Income Tax Articles
Checklist and procedure for registration u/s 12A and 80G of Income Tax Act
Section 10(23C) exempts income received by any person on behalf of the university, or other educational institution or any hospital. Section 11 provides an exemption in respect of income derived from property held under trust wholly for charitable or religious purposes.The prior requirement for getting registration under section 80G is obtaining registration under Section 12A
Tax Audit- Section 44AB of the Income Tax Act
A Tax Audit is an audit, made compulsory by the Income Tax Act if the annual gross turnover/receipts of the assessee exceed the specified limit.The Finance Act 2020 has made amendment in section 44AB by inserting a proviso in clause (a) of Section 44AB. As per the new proviso, the tax audit turnover limit would be INR 5 Crores
How to Simplify Your Income Tax Return Filing Experience
Many individuals procrastinate when it comes to filing their income tax returns, especially those who are filing their tax returns for the first time. All individual taxpayers having a total income of more than Rs. 2.5 lakh are required to file the income tax returns on or before the due date.
How rebate u/s 87A has diluted the principle of Income Tax?
Considering the canon of ability to pay tax, the income tax slabs have been introduced and it's been amended from time to time based on the exigency without affecting the canon behind the act. As such, I am not in line with a provision, section 87A of IT act, which gives rebate on Income Tax liability before adding up the cess on IT.
Clarification on short deduction of TDS due to increase in surcharge rates in Finance Act 2020
Every individual taxpayer is required to compute its tax liability for the AY 2020-21 after taking into consideration the new rates. Further, the deductor or collector was also required to deduct TDS or collect TCS after considering the new rates.
Points to remember while finalizing books of accounts of pvt ltd company for FY 2018-19
In this article, what points should be taken care off, while finalizing the books of accounts of the private limited company is explained
Liability to deduct tax at source by individual and HUF under Finance Act 2020
Liability to deduct tax at source under section 194A, 194C, 194H, 194I and 194J was first introduced by the Finance Act, 2002 by inserting various proviso to the respective sections.Proviso to section 194A(1), Proviso to Section 194C(1), Second Proviso to 194H(1), Second Proviso to Section 194I(1), Second Proviso to 194J(1) were inserted by Finance Act, 2002 w.e.f. 01-06-2002
TDS on Salary for F.Y.2020-21
As per the official notification of the CBDT it is mandatory for an employee to intimate his employee if he is opting for the concessional tax rates under the new tax regime for the purpose of TDS deduction on salary.
Tax rate on New Manufacturing Companies In India
The article throws light on the tax rate on new manufacturing companies in India
The Task FORCE which was never Constituted
There is some report circulating on social media regarding suggestions by a few IRS officers on tackling Covid-19 situation. It is unequivocally stated that CBDT never asked IRS Association or these officers to prepare such a report
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