Income Tax Articles

Checklist and procedure for registration u/s 12A and 80G of Income Tax Act

Sandeep Rawat 05 May 2020 at 10:04

Section 10(23C) exempts income received by any person on behalf of the university, or other educational institution or any hospital. Section 11 provides an exemption in respect of income derived from property held under trust wholly for charitable or religious purposes.The prior requirement for getting registration under section 80G is obtaining registration under Section 12A

Changes in NGO registration under Income Tax

Sandeep Rawat 05 May 2020 at 10:04

It may be mentioned that certain provisions of the Act provide that an exempt entity may accept donations or certain sum for utilisation towards their objects or activities in respect of which the payer, being the donor, gets deduction in computation of his income.

Dividends: No longer tax exempt?

CA (CS) Ujjwal Jindal 04 May 2020 at 10:46

In India, there are numerous instruments available for an investor wherein he can park his fund and reap a bonus/reward. Depending on the type of instrument, this bonus/reward has been named differently. When the investment instrument is debt, the bonus/reward is termed as interest and when it is equity, it is referred to as dividend.

TDS on processing fee

Ranveer Sahay 02 May 2020 at 10:06

Whether TDS is leviable u/s 194J or 194A of Income Tax Act 1961 on processing fees charged by NBFCs?

How to Simplify Your Income Tax Return Filing Experience

Biswajit Mishra 30 April 2020 at 10:21

Many individuals procrastinate when it comes to filing their income tax returns, especially those who are filing their tax returns for the first time. All individual taxpayers having a total income of more than Rs. 2.5 lakh are required to file the income tax returns on or before the due date.

TDS Rate Chart for FY 2021-22

Aishna Kukreja 29 April 2020 at 18:18

The TDS rate Chart for FY 2020-21 and AY 2021-22. The TDS rate chart has been updated with all the latest amendments as per the Finance Act 2020.

Clarification on short deduction of TDS due to increase in surcharge rates in Finance Act 2020

SAGAR MALHOTRA 29 April 2020 at 11:00

Every individual taxpayer is required to compute its tax liability for the AY 2020-21 after taking into consideration the new rates. Further, the deductor or collector was also required to deduct TDS or collect TCS after considering the new rates.

How rebate u/s 87A has diluted the principle of Income Tax?

P.Jagadeeswaran 29 April 2020 at 10:56

Considering the canon of ability to pay tax, the income tax slabs have been introduced and it's been amended from time to time based on the exigency without affecting the canon behind the act. As such, I am not in line with a provision, section 87A of IT act, which gives rebate on Income Tax liability before adding up the cess on IT.

TDS on Salary for F.Y.2020-21

CA Umesh Sharma 28 April 2020 at 10:32

As per the official notification of the CBDT it is mandatory for an employee to intimate his employee if he is opting for the concessional tax rates under the new tax regime for the purpose of TDS deduction on salary.