Income Tax Articles

You can submit Form 15G/H even if your Gross Interest Income exceeds your Tax-Exempt Slab

Neeta chhatre 05 July 2021 at 15:45

Many banks interpret the term 'total income' concerning declaration in 15G/H, as any non-professional would and due to lack of proper understanding, reject the order in Form 15G or 15H.

Guidelines for applicability of Section 194Q

Sahil Dhingra 05 July 2021 at 14:11

Section 194Q of the IT Act, which has been effective since 1st July 2021 has created a lot of confusion among taxpayers and professionals. Let us understand the guidelines for the applicability of the section.

Exempted Incomes From House Property

Ritik Chopra 05 July 2021 at 12:02

Under section 10 of the Income-tax Act, 1961 certain incomes from house property are exempted from tax. These incomes are not to be included in the total income of the assessee.

Is last Para of Income Tax Circular No. 13 of Year 2021 consistent with legal provisions?

CA Tejas Andharia 05 July 2021 at 09:00

Analysing the reading of Second Proviso to Section 206C(1H) and Section 194Q(5) and fetching answers after a harmonious reading of both the sections against different situations.

PGBP Additions and Deductions

Kush Shah 05 July 2021 at 09:00

Discussing the things to be added or deducted from the Net Profit as per books under the head Profits and Gains of Business or Profession.

Cases when Rental Income from Building is not treated as House Property Income

Ritik Chopra 03 July 2021 at 14:30

There are many instances where rental income from a building is not treated as house property income. Four of such instances have been discussed in this article.

Analysis of Section 194Q - TDS on purchase of Goods

CA Robin Garg 03 July 2021 at 08:48

Finance act, 2021 has introduced a new section 194Q w.e.f. 01.07.2021 which requires a specified buyer to deduct TDS w.r.t. purchase of goods from a resident seller.

House Property Income

Ritik Chopra 02 July 2021 at 12:06

One of the common sources of income is rental income from house. The income from houses, buildings, godowns etc. is to be computed and assessed to tax under the head "Income from house property".

CBDT issues guidelines under Section 194Q of the Income Tax Act, 1961

CS Tanveer Singh Saluja 02 July 2021 at 09:09

The CBDT on 30th June, 2021, has issued a set of guidelines in regards to the application of Section 194Q w.e.f. 1st July, 2021 vide Circular No. 12/2021.

New Regime of Income Tax Search and Seizure Assessments - Glaring Implications

CA.Mohit Gupta 02 July 2021 at 09:07

Highlighting the significant changes brought in by the virtue of the Finance Act 2021 in context to the Income Tax assessments to be made in pursuance to an Income Tax Search and Seizure Action conducted u/s 132.