Income Tax Articles

TDS on payments made to government/government agencies

vaishak prasad 23 October 2019 at 11:54

As most of you are aware, from years this issue is bothering many vendors who are dealing with either the government or with governmental agencies. I researched..

Treatment of Notional Loss on account of Mark-to-Market

Suresh Thiyagarajan 22 October 2019 at 11:02

Before going into the concept of notional loss arising out of Mark-to-Market on forward contract, let's brush up some important basic definitions relating to the above treatment.

Analysis of Sec 115BAA of the Income Tax Act

Suresh Thiyagarajan 17 October 2019 at 11:41

With the introduction of sec 115BAA, domestic companies who are paying tax at the rate of 25% (or 30%) now have an option to pay tax at a lower rate through sec 115BAA. Any person who had opted for sec 115BAA being a domestic company will pay tax at the rate of 22% on its total income irrespective of its turnover during the previous year.

Quarterly financial results: Impact of reduction in the income tax rates

Vishal Jain 15 October 2019 at 10:31

The listed companies would have to prepare the quarterly financial results for the quarter ended 30 September very soon, and hence the decision have to be taken by them as to the income tax rates they opt for.

Taxation of gifts as per income tax

CA Himanshu Gandotra 08 October 2019 at 16:23

In today's scenario the custom of gift sharing is in much trend. Also since Diwali festival is approaching, many people exchange very valuable gifts.

Conditions to opt for lower income tax rate @22% u/s 115BAA

Brijesh Pandey 05 October 2019 at 12:38

Recently the government announced a reduced rate of tax @22% (plus applicable surcharge and cess), for all corporations and firms provided they will not avail any exemption/Concessions/Tax Holidays as enjoying presently. As it is an option to the corporations and not mandate, taxpayers can continue with the existing rate of tax with availment of existing tax incentives as earlier.

March towards cash less economy

sivadas chettoor 05 October 2019 at 12:36

Cash has always been a facilitator of black money since transactions made in cash do not leave any audit trail. It is easy to hide the identity of the payer and receiver of cash making it difficult to trace the transaction and realise tax or other revenue legitimately due to the government.