Income Tax Articles
Section 115BAC- Should you go for the new tax regime?
From FY 2020-21, you can choose to pay income tax under an optional new tax regime. The new tax regime is available for individuals and HUFs. “Lower tax rates but no deductions/exemptions” is the key feature
Vivad se Vishwas: Settlement of Disputes under Income Tax Laws
Recently, measures have been taken by the government to reduce and settle the pending income tax litigations by introduction of Vivad se Vishwas scheme through budget announcement, notifying it as an Act on 17th March, 2020
International Taxation: Decoding DTAA & Foreign Tax Credit
When the same income is taxed more than once, it creates double taxation. This may be due to when a person is taxed in more than one country for the same income which he had earned, leads to double taxation
Belated Filing Of Income Tax Return For Financial Year 2018-19
As per section 139(4) of Income Tax Act, a belated return can be filed before the expiry of one year from the end of relevant assessment year or before the completion of assessment whichever is earlier.
Section 40A(3/3A) I Restrictions on Expenditure (Capital & Revenue)
This article gives a thorough analysis of Sections 40A(3) and 40A(3A) of the Income Tax Act, which deals with the Restrictions on Expenditure (Capital & Revenue).
Sections 145, 145A and 145B of Income Tax Act, 1961
Discussing Sections 145, 145A and 145B of the Income Tax Act 1961, including the applicability of Income Computation and Disclosure Standards (ICDS) .
Not filed Income Tax Returns? Get ready for higher rate of TDS/TCS deduction
The Finance bill 2021, proposes to insert two new sections i.e. Sec.206AB and Sec.206CCA to enable deduction and collection of TDS and TCS at higher rates for those who have not filed their income tax returns.
Equalisation Levy | An Analysis
Introduction of Equalisation Levy in India was back in 2016, with the intention of taxing the digital transactions i.e. the income accruing to foreign e-commerce companies from India.
Section 194IC | TDS on Payment Made Under Specified Agreement
Discussing Section 194IC of the Income Tax Act, which deals with the TDS on Payment Made Under Specified Agreement including the provisions for Joint Development Agreement.
How to prepare Grounds of Appeal to ITAT
An appeal is generally filed with ITAT in either Form 36 / 36A. However the forms by themselves are not self-sufficient to file an appeal. The appeal to be filed with ITAT should also be accompanied by GoA and SoF.
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