Income Tax Articles

How to Calculate House Rent Allowance under the Income Tax Act?

Ritik Chopra 04 June 2021 at 08:57

Sometimes the employer does not provide rent-free accommodation but instead helps the employee in paying rent by providing an allowance. The amount of cash paid is known as House Rent Allowance.

Section 194Q: TDS on Purchase of Goods Exceeding Rs. 50 Lakhs

CA Pankaj Agarwal 03 June 2021 at 09:50

As per Section 194Q, a buyer is supposed to deduct 0.1% TDS on the purchase of goods from a resident seller, the value of which exceeds Rs. 50 lakhs in any PY.

Grandfathering Concept in Relation to Long Term Capital Gain

CS Sonamm Khandelwal 03 June 2021 at 09:41

Income from capital gains is classified as 'Short Term Capital Gains' and 'Long Term Capital Gains'. Let us understand the 'Grandfathering Concept' in relation to the Long Term Capital Gains.

Tax Implications on Forex Transactions: TCS on Remittances Outside India

Manish Gupta 03 June 2021 at 09:40

Forex Transactions refer to transferring funds from one country to another. Let us understand the tax implications, mechanism for paying the tax and Liberalized Remittance Scheme in this regard.

Section 50B & Rule 11UAE

Sahil Dhingra 31 May 2021 at 17:36

Slump sale means the transfer of one or more undertaking, by any means, for a lump sum consideration without values being assigned to the individual assets and liabilities in such sales.

Analysis of Section 206AB and Section 206CCA

Neethi V. Kannanth 31 May 2021 at 14:48

Section 206AB and 206CCA were introduced in the Finance Bill 2021. They provide for a higher deduction of TDS and TCS respectively, if certain conditions are met.

What is income under the head Salary?

Ritik Chopra 31 May 2021 at 14:48

Generally, salary is considered as a fixed payment from an employer to an employee. However, the term 'salary' has a larger scope. Let us discuss the term 'salary' in this article.

Applicability of Section 194Q TDS on Purchase of Goods

Vikas Rai 31 May 2021 at 09:24

The intention of section 194Q is to widen and deepen the tax base. In order to do the same, it is proposed to levy a TDS of 0.1% on purchase transactions exceeding Rs. 50 lakhs in a year.

An Introduction to Income Tax

Ritik Chopra 28 May 2021 at 09:30

Income tax was introduced in India in 1860 and is generally described as a tax on income, gains or profits earned by a person such as individuals and other entities.

Section 194K: TDS on Mutual Fund Income

Mayank Mandora 28 May 2021 at 09:30

FM Nirmala Sitharaman proposed the addition of Section 194K in the Union Budget 2020. This section includes a tax deduction on the amount paid on the units of mutual funds.