Income Tax Articles
Section 115BAA and 115BAB : New tax rate for domestic and manufacturing companies
Section 115BAA and section 115BAB of the Income Tax Act, 1961 give the benefit of the reduced corporate tax rate to the domestic and manufacturing companies.
COVID-19: Know how to do tax planning
Know how to plan your taxes for Assessment Year 2020-21 and 2021-2022 in the time of COVID-19. After various relaxations given by the Income Tax Department, know what you need to do to plan your taxes.
Conditions to opt for lower income tax rate @22% u/s 115BAA
Recently the government announced a reduced rate of tax @22% (plus applicable surcharge and cess), for all corporations and firms provided they will not avail any exemption/Concessions/Tax Holidays as enjoying presently. As it is an option to the corporations and not mandate, taxpayers can continue with the existing rate of tax with availment of existing tax incentives as earlier.
March towards cash less economy
Cash has always been a facilitator of black money since transactions made in cash do not leave any audit trail. It is easy to hide the identity of the payer and receiver of cash making it difficult to trace the transaction and realise tax or other revenue legitimately due to the government.
Best judgement assessment under the income tax act, 1961
As per Best judgment assessment under the income tax act, 1961 the AO, after taking into account all relevant material which he has gathered, is under an obligation to make an assessment of the total income or loss to the best of his judgment and determines the tax payable by the assessee.
Tax audit under income tax laws
In light of extension of last date for filing Tax Audit Report and Income Tax Return till October 31, 2019, it becomes pertinent to have a brief look on law and provisions related to Tax Audit under Income Tax compliance.
Trusts and NGO's: 5 Important Direct Tax changes w.e.f. FY 2020-21 onwards
The Income Tax Act, 1961 contains various provisions with respect to the Trust and NGOs. Here are the five key changes that will take effect from FY 2020-21 for Trust and NGOs.
Key Relief Measures announced by FM of India: COVID-19
The FM has announced some measures for the taxpayers and the tax practitioners of the nation amidst the COVID-19 Outbreak. Read the key relief measures announced by the FM.
Section 115BAB: An Analysis
Income Tax Amendment Ordinance 2019 had inserted a new section 115BAB in the Income Tax Act 1961 to provide for the concessional rate of tax for new manufacturing companies. This article is guidance for anyone looking to take benefit of the new section and are in the process of setting up a new manufacturing unit.
Meaning of Relative as per Income Tax Act 1961
Meaning of Relative as per Income Tax Act 1961. Section 2(41)of the Income Tax Act 1961 defines the meaning of relative. The meaning of relative is further explained in Section 56(2)(vii).
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