Income Tax Articles
Sections 50C of IT Act resulting in Double Taxation?
Sections 50C/43CA/56(2)(x) of Income Tax Act concerning Adoption of Circle Rates for Computation of Capital Gain/Business Profits/Income from Other Sources on L...
Section 194N - TDS on Cash withdrawal over and above Rs. 1 crore
Section 194N - TDS on Cash withdrawal over and above Rs. 1 crore
Section 68 of the Income Tax Act 1961- Judicial Interpretation
As per the judicial interpretation of Section 68 of the Income tax Act 1961- Unexplained cash credits, the responsibility of the assessee is to prove the identity of the creditor, genuineness of the transactions and credit-worthiness of the creditor. Here is the detailed judicial interpretation.
Calculation and Reporting of LTCG
Calculation of LTCGLTCG on transactions in listed equity and equity mutual fund units in FY 2018-19 is to be calculated as per a new tax regime introduced in B...
FAQ's on TDS section 194-O
The Union Budget 2020 inserted TDS section 194-O to widen the scope of TDS. TDS u/s 194-O is to be paid by an e-commerce operator on payment made to e-commerce participant @1% at the time of credit or payment whichever is earlier.
ITRs - Details of forms, due dates and late fees for AY 2019-20
EXTENSION OF DUE DATE The Government of India, through its Order dated July 23rd, 2019, has extended the due date for filing Income Tax Returns (ITRs) for Asses...
FAQ on filling-up of the IT return forms for AY 2019-20
Circular No. 18 of 2019 F.No. 370142/1/2019-TPL (Pt-1) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Di...
Coercive Recovery Measures of Tax Collection by Revenue Authorities need to change!
As per the existing Legislative framework of the Direct T
20 Googly Balls of Budget 2020 that can take Taxpayer's wicket
20 Googly Balls of Budget 2020 that can take Taxpayer's wicket
Essence of Tax Audit vis-a-vis Revenue
Tax audit is an important tool for revenue department which ensures compliance of various provisions of income tax act, reduces the cost in context of diversity...
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