Income Tax Articles

Taxation of Virtual Digital Assets

CA Keyur Somani 07 February 2022 at 12:45

In this blog, I have tried to explain taxation of Virtual Digital Asset and yes crypto has not been given status of currency and it’s an asset on that to I have doubt of legality as taxing something does not make it "legal" as Income Tax Act tax income from betting and smuggling, also never the less it’s another topic of debate.

The Tale of 'Arth', 'Shashtri' and the 'New TDS on Perks'

Mayank Mohanka 07 February 2022 at 08:40

Yes, it was the Budget Day. Two close friends, 'Arth'- a businessman and 'Shastri' - a CA, went out for a stroll in late evening.

Some facts related to applicability of DTAA

FCS Deepak Pratap Singh 04 February 2022 at 10:29

The Income Tax Act,1961 provides for taxation of a certain income earned in India by Mr. X a non-resident. The DTAA, which applies to Mr. X provides for taxation of such income in the country of residence. Is Mr. X liable to pay tax on such income earned by him in India?

Need of Revisional Authorities under Tax laws

CA. Pushp Kumar Sahu 04 February 2022 at 08:45

There is an utmost importance of Revisional authorities under Tax laws (both under Income Tax Law and GST Law) to safeguard and protect the interest of revenue as they act as a reviewer of the orders passed by the lower authorities which fall under their respective jurisdictions.

Updated Return: A thorough Analysis

CA Gyati Gupta 04 February 2022 at 08:45

Till 31.01.2022 we had heard of terms like Original Return, Revised return and Belated Return, but with Finance Bill 2022 came a new concept of Return which is named as Updated Return.

Whether court has power to review order, proceedings or actions of IT department

FCS Deepak Pratap Singh 04 February 2022 at 08:45

Section 293 of the Income Tax Act,1961-provides that no suits in any civil court shall be filed to set aside any order made, proceedings or action taken by the department or any officer of the government or anything done in good faith.

Determination of Annual Value under House Property

CA Gyati Gupta 02 February 2022 at 08:42

The author has tried to cover few aspects related to "Determination of Annual Value" in this article related to the Incomes assessed under "House Property"

Declaration of undisclosed income to "buy peace" does not renders an assessee immunity from initiation and levy of penalty

CA.Mohit Gupta 30 January 2022 at 10:30

Under the Income Tax Act, 1961 penalty is to be levied on the amount of "tax sought to be evaded" in respect of the concealment of particulars of income or furnishing inaccurate particulars of the income. Nevertheless, in case of SEARCH penalty is also levied in respect of "Undisclosed Income" too.

Whether registration of leasehold property on one family member considered as Benami property?

FCS Deepak Pratap Singh 26 January 2022 at 08:46

SEVERAL MEMBERS OF FAMILY PROVIDING CONSIDERATION TO CONVERT LEASE PROPERTY INTO FREE-OLD BUT REGISTRATION OF PROPERTY HELD ON THE NAME OF ONE PERSON'S NAME-WHETHER CONSIDERED AS BENAMI PROPERTY?