Income Tax Articles

Basic Questions on Computation of Income Tax

Posted by Subodh Jain 08 September 2020 10481 Views

The taxes on income can be finalized only on the completion of the previous year. However, to enable a regular flow of funds and for easing the process of collection of taxes, Income-tax Act has provisions for payment of taxes in advance during the year of earning itself or before completion of the previous year.

List of ITRs & Forms for e-Filing with Description

Posted by Subodh Jain 08 September 2020 18104 Views

List of ITRs & Forms for e-Filing with Description

Form-15G: Overview, Eligibility, and Format

Posted by Puneet Taneja 07 September 2020 12234 Views

It is a declaration form to be filled up by individuals less than 60 years of age and HUFs stating their income is less than the Exemption limit to ensure that no TDS is deducted from their interest income in a year.

All about Thin Capitalisation

Posted by CA. Sahil Mehta 07 September 2020 2389 Views

Thin capitalisation refers to the situation in which the portion of the debt is heavier than the equity. They are sometimes referred to as highly leveraged or highly geared companies.

Allotment of Instant PAN Through Aadhaar Based e-KYC

Posted by Subodh Jain 06 September 2020 3517 Views

This facility is for allotment of Instant PAN (on a near-real-time basis) for those applicants who possess a valid Aadhaar number. PAN is issued in PDF format to applicants, which is free of cost.

Taxability of Business Perquisites under Income Tax Act

Posted by CA Mehul Thakker 05 September 2020 14512 Views

Any benefit or perquisite arising from exercise of business or profession shall be taxed under the head “Profits and Gains from Business or Profession”(PGBP).

Overview of Section 194N of Income tax Act

Posted by CMA Ramesh Krishnan 04 September 2020 8983 Views

The Finance Act, 2020, amended section194N with an intention of curb black money and to track people having huge cash withdrawal from bank and who haven't filed their return of income as per the requirement under income tax act.

Major Impacts in Income Tax Faceless Assessment Scheme

Posted by CA Umesh Sharma 31 August 2020 9079 Views

PM's "Transparent Taxation- Honouring the Honest" program has introduced us with the Faceless Assessment Scheme. How would be the functioning of such a Faceless Assessment Scheme?

What is IEC Code? How to apply for IEC Code?

Posted by Manzil Arora 29 August 2020 24695 Views

IEC Code contains a 10 digit number issued by the DGFT, Department of Commerce and Government of India. IEC Code is the same as the PAN of the firm.

All about Equalisation Levy

Posted by Manish Shashikant Savalkar 29 August 2020 5042 Views

Equalisation Levy was introduced in India in 2016 via Chapter VIII of the Finance Act 2016, with the intention of taxing the digital transactions i.e. the income accruing to foreign e-commerce companies from India.