GARG 11 May 2020 at 10:56

The world is on the brink of moving at exponential speed towards Fourth Industrial Revolution.

How to check the authenticity of a notice from Income Tax Department?

Mayank Goyal 11 May 2020 at 10:55

If you have received any Income Tax notice, please make sure it carries a document number as now every notice/document/communication issued by the Income Tax Department shall carry a document number. To avoid any miscommunications, it is better to check for its integrity.