Income Tax Articles

Revenue Vs Capital Expenditure & Depreciation on Capital Expenditure: The argument continues

Vivek Jalan 20 September 2023 at 08:53

By terminating the services of a vendor, an assessee may intend to save the expense that it would have had to incur in the relevant previous year as well as for few more years going ahead. However, it cannot be said that this saving is an enduring benefit or has resulted in creating an asset.

Tax Audit also helps as Vighna-harta!

Member (Account Deleted) 18 September 2023 at 14:56

How does undergoing an income tax audit solve issues and make things easier for businesses?

PMLA Act Tightens for Banking & Financial Transactions

Vivek Jalan 18 September 2023 at 10:16

Bank Accountholders undertaking specified transactions to be alert as PMLA Act becomes more stringent for Banking/NBFC/Financial and other Entities

FAQs: Purchase of immovable property outside India by Resident Individuals

Mitali 15 September 2023 at 17:05

Purchase of immovable property outside India by Resident Individuals

FAQs on: DSC Related Issues & Solutions

Aisha 15 September 2023 at 10:15

Income Tax Department releases FAQs on: DSC Related Issues & Solutions

Top 10 Red Flags That Trigger a Tax Audit

Mitali 13 September 2023 at 13:23

A tax audit is a formal examination of a taxpayer's financial records and tax returns by a government tax authority (such as the Internal Revenue Service in the United States) to ensure accuracy and compliance with tax laws.

Streamlining Tax Credits: How New Form 71 Resolves TDS Mismatch Issues

Rashmi 13 September 2023 at 08:55

The Central Board of Direct Taxes (CBDT) has introduced Form 71, which allows taxpayers to correct incorrect Tax Deducted at Source (TDS) credits for past financial years

Declaration of no PE in India and Form No. 10F

Mitali 12 September 2023 at 16:58

No PE Declaration is a certificate provided by a non-resident who earns income from India, such as interest, fees for technical services, or business income.

How to Register on TDS TRACES Website

Shivani 12 September 2023 at 15:27

TRACES (TDS Reconciliation Analysis and Correction Enabling System) is an online platform in used for the reconciliation of TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) statements filed by deductors or collectors with the income tax department.

An agreement for loan has to be accepted by AO unless proved fraudulent

Vivek Jalan 12 September 2023 at 09:02

Vide Finance Act, 2012, it was provided that the nature and source of any sum, in the nature of share application money, share capital, share premium or any such amount by whatever name called, credited in the books of a closely held company shall be treated as explained only if the source of funds is also explained in the hands of the shareholder