Income Tax Articles

MAT Credit Clarification issued by CBDT on opting for 22% corporate tax

Vishal Jain 03 October 2019 at 17:16

The Central Board of Income taxes, vide Circular No. 29/2019 dated 2nd October 2019 have issued clarification on the usability of the Minimum Alternate Taxes (MAT), subsequent to the issue of the Taxation Laws (Amendment) Ordinance, 2019.

Dandiya between corporates taxpayers

CA Umesh Sharma 01 October 2019 at 10:40

Dandiya between corporates taxpayers, enjoy it

Tax audit under income tax laws

CA. Brijesh Baranwal 30 September 2019 at 11:45

In light of extension of last date for filing Tax Audit Report and Income Tax Return till October 31, 2019, it becomes pertinent to have a brief look on law and provisions related to Tax Audit under Income Tax compliance.

Income Tax amendment - 2019 September

Vishal Jain 23 September 2019 at 16:45

As a bold step to revive the current Indian economy, the Finance Minister announced various amendments in the form of reduced tax rate and incentives in the Income tax act.

Pointers of the Ordinance passed to reduce corporate tax to 22%

Naman Shrimal 21 September 2019 at 12:50

An ordinance has been passed to reduce the corporate tax rate to 22% + surcharge and cess to provide relief to business entities. Businesses have welcomed this slashing of tax rates as a promising step by the Govt. in helping the economy.

Checklist to file your ITR by 30th September

Guest 19 September 2019 at 12:32

TOP 17 ISSUES TO CONSIDER WHILE PREPARING INCOME TAX RETURN FOR BUSINESSES. Here's a checklist of all the important points that an auditor must cover in order to ensure successful filing of the tax return for businesses.

Should the tax audit limit u/s 44ab be increased from 50 lac for professionals?

Soumya Laha 19 September 2019 at 11:18

Do you think Tax Audit threshold limit U/s 44AB for Professionals should be increased from 50 lakh? - My point of view.

Key additional disclosures in ITR-6 A.Y. 2019-20

CA Pratik Bhavsar 17 September 2019 at 11:29

There are several amendments made in all the ITR Forms for A.Y. 2019-20 onwards.

How to check scrutiny risk in Tax Audit Report ?

CA Umesh Sharma 16 September 2019 at 17:46

The taxpayer should take due care while filing Income Tax returns. Tax audit is applicable to taxpayers whose turnover exceeds Rs. 1 Crore and for sec 44AD/44ADA presumptive taxation it is Rs. 2 Crore. For professionals it's Rs. 50 Lakhs. Now, e-assessment is also in process by Income Tax Department, while filing ITR and Tax Audit Report.

Lower or No TDS deduction on sale of property for NRI

Sanyam@1 16 September 2019 at 11:07

The best idea to apply for Low or NIL TDS certificate U/s 197 of Income Tax Act as soon as you find a prospective buyer and properly sale value is fixed.