Income Tax Articles

Exemptions prescribed for taxpayers opting for New Tax Regime- Section 10(14)

Posted by CA Hetal Thakkar 09 July 2020 7235 Views

The taxpayers opting to be governed under the new tax regime have to forego various deductions and exemptions, unless specifically provided.

Appeal to commissioner of income tax

Posted by CA. Brijesh Baranwal 09 July 2020 13849 Views

In recent times, cases of additions of income by respective Income Tax Officers/Assessing Officers have increased substantially.

Pros and cons of e-assessment

Posted by Jigar Shah 08 July 2020 9688 Views

e-Assessment - Electronic assessment, also known as e-assessment, online assessment, computer assisted/mediated assessment and computer-based assessment, is the use of information technology in various forms of assessment.

Amendments with respect to Section 56(2)(x) and 50CA

Posted by CMA Damini Agarwal 07 July 2020 15998 Views

The Central Board of Direct Taxes (CBDT) has further amended Income Tax Rules, 1962, under vide Notification No. 40/2020 dated 29th June, 2020. The Provision of Section 56(2)(x) of Income Tax Rules states certain class of assesses to whom the provision does not apply.

Some facts related to "Equalisation Levy"

Posted by FCS Deepak Pratap Singh 07 July 2020 1808 Views

CBDT has issued a notification dated 27th May 2016 stating that provision of chapter VIII relating to equalization levy would come into effect from 01st June 2016.

TDS under section 194N - Latest changes

Posted by Ramachandra 06 July 2020 31948 Views

The Govt.of India through Finance (No 2) Act 2019 had introduced a new section 194N in the Income Tax Act 1961, to provide for levy of Tax Deduction at Source (TDS) @ 2% on Cash payments in excess of One Crore Rupees

Income from house Property: A Notional Head of Income

Posted by CA Mehul Thakker 06 July 2020 6351 Views

Annual value of house property shall be assessed under this head even if assessee is not in receipt of actual rent income. And such annual value shall be determined in accordance with section 23 of the Act.

HUF - A boon for all Hindu households!

Posted by CA (CS) Ujjwal Jindal 04 July 2020 6456 Views

The system is an extended family arrangement prevalent throughout the Indian subcontinent, consisting of many generations living in the same home, all bound by the common relationship.