Income Tax Articles
Due date of filing Return of Income
Discussing the due date for filing Return of Income for companies who are required to get their accounts audited, for transfer pricing assesses and for other individuals.
Challan cum returns under TDS provisions
Discussing the three types of challan cum returns under TDS on Payment of transfer of Immovable Property, TDS on Rent on Property and TDS on Payment to Resident Contractors and Professionals.
Relief to Covid Patients only for payment to Hospitals in cash
CBDT has notified all Hospitals, Dispensaries, Nursing Homes, Covid Care Centres, or similar other medical facilities providing Covid treatment to patients for section 269ST so that they can receive cash payments of Rs. 2 lacs or more.
Making the Right Choice between New Tax Regime Vs. Old Tax Regime
The concept of Old Vs New Tax regime = a dual tax regime was introduced by Finance Act 2020 for FY 2020-21. In this article, we discuss the criteria one should follow while making the right choice between the two regimes.
How to Apply for a Lower Tax Deduction Certificate?
As per section 197, when the actual tax payable on the income of an assessee is lower than the TDS to be deducted by the payer, then the AO shall grant him a certificate upon the application made by the assessee.
New v/s. Old tax scheme under IT act
In this article, we have discussed the difference between the New and Old Income Tax Regime under six criteria, in a tabular format.
Registration of Trust under Income Tax - Analysis of New Provisions
The Finance Act, 2020 introduced various amendments related to the registration of Charitable Trust and Religious Trust for availing the exemption u/s 11 and 12 of the Income Tax Act, 1961.
Deductions under Section 37 of the IT Act, 1961
A deduction is an expense that can be subtracted from the taxable income of an assessee to reduce the amount owed as specified in the Income Tax Act, 1961.
Sec 35AD: Deduction in respect of capital expenditure incurred on setting up of a specified business
Deduction u/s 35AD is available towards any capital expenditure, wholly and exclusively, incurred for carrying on a specified business. This deduction has been applicable since AY 2010-11.
Deductions under Chapter VIA
There are a number of deductions available under various sections that will bring down your taxable income. In this article, we have discussed some deductions under chapter VIA that a taxpayer can claim.
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