Income Tax Articles

Reduced Rate of Income Tax for Domestic Companies - Section 115BAA

Posted by CA Alexandar Gazi 13 July 2020 3725 Views

Every domestic company can optionally choose to pay income tax @22% on its total income for any previous year relevant to the assessment year beginning on or after 01.04.2020

Expenditure related to exempt income

Posted by FCS Deepak Pratap Singh 13 July 2020 2112 Views

An assessee is not required to pay any tax on exempt incomes and hence any expenditure incurred for earning these types of income should not be allowed to be deducted from taxable profit of an assessee.

Tax Saving Investment Options & Deductions under Income Tax for Individual and HUF

Posted by CA Rahul Mittal 11 July 2020 13009 Views

To claim a deduction in any year, it is necessary to invest in that year. Due to COVID Pandemic, Govt. has extended the date to 31.07.2020 for the financial year 2019-2020 to make an investment for deduction under chapter VI-A and section 54 to section 54GB.

Which ITR to file? Know the Correct Income Tax Form

Posted by CA Shubhi Khandelwal 10 July 2020 13122 Views

Depending on the type of income, the category the taxpayer falls under (Individual, HUF, Company etc.), and the income that the taxpayer makes, there are different types of Income Tax Returns (ITR) Forms which needs to be filed.

TCS on sale of goods- Section 206C(1H)

Posted by CA Alexandar Gazi 10 July 2020 20848 Views

Every seller of goods shall collect TCS @0.1% from buyer. Where buyer can’t provide PAN or Aadhaar Number to the seller TCS shall be collected @1% instead of 0.1%.

How to choose a better health insurance policy?

Posted by Yash Porwal 09 July 2020 3838 Views

Floater Plan gives one coverage amount for the whole family whereas in Individual Plan every person will get his own coverage amount.

Expenditure on scientific research and its treatment under income tax act, 1961

Posted by FCS Deepak Pratap Singh 09 July 2020 4979 Views

Scientific Researches play important role in development of any country. The industrial houses are encouraged to establish their own research house or to donate in various Universities, IITs and other education institutions.

Section 194K- TDS on Income from Mutual Funds

Posted by Manzil Arora 08 July 2020 12156 Views

TDS of 10% will be applicable only on dividend income earned by investors in mutual funds and capital gain on sale of mutual funds is not covered in this section

Statement of Financial Transaction or Reportable Account- Sec 285BA of IT Act

Posted by CA Santhosh Gupta Kethepalli 07 July 2020 7608 Views

Obligation to furnish statement of financial transaction or reportable account {Sec - 285BA, Income-tax Act, 1961

Amendments with respect to Section 56(2)(x) and 50CA

Posted by CMA Damini Agarwal 07 July 2020 15995 Views

The Central Board of Direct Taxes (CBDT) has further amended Income Tax Rules, 1962, under vide Notification No. 40/2020 dated 29th June, 2020. The Provision of Section 56(2)(x) of Income Tax Rules states certain class of assesses to whom the provision does not apply.