Income Tax Articles
Section 115BAC of The Income Tax Act, 1961 | New Tax Regime vs. Old Tax Regime
The new tax regime is available for individuals and HUFs with lower tax rates and zero deductions and exemptions available under various provisions of the Income-tax Act, 1961.
Unravelling the terms business, profession, vocation and occupation
Discussing the difference between the terms 'business', 'profession', 'vocation' and 'occupation' in the context of the Income Tax Act, 1961.
Due date for filing of Tax Audit Report & ITR for AY 2020-21 - To extend or not to extend?
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?
Tax Implications on Forex Transactions: TCS on Remittances Outside India
Forex Transactions refer to transferring funds from one country to another. Let us understand the tax implications, mechanism for paying the tax and Liberalized Remittance Scheme in this regard.
Grandfathering Concept in Relation to Long Term Capital Gain
Income from capital gains is classified as 'Short Term Capital Gains' and 'Long Term Capital Gains'. Let us understand the 'Grandfathering Concept' in relation to the Long Term Capital Gains.
Section 194Q: TDS on Purchase of Goods Exceeding Rs. 50 Lakhs
As per Section 194Q, a buyer is supposed to deduct 0.1% TDS on the purchase of goods from a resident seller, the value of which exceeds Rs. 50 lakhs in any PY.
How to Calculate House Rent Allowance under the Income Tax Act?
Sometimes the employer does not provide rent-free accommodation but instead helps the employee in paying rent by providing an allowance. The amount of cash paid is known as House Rent Allowance.
Key Changes in the Provisions of Income Tax Act, 1961 effective from 1st April 2021 and onwards
Numerous amendments have been made in the provisions of the Income Tax Act, 1961 with the enactment of Finance Act, 2021. Let's walk through some of those crucial changes.
Income tax on Salary under New income tax Section 115BAC and Old Scheme of taxation
Budget 2020 introduced a new scheme of taxation u/s 115BAC for individuals and HUF, which they can choose from FY 2020-21. Let us compare the Income Tax on Salary under the New Scheme and the Old Scheme.
Section 194Q | An analysis
Any buyer who is responsible for paying any sum to any resident seller for the purchase of any goods of the value or aggregate of such value exceeding Rs. 50 lakh in any PY, is required to deduct TDS u/s 194Q w.e.f July 1, 2021.
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