Income Tax Articles
Deduction in respect of Interest on Loan Taken for Acquisition of Residential House Property
The maximum deduction allowable is ₹150000/-. The deduction of up to ₹150000/- under section 80EEA is over and above the deduction available under section 24(b) in
Tax On Income Distributed By Way Of Buy-Back Of Shares By Unlisted Companies- Anti Abuse Provision
Buy-back of share is one of those activities through which companies distributing the surplus to their shareholders, without payment of taxes. Initial stage provisions of Section 115QA are applicable to unlisted companies, but after July 5, 2019, it became applicable to listed companies also.
Clarification and FAQs on Section 194IB of Income Tax Act, 1961
Section 194-IB deals with the provisions relating to Tax deducted at source (TDS) on Rent paid by individual / HUF. Let us discuss some clarifications and FAQs on this section.
Section 194LBB | TDS on Income in Respect of Units of Investment Fund
Discussing Section 194LBB of the Income Tax Act, which discusses TDS on Income in Respect of Units of Investment Fund including its meaning, eligibility, and rate of TDS etc.
TDS Rate Chart: What are the applicable TDS rates for FY 2021-22?
The TDS rate Chart for FY 2021-22 and AY 2022-23. The TDS rate chart has been updated with all the latest amendments as per the Finance Act 2021.
Section 234C | Attraction of Interest on Non-Payment of Taxes
Section 234C provides for levy of interest for default in payment of instalment(s) of advance tax. Interest under section 234C is levied, if the advance tax paid in any instalment(s) is less than the required amount.
Taxability of various compensations under Income Tax Act
Only those capital receipts would be taxable under the Income Tax Act,1961 which are expressly provided under the definition of term "income" under section 2(24) of the Act.
TDS on Payments to Residents & Non-Residents
TDS is a provision to ensure swift recovery of tax and is done at specified rates on specified payments. The government has amended TDS rates for residents, however, these changes are not applicable to NRIs.
Old Vs New Income Tax Regime
A new Income Tax regime was introduced by FM Smt. Nirmala Sitaraman in Budget 2020 with more tax slabs and lower tax rates. In this article, we do a comparative analysis of the Old and New Income Tax Regime.
ITR filing exemption to senior citizen above age of 75 - A fiasco?
In this article, Krishna and Arjuna discuss whether the ITR filing exemption to senior citizens above the age of 75 given in Union Budget 2021-22 is actually beneficial and useful for them, or is it just a fiasco?
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