Income Tax Articles

Tax Implications on Forex Transactions: TCS on Remittances Outside India

Posted by Manish Gupta 03 June 2021 3156 Views

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

Posted by Sahil Dhingra 31 May 2021 8251 Views

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

Posted by Neethi V. Kannanth 31 May 2021 3348 Views

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?

Posted by Ritik Chopra 31 May 2021 11834 Views

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

Posted by Vikas Rai 31 May 2021 16868 Views

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

Posted by Ritik Chopra 28 May 2021 10435 Views

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

Posted by Mayank Mandora 28 May 2021 3619 Views

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.

Avoid Exceeding This Limit in Mutual Funds, Bank FDs, and Cash Deposit, Otherwise, You May Get a Notice of Income Tax

Posted by Kapil Rana 27 May 2021 18868 Views

Cash transactions and digital deposits are closely monitored by the IT Department, and if you invest more than Rs 10 lakh in mutual funds, stock market, bonds, or debentures, your chances of receiving a notice increases.

Extension of Income Tax Due Dates

Posted by CA Umesh Sharma 27 May 2021 5613 Views

CBDT has issued a circular on 20.5.2021 for an extension of due dates for various returns and compliances under the Income Tax Act. Let us discuss the extended due dates.

Income Tax Benefits Available to Individuals and HUF - Part 4

Posted by Neethi V. Kannanth 26 May 2021 8131 Views

This is the last part of the article series related to Income Tax Benefits Available to Individuals and HUF. We will now be discussing about the remaining deductions under Chapter VIA, TDS and advance tax provisions and about exemption from Filing of Income Tax Return