Income Tax Articles

Income Tax Provisions related to loan from relatives, friends

CA AYUSH AGRAWAL (SHARP & ASS) 06 April 2020 at 12:19

Transaction of unsecured/secured loan from non-government & banking companies are generally traced & monitored by income tax departments. so it is important to know what are the sections that affect your daily transactions and how these transactions are dealt with in Assessment proceedings.

GAAR: General anti-avoidance rules

FCS Deepak Pratap Singh 06 April 2020 at 12:17

We know that tax is a compulsory contribution to state revenue, levied by government on worker's income and business profit, or added to the cost of some goods, services and transactions.

COVID-19: Know how to do tax planning

CMA SIVAKUMAR A,ACMA. 03 April 2020 at 10:20

Know how to plan your taxes for Assessment Year 2020-21 and 2021-2022 in the time of COVID-19. After various relaxations given by the Income Tax Department, know what you need to do to plan your taxes.

Section 115BAA and 115BAB : New tax rate for domestic and manufacturing companies

PIYUSH AGARWAL 03 April 2020 at 10:16

Section 115BAA and section 115BAB of the Income Tax Act, 1961 give the benefit of the reduced corporate tax rate to the domestic and manufacturing companies.

Analysis of the Direct tax Vivad se Vishwas act, 2020

CA. Atul Khurana 02 April 2020 at 10:14

Vivad se Vishwas Scheme was announced in Budget 2020. The Scheme aims at speedy and hassle-free recovery of these outstanding Income Tax dues. This scheme has come into the force from 17th March, 2020 and the last date to avail this scheme without interest is 30th June, 2020.

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.