Income Tax Articles

A study of Section 68 of the Income Tax Act, 1961 w.r.t Penny Stocks

Member (Account Deleted) 27 January 2020 at 17:08

Advocate Arjun Gupta has discussed the taxability of penny profits in light of the recent changes to Section 68 of the Income Tax Act and the decisions of various courts. He also argued that the law places an unfair burden on taxpayers and is not workable.

Clubbing of income under provisions of Income tax act, 1961

FCS Deepak Pratap Singh 27 January 2020 at 17:08

Clubbing of income, means addition of income of other in the gross total income of a person, while computing his/her taxable income. Generally, it is applicable in family. Income of a spouse, child may be clubbed with income of major earner of the family.

Faceless e-assessment: Procedures, Difficulties and Role of Professional

CA PIYUSH KAPOOR 23 January 2020 at 10:44

The income tax department on October 7, 2019 launched its faceless e-assessment scheme for taxpayers. Under the scheme, there would be no physical interface between an assessing officer and an Assessee.

An Overview of Cash Transaction Limits & Restrictions

Damandeep Singh 22 January 2020 at 10:13

In this article, I have tried to give a brief overview w.r.t. cash transaction limits put in by government under the Income Tax Act and GST law along with penalty for transacting in cash over and above a certain threshold.

Honest assessee caught in the web of section 269 cash deposit

Dilip K Raina 21 January 2020 at 10:49

Let us examine this situation from the perspective of the honest assessee and the law being followed by the income tax department.

New circular dtd 16th Jan on IT Deduction from salaries for FY 2019-20

Guest 18 January 2020 at 13:37

IT Deduction from salaries during the Financial Year 2019-20 under section 192 of the IT Act, 1961

How will taxpayers fly their Kite of Income Tax Return this Sankranti?

CA Umesh Sharma 14 January 2020 at 12:11

How will taxpayers fly their Kite of Income Tax Return?

ITR-1 and ITR-4: Detailed analysis of changes

CA Varsha Chopra 13 January 2020 at 17:32

The CBDT notified changes in ITR-1 and IYR-4 for AY 2020-2021. This article summaries all the changes made in Income Tax Return Forms, ITR-1 and ITR-4 after the notification regarding relaxation granted by CBDT vide notification dated 9th January 2020.

Clarification on Insertion of new section 269SU - Digital Payment Facility

CA Piyush Agarwal 13 January 2020 at 11:01

The CBDT in its latest notification introduced Sec 269SU under the Income Tax Act, 1961. The section is applicable to all companies or business entities with a business volume of Rs. 50 crore or more annually. Such entities must provide facilities and accept payments through digital transactions u/s 269SU. Non-compliance of this regulation shall lead to a fine of Rs. 5,000 per day.