Income Tax Articles

Incidence of Section 112A to be taxed at MMR u/s 115UA of IT Act 1961

Posted by Someswar Roy 10 January 2023 9923 Views

Incidence of Section 112A in the hands of unit-holders of a business trust, to be taxed at maximum marginal rate (MMR) u/s 115UA of the income tax act, 1961

Section 195 of Income Tax

Posted by Chetan Chauhan 09 January 2023 5620 Views

Section 195 of the Income Tax Act of India pertains to the deduction of tax at source on certain incomes received by a non-resident or a foreign company.

Taxation Of Gifts - Income Tax Act, 1961

Posted by FCS Deepak Pratap Singh 09 January 2023 4834 Views

Taxability of gift received by any person, i.e., sum of money or property received without consideration or a case in which the property is acquired for inadequate consideration.

Income Tax Notice

Posted by Aisha 06 January 2023 11206 Views

An income tax notice is a formal communication from the Income Tax Department stating that there is an issue with your tax return or tax payments.

Detailed Analysis of Guidelines for Compounding of Offences under IT Act 1961

Posted by CA Ankit Gulgulia (Jain) 02 January 2023 14238 Views

In supersession of all earlier Guidelines including the last Guidelines of the issued vide F.No.285/08/2014TT (lnv.V)/147 dated 14th June, 2019, the CBDT Issued revised guidelines vide F.No. 285/08/2014-IT(lnv.V)/196 dated 16th September, 2022 which were made applicable with immediate effect.

Real Growth of an economy is when the DT collections surpass the Budget Targets

Posted by Ishwin Kaur 31 December 2022 4625 Views

You must be wondering why I said so. Undoubtedly, Tax collection is an indicator of economic activity in any country. But to have a deeper understanding of this, we first need to have a look on the DT collections of this year, and the estimated Budget Target that was set by the Honourable Finance Minister, Nirmala Sitharaman.

Missed filing ITR? File belated ITR for FY 2021-22 by 31st Dec

Posted by Mitali 28 December 2022 8888 Views

Income Tax Return is a form that individuals and businesses are required to file with the Income Tax Department. The purpose of ITR is to report the income earned during a financial year and pay taxes on it.

Section 68: Unexplained Cash Credit

Posted by Anchal Gupta 24 December 2022 10763 Views

As per section 68, any sum found credited in the books of a taxpayer, for which he offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, may be charged to income-tax as the income of the taxpayer of that year.

Supreme court puts an end to large tax evasion through partnership firms

Posted by FCS Deepak Pratap Singh 07 December 2022 20306 Views

This ruling of SC will have a far-reaching effect, which has changed perception of using Partnership Firm to evade taxes. The SC has considered revaluation of the assets of a Partnership Firm is an event deemed to transfer of assets to the partners and hence taxable in the hand of firm.