Income Tax Articles
TCS On Remittance Under Liberalised Remittance Scheme & Overseas Tour Programme Package
Geetanjali Pandey 14 December 2023 at 11:55In the realm of international financial transactions, the Liberalized Remittance Scheme (LRS) has become a popular avenue for Indian residents. This article delves into the intricacies of remittance under LRS and the consequential Tax Collection at Source (TCS) under Section 206C(1G) of the Income Tax Act.
CSR expenditure is allowable u/s 80G of IT Act - On the maxim of 'Expressio Unius Esl Exclusio Alterius'
Vivek Jalan
13 December 2023 at 14:31
Allowability of CSR expenditure has been sealed after Explanation 2 to Section 37(1) was inserted in the Income tax Act 1961 w.e.f. 1.4.2015.
A Guide to Exemptions and Deductions Under Old Tax Regime for FY 2023-24 with Automated Form 16 Generation for 50 Employees
Pranab Banerjee 13 December 2023 at 08:55
Exemptions and Deductions Available Under Old Tax Regime FY 2023-24 With Automatic Income Tax Master of Form 16 which can prepare at a time 50 Employee's Form 16 for the FY 2023-24
Role of Compensatory Penalties in Business Regulation and the Pitfalls of Punitive Measures
Vivek Jalan 12 December 2023 at 14:33
Penalty is allowed if it is compensatory and teaches the assessee how to run its business in future. It is disallowed if it is a punishment for intentional violation of a law
Income Tax Preparation Software in Excel for Non-Government Employees for FY 2023-24
Pranab Banerjee 12 December 2023 at 09:05
This article explores the realm of income tax preparation software in Excel, offering insights into its benefits, features, and a step-by-step guide for the fiscal year 2023-24.
"Ek ki Karni Dusre ki Bharni" in TDS Defaults due to Inoperative PAN
CA Umesh Sharma 11 December 2023 at 13:24The TDS defaults on account of Inoperative PANs have created a lot of issues among taxpayers. What are some major issues faced by them?
Applicability: Co-operative society engaged in the business of manufacture of sugar
CA Bhawna Dua 11 December 2023 at 10:38Sugar factories operating in the co-operative sectors in certain States of India pay to sugarcane growers a final amount, often referred to as Final Cane Price (FCP) which is over and above the Statutory Minimum Price (SMP) fixed by the Central Government under the Sugarcane Control Order, 1966.
Exploring the Resale Method in Transactions with Limited Value Addition by Distributors
Vivek Jalan 08 December 2023 at 15:10
Resale method appropriate in Transfer Pricing where there is no Value Addition to traded goods by the distributor
Process for Filing Application u/s 119(2)(b) of IT Act, 1961
CA. Bhavik P. Chudasama 08 December 2023 at 14:07Filing an application under Section 119(2)(b) of the Income Tax Act in India typically involves specific procedures.
Automating Income Tax Filing for 50 Employees with Form 16 Part B in FY 2023-24
Pranab Banerjee 07 December 2023 at 09:15
The tax season is upon us, and for businesses with 50 employees, mastering Form 16 Part B for the financial year 2023-24 is crucial. In this comprehensive guide..
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