Income Tax Articles

Rationalisation of MAT Provision

Posted by Suyash Tripathi 07 May 2021 894 Views

The Finance Bill, 2021 has proposed to amend section 115JB to provide that dividend income and expenses claimed in respect thereof be reduced or added back from the net profit if such income is taxed at lower than MAT rate due to DTAA.

When You Go For Seeking Adjournment & End Up in Winning Your Case!!!

Posted by Mayank Mohanka 07 May 2021 1828 Views

The author has shared one of his cases that lead to an amendment in the Income-tax Act, allowing Power Sector Companies to compute their Book Profits for the purpose of MAT either on the basis of the Electricity Regulatory Act or the Companies Act.

Section 35D: Amortisation of Certain Preliminary Expenses

Posted by Ritik Chopra 07 May 2021 5179 Views

As per section 35D of the Income Tax Act, 1961, preliminary expenses incurred prior to the commencement of business, extending an existing business, setting up a new unit etc. are eligible to be amortized.

Relief Measures declared by CBIC and CBDT in Indirect Tax and Direct Tax

Posted by Aruhi 07 May 2021 14517 Views

Due to the COVID-19 pandemic situation in India, CBDT, as well as CBIC, have provided various relaxations in Direct Tax and Indirect Tax. Let us discuss the same.

A Brief On Equalisation Levy

Posted by Sahil Dhingra 06 May 2021 2180 Views

India first introduced an equalisation levy in 2016, when it charged 6% of consideration for online advertisement services, earned by non-residents from an Indian resident carrying on a business.

Section 194-O | An analysis

Posted by Sahil Dhingra 06 May 2021 11446 Views

According to Section 194O, an e-Commerce operator is required to deduct TDS for facilitating any sale of goods or providing services through an e-Commerce participant.

Section 43B: Deduction of certain payments only if actually paid

Posted by Ritik Chopra 06 May 2021 1437 Views

In case a deduction has already been claimed on an accrual basis in any earlier previous year, it will not be allowed again in the year in which it is actually paid.

Income Tax Implications on Loans to Employees

Posted by Ajay Kumar Maggidi 03 May 2021 13980 Views

Many organizations across the globe are offering loans to employees to support them in these difficult times. Here are the income tax implications for employees for the loans or advances offered by the employer.

Meaning of Set off and carry forward of losses

Posted by KAVITHA M S 02 May 2021 210732 Views

As per Income Tax Act 1961, a Person as defined in Section 2(31) can set off and Carry forward the losses incurred. It has been updated till Budget 2018.