Income Tax Articles

Tax savings through HUF

Posted by FCS Deepak Pratap Singh 11 April 2022 6933 Views

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

Posted by FCS Deepak Pratap Singh 11 April 2022 3367 Views

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

Posted by CA Ranganatha Achar K 08 April 2022 6702 Views

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)

Posted by Ishita Ramani 06 April 2022 27239 Views

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

Posted by CA Umesh Sharma 04 April 2022 8344 Views

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

Posted by Adv. Ravish Bhatt, ADIT, CIOT 03 April 2022 5994 Views

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

Posted by FCS Deepak Pratap Singh 28 March 2022 7328 Views

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

Whether Notional Interest on Security Deposit paid by employer for accommodation of its employee will also be included while calculating perquisites

Posted by FCS Deepak Pratap Singh 23 March 2022 4102 Views

Perquisite value of a residential accommodation provided by the employer to its employee will be calculated on the basis of actual rent paid or payable and no notional interest on Security Deposit deposited by employer

Insertion of Section 79A - Plugging of lacuna by the Finance Bill 2022

Posted by CA.Mohit Gupta 21 March 2022 10699 Views

In the Union Budget 2022-23 through Finance Bill 2022, among other tax measures, the Hon'ble Finance Minister recommended "Insertion of New Section 79A: No set-off of losses consequent to search, requisition and survey".

Critical analysis of section 68 of Income Tax Act, 1961

Posted by CA. Pushp Kumar Sahu 19 March 2022 11874 Views

There was a great need and importance for introducing the provisions of section 68 under the income tax act, 1961 to safeguard and protect the interest of revenue, as assessee was engaged in harmful tax practices to evade tax in the form of Black Money, Accommodation Entries, Cash Credit Entries etc.