Income Tax Articles

Changes in the New Tax Regime: Everything you need to know

Pranab Banerjee 06 May 2023 at 08:50

A new tax regime has been introduced through the Union Budget 2020. In this tax regime, the income tax rates are lower and if a person opts for this regime, he will have to lose most of the benefits.

Taxation Of Alternate Accommodation - Simplified

Affluence Advisory 05 May 2023 at 08:46

Redevelopment refers to the process of reconstruction of the premises by demolition of the existing structure and construction of new structure in its place. This is done by utilizing the potential of the land by exploiting additional TDR, higher FSI, etc.

Retrospective applicability of Sec 153C "2015 amendment" as held by Supreme Court

CA.Mohit Gupta 02 May 2023 at 09:35

The Supreme Court held that the amendment brought to Section 153C of the Income Tax Act 1961 by the Finance Act 2015 will retrospectively apply to searches conducted prior to the date of the amendment, i.e., 01.06.2015.

ITR Forms under Income Tax Act 1961

Divyanshu Sharma 29 April 2023 at 14:51

Let's understand all types of ITR forms in detail.

Section 9: Income Deemed To Accrue/Arise In India In The Hands Of Non-Resident

Geetanjali Pandey 29 April 2023 at 10:10

This area is a complicated one which needs to be understood wisely and carefully while calculating the Total Taxable income of Non-resident.

Important concept and provisions relating to the taxability of non-resident

Geetanjali Pandey 28 April 2023 at 16:01

Under this Article, I would like to draw attention toward those major areas which is the basic/initial point of determining the taxability of Non-resident in India. Once we checked these filters one by one on Non-resident, we can get clear picture about the taxability of Non-resident.

New LRS Regulations Cause Concern for Wealthy Indians Parking Funds Abroad

Rashmi 28 April 2023 at 08:54

The Liberalised Remittance Scheme (LRS) regulation in India has been revised, making it difficult for wealthy Indians to accumulate wealth in offshore bank accounts. Under the new rule, if an individual has legitimate money outside India in the form of foreign exchange, they must either invest it or use it within 180 days of realisation.

Form 15G and Form 15H: Save TDS on Interest Income

Mitali 27 April 2023 at 16:55

Form 15G and Form 15H are self-declaration forms that can be submitted by individuals to their banks or financial institutions to request exemption from tax deduction at source (TDS) on interest income earned from fixed deposits, recurring deposits, and other investments.

SC Limits Tax Authorities' Power to Reopen Completed Assessments Without Incriminating Material

Rashmi 27 April 2023 at 08:50

The Supreme Court has ruled that the income tax (I-T) department cannot reopen completed assessments under Section 153A of the I-T Act, unless "incriminating material" is found during search and seizure operations.