Income Tax Articles
Effects of notice issued under section 153A of the Income Tax Act 1961
Dilip K Raina 17 February 2020 at 10:05Effects of notice issued under section 153A of the Income Tax Act 1961
Exempted Incomes in the new tax regime
Member (Account Deleted) 12 February 2020 at 10:21A new tax law would require a single taxpayer to ignore 70 tax exemptions and deductions. These include the following deductions: section 80C for cumulative Rs 1.5 lakh reported by expenditure in specified financial products, section 80D for health insurance premiums charged, the 80TTA excluded from interest on savings deposits from a bank or post office, etc.
Section 194N - TDS on Cash withdrawal over and above Rs. 1 crore
CA Piyush Agarwal 11 February 2020 at 10:18Section 194N - TDS on Cash withdrawal over and above Rs. 1 crore
Section 68 of the Income Tax Act 1961- Judicial Interpretation
Dilip K Raina 10 February 2020 at 10:19As per the judicial interpretation of Section 68 of the Income tax Act 1961- Unexplained cash credits, the responsibility of the assessee is to prove the identity of the creditor, genuineness of the transactions and credit-worthiness of the creditor. Here is the detailed judicial interpretation.
Clarification on Section 269SU
Jigar Shah 08 February 2020 at 10:48Clarification on newly inserted section 269SU of the Income Tax Act, 1961
Relevant Income Tax Updates in Finance Bill, 2020
CA Dhaval Shah 06 February 2020 at 10:15Relevant Income Tax Updates in Finance Bill, 2020
FAQ's on TDS section 194-O
Saurabh Anokhchand Jain 05 February 2020 at 10:03The Union Budget 2020 inserted TDS section 194-O to widen the scope of TDS. TDS u/s 194-O is to be paid by an e-commerce operator on payment made to e-commerce participant @1% at the time of credit or payment whichever is earlier.
20 Googly Balls of Budget 2020 that can take Taxpayer's wicket
CA Umesh Sharma 03 February 2020 at 11:0320 Googly Balls of Budget 2020 that can take Taxpayer's wicket
A Word of caution to Charitable Institutions
Dilip K Raina 03 February 2020 at 10:03Historically those institutions created with the main object of serving the general public without the aim to earn profits or distribute any income to the promoters of such institutions are called charitable institutions.
Section: 115BAC - Incentives in Tax rates to Individual and HUF (Proposed)
CA Nayan Goyal 02 February 2020 at 01:20Section: 115BAC - Incentives in Tax rates to Individual and HUF (Proposed)
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