Income Tax Articles
Concept of Marginal Relief-Back to Basics
Income-tax law provides for a concept known as 'Marginal Relief on surcharge'. The basic idea is that the increase in tax liability (due to surcharge) should not exceed the increase in income.
Analysis of Section 115BA, 115BAA, 115BAB of Income Tax
Several amendments are made in the Income Tax Act, 1961 through ordinance in Section 115BAA, Section 115BAB were inserted in the Income Tax Act, 1961
Presumptive Taxation Scheme under Section 44AE
In this article, we will discuss the provisions and important points of Section 44AE of the Income Tax Act, which deals with the Presumptive Taxation Scheme.
How to use the Java based software utility available for download in the Income Tax Portal where the taxpayer does not have MS Excel versions 2010 or later
How to use the Java based software utility available for download in the Income Tax Portal where the taxpayer does not have MS Excel versions 2010 or later
Bar on Subsequent Application to Income Tax Settlement Commission
Bar on Subsequent Application to Income Tax Settlement Commission: Conflict between Legislative Intention and Judicial View
Startups and Angel Tax in India
As start-ups turn out to be a major source of revenue and employment, governments from across the world have been going out of their way to facilitate the entrepreneurial dream of Startup Founders.
Applicability of provisions of Sections 44AA, 44AB and 44AD when turnover is up to Rs. 1 crore
The assessee filing presumptive or higher income return will enjoy the relaxation of not getting its accounts audited u/s 44AB even if total sales/turnover/gross receipts exceed Rs. 1 Crore.
Provisions of Sec 44AB under Tax Audit
Sec 44AB states the provisions related to tax audit of certain entities. Applicability of tax audit u/s 44AB depends on gross receipts, sales, and turnover of an assessee.
Application of seized assets during the course of an Income Tax search towards the self assessment tax liability of an assessee - Whether permissible
The application of assets seized during the course of search and seizure action is governed by the provisions of Section 132B of the Income Tax Act'1961. Let us understand the application of the same.
Presumptive Taxation Scheme under Section 44ADA
The Scheme of Presumptive Taxation for Professionals was introduced under Section 44ADA in the Finance Act 2016 and is applicable from Financial Year 2016-17 onwards.
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