Income Tax Articles

Extension in various due dates vide Circular no. 9 of 2021 by CBDT

VIPUL DHAMIJA 21 May 2021 at 09:41

As per Circular No. 9 of 2021 issued by CBDT, some of the due dates of various compliances such as TDS, TCS, SFT and ITRs have been extended due to the Covid-19 pandemic in the country.

TDS on cash withdrawal in India

Manish Mehra 21 May 2021 at 09:41

Section 194N has imposed a TDS liability on Payer when any cash payment exceeding Rs. 1 crore is made (individually or in aggregate) during the financial year to Payee.

Provisions relating to payment of advance tax

Suhasini 20 May 2021 at 17:40

As per section 208, every person whose estimated tax liability for the year is Rs. 10,000 or more, shall pay his tax in advance, in the form of "advance tax".

Charitable Trusts and Amendments in Finance Act 2021 and FCR

CA Haridas Varma 20 May 2021 at 13:33

Discussing recent amendments in Finance Act 2021, Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 and Foreign Contribution (Regulation) Amendment Act, 2020 that will impact the functioning of Charitable Trusts.

Introduction of Alternate Taxation Scheme for Individuals and HUF w.e.f AY 2021-22

Ritik Chopra 20 May 2021 at 09:26

The new tax regime has reduced tax slabs for individual and HUF taxpayers with a condition to forgo certain tax deductions or exemptions. Let us discuss the new regime in this article.

Section 245N(a) - Advance Ruling

Neethi V. Kannanth 20 May 2021 at 09:26

Advance Ruling means written opinion or authoritative decision by an authority empowered to render it with regard to the tax consequences of a transaction or proposed transaction or an assessment in regard thereto.

Consequences of not filing the ITR

Sahil Dhingra 18 May 2021 at 11:21

Default in filing the Return of Income within the prescribed due date results in a fee or penalty. In this article, we discuss various fees and penalties u/s 234F, 270A, and 276CC.

Set Off and Carry Forward of Losses : An analysis

Neethi V. Kannanth 18 May 2021 at 09:39

If there is any loss under any head of income, the assessee can set off losses against income. Discussing the two ways of setting off losses against income i.e. through Intra-head and Inter-head adjustments.

Tax Planning while setting up of a business for A.Y 2021-2022 and A.Y 2022-2023

CMA SIVAKUMAR A,ACMA. 17 May 2021 at 10:06

Tax Planning while setting up of a business with reference to the Nature of Business for A.Y 2021-2022 and A.Y 2022-2023 - An analysis of Eight important Deductions as per the Income Tax Act.

Penalties under the Income Tax Act, 1961

Neethi V. Kannanth 17 May 2021 at 09:39

An offence committed by an assessee under the provisions of the Income Tax Act,1961 shall be subject to penalty. There are more than 45 penalties under the act. Discussing the same in this article.