Income Tax Articles

Faceless Appeal Scheme, 2020

Lekhraj sood 28 September 2020 at 10:39

The Faceless Appeal Scheme, 2020 came into effect via a notification dated 25.09.20. Know all about the scheme here.

House Rent Allowance - A Tax planning tool for Salaried Persons

CA Chandra Kishore Bajpai 25 September 2020 at 10:48

House Rent Allowance (HRA) is the second component that is found in each payslip after the basic salary. There are numerous doubts regarding this provision. Some of the popular questions have been answered in our article.

Depreciation Allowance under Sec 32 of the Income Tax Act, 1961

Puneet Taneja 24 September 2020 at 10:49

As per section 32 of the Income Tax Act, 1961, depreciation is allowed on tangible assets and intangible assets owned, wholly or partly, by the assessee and used for the purposes of business or profession.

Decoding TCS on Goods u/s. 206C (1H) w.e.f 01.10.20

CA Suresh Jain 24 September 2020 at 10:44

TCS on Goods u/s 206C (1H) is applicable w.e.f 1st Oct. 2020. Let us decode the provision.

Attention! You might have to file your income tax returns even if it’s below the taxable limit

Bineeta Jain 23 September 2020 at 10:00

The Finance (No. 2) Act, 2019 has inserted a new seventh provision to section 139(1) to provide for mandatory filing of return of income for undertaking certain high-value transactions even though the person is otherwise not required to file a return of income.

Compilation of Notifications & Circulars issued by CBDT in the month of August 2020

SAGAR MALHOTRA 22 September 2020 at 16:26

1. Non-applicability of Section 206AA to non-residents to whom Section 139A does not apply on account of Rule 114AAB: Section 206AA provides that any perso..

TCS on Sales of Goods under Income Tax w.e.f 1st Oct 2020 - FAQs and Key Points

CA Umesh Sharma 22 September 2020 at 12:09

Amendment made in Section 206C (1H) of the Income Tax Act regarding the liability to collect TCS @ 0.1%, on the sale value exceeding Rs. 50 lakh for each buyer...

Taxability of Gifts: Sec 56(2)(X) of IT Act, 1961

CA Santhosh Gupta Kethepalli 21 September 2020 at 09:41

To prevent the practice of receiving a sum of money or the property without consideration or for inadequate consideration, section 56(2)(x) brings to tax any sum of money or the value of any property received by any person without consideration or the value of any property received for inadequate consideration.

Important Income Tax (Direct Tax) Amendments (since 2019)

CS Lalit Rajput 18 September 2020 at 10:46

The government has announced several measures to promote growth, investment and create new employment opportunities through the amendments in the Income-tax Act, 1961, and the Finance Act (No. 2), 2019.

ITR Filing Tips Financial Year 2019-2020

MOHAN ARYA 14 September 2020 at 09:13

Finance (No. 2) Act, 2019 has inserted a new seventh proviso to section 139(1) to provide for mandatory filing of return of income for undertaking certain high-value transactions even though the person is otherwise not required to file a return of income due to the fact that total income is below the basic exemption limit.