Income Tax Articles

Taxation of Dividend Income - Complete Guide

CA Sufiyan Ganodwala 07 July 2021 at 09:37

Finance Act 2020 has made major amendments to the taxation of dividends. With these amendments, the general notion that dividends are exempt is no longer the same. Let us understand the taxability of dividends.

Higher TDS for Income Tax Return Defaulters w.e.f. 1st July 2021 - Decoding section 206AB

Manish Gupta 07 July 2021 at 09:36

The IT Department has introduced a new section 206AB effective from 01.07.2021 that ensures a higher deduction of TDS for the payees who have defaulted in filing their ITR for the preceding 2 years.

What do you mean by Annual Value?

Ritik Chopra 06 July 2021 at 15:00

The term annual value has been defined under Section 23(1) of the Income-tax Act, as "the sum for which the property might reasonably be expected to let from year to year".

CBDT Issues Rules for Taxing Partnerships in India

CA Sapna Ghelani 06 July 2021 at 09:23

The guidelines were issued to give transparency on the methods to be followed while determining the tax liability. These changes are applicable from Assessment Year 2021-22.

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.