Income Tax Articles

What is Schedule Assets and Liabilities (Schedule AL)?

18 August 2021 50767 Views

Schedule AL is a statement of disclosure of assets and liabilities which the taxpayer shall disclose in the Income Tax Return (ITR). This was introduced from AY 2016-17.

Procedure for Registration as Legal Heir on the New Income Tax Portal

Posted by Neethi V. Kannanth 18 August 2021 14028 Views

The New Income Tax Portal has now enabled the Registration as Legal Heir, which will ensure easy filing of Income Tax Return (ITR) of a deceased person.

Analysis of the Taxation Laws (Amendment) Bill, 2021

Posted by CA Ekta Thacker 18 August 2021 5654 Views

The Bill proposes to provide that no tax demand shall be raised in future on the basis of the retrospective amendment for any indirect transfer of Indian assets if the transaction was undertaken before 28.05.2012.

Section 44AA: Maintenance of accounts by certain persons carrying on profession or business

Posted by Ritik Chopra 16 August 2021 10551 Views

Maintenance of books of accounts is one of the most important tasks for any business or profession. Discussing the provisions u/s 44AA of the Income Tax Act, 1961 related to maintenance of accounts.

Top 5 Cash Transactions that can Attract IT Notice

Posted by CS Lalit Rajput 16 August 2021 23386 Views

Discussing the top 5 cash transactions that can attract IT notice with regard to savings/current account, credit card bill payment, bank FD, mutual fund/stock market/bond/debenture and real estate.

Section 194N: TDS on Cash Withdrawal from Banks/Post Offices (Updated for FY 2021-22)

Posted by CA.R.S.KALRA 15 August 2021 15112 Views

Section 194N is applicable in case of cash withdrawals of more than Rs 1 crore during the FY. This section will apply to all sums of money or an aggregate of sums withdrawn from a particular payer in the FY.

Section 41: Deemed Profits

Posted by Ritik Chopra 14 August 2021 37518 Views

Any loss of a business incurred during the year in which it ceased to exist and which could not be set off against any other income of that previous year shall be set off against deemed incomes.

TDS on E-commerce Operator (including Practical Case Studies)

Posted by CA.R.S.KALRA 12 August 2021 9877 Views

Any person, being an e-commerce operator facilitating the sale of goods or services of an e-commerce participant through its digital or electronic facility or platform is responsible to deduct TDS u/s 194O.

Section 35ABB: Expenditure for Obtaining a License to Operate Telecommunication Services

Posted by Ritik Chopra 12 August 2021 7277 Views

In case any capital expenditure is incurred for acquiring a license to operate telecommunication services and payment has been made, a deduction of an amount equal to the appropriate fraction shall be allowed.

CBDT inserts two new rules after Rule 21AH and two new forms after Form No.10IF

Posted by CS Tanveer Singh Saluja 11 August 2021 7470 Views

CBDT has notified a new set of rules to amend the existing Income-tax Rules, 1962. The aim of this amendment is to insert two new rules after Rule 21AH and two new forms after Form No.10IF.