Income Tax Articles
Complications caused by cash transactions in income tax
Government wants that people use banking system and in the same direction some new provisions added in the Finance Act, 2017 to prevent black money. We will discuss all the provisions related to cash transactions, exceptions of the same and consequences of them as well.
Section 2(22)(e): Deemed Dividend - Taxability in FY 20-21
Dividend is taxable u/s 56 in hands of shareholder from 1-4-20 and exemption u/s 10(34) has been removed.
Some important judgments on Income Tax, GST, IBC and other corporate laws
Important judgments on Income Tax, GST, IBC and other corporate laws has been listed in this article
Income Tax Questions & Answers Series Consolidated
As we are aware that Income of a resident in India from sources anywhere in world will be taxable under provisions of Income Tax Act, 1961. In case a person, who is a non-resident in India during previous year and he earns any income from India, then taxability of that Income will be decided on the basis of source of income as well as residence of assessee.
Impact of waiver of loan or liability on depreciation claim
When a loan taken for acquiring a depreciable capital asset or a part of the purchase price of such capital asset is waived in a year subsequent to the year of acquisition,
Now Agriculture Income Under Strict Scrutiny
CAG has prepared a report on Assessments Relating to Agriculture Income which was presented in the 49th report of the Public Accounts Committee which clearly stated that the rich farmers whose agriculture income exceeds Rs 10 lakh per year limit, will face stricter scrutiny of agricultural income.
TDS on interest on PF contributions in excess of threshold limit
EPFO ISSUED CIRCULAR CLARIFYING TDS ON INTEREST ON PF CONTRIBUTIONS IN EXCESS OF THE THRESHOLD LIMIT
Tax savings through HUF
HUF is a creation of law and cannot be created by the act of parties, except in the case of adoption by member of HUF.
Concept of "Safe Harbour Rules" under Income Tax Act 1961
Base erosion and profit shifting (BEPS) refers to corporate tax planning strategies used by multinationals to "shift" profits from higher-tax jurisdictions to lower-tax jurisdictions, thus "eroding" the "tax-base" of the higher-tax jurisdictions.
Box-Office Collections
As a Chartered Accountant and having my feet firmly on the ground about the costs I used to always feel that the producer of the movie tends to increase the Production cost and Revenue generated by the movie for an entirely different cause and could be a clear case of money laundering either single-handedly or with a group of Investors.
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