Income Tax Articles

Tax rate on New Manufacturing Companies In India

Posted by CA Anil Kumar Buna 31 October 2019 10303 Views

The article throws light on the tax rate on new manufacturing companies in India

Income Tax Slabs & Rates : AY 2020-21 or FY 2019-20

Posted by CA Rakesh Sharma 29 October 2019 112082 Views

Income tax slab for ay 2020 21, here you can know all about Income Tax Slabs & Rates AY 2020-21

No deduction if return not filed

Posted by sivadas chettoor 25 October 2019 52078 Views

There may be some hope for relief from the courts based on the 1955 circular of CBDT and the decision of the Supreme court in Goetze case but it appears to be very risky. Therefore the author would advise all the entities to file the return immediately before 31-10-2019 without going for risky adventurous legal battle.

TDS on payments made to government/government agencies

Posted by vaishak prasad 23 October 2019 35419 Views

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

Posted by Suresh Thiyagarajan 22 October 2019 51782 Views

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

Posted by Suresh Thiyagarajan 17 October 2019 61955 Views

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

Posted by Vishal Jain 15 October 2019 12981 Views

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

Posted by CA Himanshu Gandotra 08 October 2019 17616 Views

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

Posted by Brijesh Pandey 05 October 2019 53978 Views

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

Posted by sivadas chettoor 05 October 2019 9175 Views

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.