Income Tax Articles

Indian Income Vs Foreign Income

Ritik Chopra 18 March 2021 at 18:24

Analysing the difference between Indian Income and Foreign Income with respect to the Income deemed to Accrue or Arise in India as per the Income Tax Act, 1961.

How to Legally Save Income Tax?

Prachi Bansal 18 March 2021 at 18:24

In this article, we will be discussing certain legal ways in which an individual can actually save some chunk of their money and not give it all away as taxes.

Tax planning & To do list before 31st March 2021 - Capital gain tax perspective

JINESH MEHTA 18 March 2021 at 09:49

We are in the month of March, Hence, it is extremely important to know the tax implication on stock market transactions and actions to take before 31st March 2021 as far as tax planning is concerned.

Section 206AA | Mandatory Requirement of Furnishing PAN

CA.R.S.KALRA 18 March 2021 at 09:49

Section 206AA has been inserted to provide that any person whose receipts are subject to TDS i.e. the deductee, shall mandatorily furnish his PAN to the deductor, failing which the deductor shall deduct TDS at the specified rate.

Section 203A | Tax Deduction and Collection Account Number

CA.R.S.KALRA 17 March 2021 at 10:03

Under the provisions of section 203A of the Act, every person deducting tax or collecting tax is required to obtain TAN and quote the same for reporting of tax deduction/collection to the Income-tax Department.

Section 201 | Consequences of Non-Compliance to TDS

CA.R.S.KALRA 16 March 2021 at 09:46

As per section 201 of the Income Tax Act, if a deductor fails to deduct TDS or after deducting the same fails to deposit it to the Government's account then he shall be deemed to be an assessee-in-default and liable for consequences discussed in this article.

Section 200A | Processing of statements of TDS

CA.R.S.KALRA 15 March 2021 at 09:54

Discussing Section 200A of the Income Tax Act which lays down the provision for Processing of Statements of TDS and rules on how such a statement is processed. ..

Section 54D - Exemption from Capital Gain on Compulsory Acquisition of Land or Building forming part of Industrial Undertaking

Neethi V. Kannanth 13 March 2021 at 09:59

To encourage the assessee to carry the business undertaking, exemption under section 54D of the Income Tax Act, 1961 is provided. Let us understand in detail about section 54D.

Uber India not liable to deduct TDS for payments made to the drivers, says ITAT

CA Sapna Ghelani 13 March 2021 at 09:59

The ITAT allowed the appeal of the assessee and held that UISPL should not be treated as a person responsible for paying for the purpose of Section 194C and therefore the provisions of section 194C cannot be made applicable thereon.

Section 203 | TDS Certificate

CA.R.S.KALRA 13 March 2021 at 09:59

Every person deducting tax at source is required as per Section 203 to furnish a certificate to the payee to the effect that tax has been deducted along with certain other particulars.