Income Tax Articles
Impact of waiver of loan or liability on depreciation claim
When a loan taken for acquiring a depreciable capital asset or a part of the purchase price of such capital asset is waived in a year subsequent to the year of acquisition,
Now Agriculture Income Under Strict Scrutiny
CAG has prepared a report on Assessments Relating to Agriculture Income which was presented in the 49th report of the Public Accounts Committee which clearly stated that the rich farmers whose agriculture income exceeds Rs 10 lakh per year limit, will face stricter scrutiny of agricultural income.
TDS on interest on PF contributions in excess of threshold limit
EPFO ISSUED CIRCULAR CLARIFYING TDS ON INTEREST ON PF CONTRIBUTIONS IN EXCESS OF THE THRESHOLD LIMIT
Tax savings through HUF
HUF is a creation of law and cannot be created by the act of parties, except in the case of adoption by member of HUF.
Concept of "Safe Harbour Rules" under Income Tax Act 1961
Base erosion and profit shifting (BEPS) refers to corporate tax planning strategies used by multinationals to "shift" profits from higher-tax jurisdictions to lower-tax jurisdictions, thus "eroding" the "tax-base" of the higher-tax jurisdictions.
Box-Office Collections
As a Chartered Accountant and having my feet firmly on the ground about the costs I used to always feel that the producer of the movie tends to increase the Production cost and Revenue generated by the movie for an entirely different cause and could be a clear case of money laundering either single-handedly or with a group of Investors.
ITR Filing Online for FY 2021-22 (AY 2022-23)
Income Tax Department has notified 7 various forms up till now i.e. Form ITR 1 to ITR 7 for filing Income Tax Return for different types of income and different types of entities.
Maharashtra Settlement of arrears of Tax, Interest, Penalty, or Late Fees Scheme 2022
The Maharashtra Government has introduced the scheme in the L.A. BILL No. IX of 2022 to settle old disputes. Considering the same, the government has introduced disputes between the Maharashtra government and taxpayers.
CBDT's Clarification as Regards Application of MFN Clause for Lower Rate of Source Taxation
The Central Board of Direct Taxes issued a clarificatory circular on 03.02.2022 pursuant to receipt of representations for clarity as regards application of MFN clauses available in the protocol to some of the DTAAs with OECD members.
Transfer of capital assets between holding and subsidiary company or vice-versa and its tax implications
As you are aware that the term "Business Restructuring" is composed of two words," Business" and "Restructuring". We know that the "Business", includes trade, commerce, manufacture, profession etc
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