Income Tax Articles

Amendment to section 44AB in Budget 2020

Posted by Unnati Sharma 29 December 2020 25143 Views

Section 44AB of the Income Tax Act provides that every person is required to get his accounts audited if his Section 44AB of the Income Tax Act provides that every person is required to get his accounts audited if his

Equalisation Levy - Most Vital Concept in International Taxation

Posted by Venkat Raj 29 December 2020 2104 Views

This is perhaps the most vital concept in international taxation. Finance Act 2016 has brought a key change in the scope of international taxation. Finance act 2020 has further expanded the scope of equalisation levy.

Role of Dividend Tax in Achieving the Essence of the Budget

Posted by P.R. Sethuraman 28 December 2020 3716 Views

In this article, we discuss various changes that must be implemented in order to achieve the essence of the budget. One among them is the introduction of dividend Tax for the reasons mentioned in this article.

Points to be considered while doing Tax Audit in Tally Software

Posted by CA Kushwanth AVSR 28 December 2020 7774 Views

Among the softwares that are used for the preparation of books of accounts, Tally Software is widely used. In this article, we will discuss some important points that must be considered while doing a Tax Audit in the Tally Software.

CBIC appoints Jan 1, 2021, as date on which various sections of Finance Act, 2020 shall come into force

Posted by Bimal Jain 28 December 2020 3180 Views

The CBIC vide Notification No. 92/2020- Central Tax dated December 22, 2020, appointed January 1, 2021, as the date on which the following sections of the Finance Act, 2020 shall come into force.

International Taxation: Source Rule of Taxation

Posted by CA Mehul Thakker 26 December 2020 2705 Views

Section 9 of the Income Tax Act is a deeming fiction. This section provides that in certain situations, the income is deemed to accrue or arise in India despite fact that the actual place of accrual is outside India.

TDS u/s 192 - Payment of Salary

Posted by CA.R.S.KALRA 26 December 2020 19341 Views

All persons paying salary are responsible to deduct TDS on income chargeable under the head "Salary". In this article, we discuss all about TDS u/s 192 - Payment on Salary.

India Widens Taxation of Cross Border E-Commerce Transactions

Posted by Dr. Suresh Surana 26 December 2020 3642 Views

Taxation of cross border e-commerce transactions has been a challenge for the whole world, including India due to location of the supplier,etc

All About Provision of Section 56(2)(X) of Income Tax Act, 1961

Posted by Safder Alam 26 December 2020 11468 Views

Over a period of time, the Goi has time to time amended these provisions. Before 2017, Gift was taxable in hands of Individual, HUF, Firm and Closely held Company at tax is levied at the rates prescribed by Finance Act.