Income Tax Articles
Compliance - Due Date Chart Direct and Indirect Tax
Compliance - Due Date Chart Direct and Indirect Tax
TDS Section 194C | Payment to Contractor
The present article briefly covers the important provisions and recent changes relating to "TDS on Payment to Contractors", which is covered u/s 194C of the Income Tax Act 1961.
Concept of Deemed Speculation under Income Tax Act, 1961
Speculative transaction means a transaction involving a contract for the purchase and sale of commodities, which is periodically or ultimately settled other than by actual delivery or transfer.
Taxability of Gifts - Some Interesting Issues
The Gift Tax was reintroduced in a new form to fill up the vacuum created by the abolition of the Gift tax Act, 1958, and the provisions were included in the Income-Tax law w.e.f. 01.04.2005.
Cashless Transactions - Evolution, Advantages, Impact and Measures by the Government
Cash to the economy is like what blood is to the human body. The government can introduce various ways to restrict its usage, but it cannot pull it out of the system.
Important announcement from the Income Tax Department regarding your 26AS form
IMPORTANT ANNOUNCEMENT REGARDING FORM 26ASWHAT IS FORM 26AS?Form 26AS statement is a summary of all the tax paid, TDS, TCS, Advance tax paid during the financia...
Income Tax Search and Seizure Assessments - No universal application of the "extrapolation technique" in Search Assessments
In this article, we discuss the extrapolation technique in the Income Tax Search and Seizure Assessments and how there is no universal application regarding it....
Sec 194-O: TDS by e-Commerce operator
U/s 194-O w.e.f from 1st Oct 2020, an e-Commerce operator is required to deduct TDS for facilitating any sale of goods or providing services through an e-Commerce participant,
Tax Benefits of 3 Common Loans in India
Loans not only serve as an ideal option to arrange for funds in times of financial need, but may also have some tax benefits associated with them. In the following sections we will discuss how you can save tax when repaying 3 most common loans availed in India - home loan, personal loan taken for the purpose home renovation and education loan.
Amendments made by Finance Act 2020 relating to Trusts
Finance Act, 2020 has made changes with respect to the provisions related to Trusts and NGOs claiming exemption u/s 11 or u/s 12 of the Income Tax Act, 1961. Let us understand those changes.
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