Income Tax Articles

Set Off and Carry Forward of Losses : An analysis

Neethi V. Kannanth 18 May 2021 at 09:39

If there is any loss under any head of income, the assessee can set off losses against income. Discussing the two ways of setting off losses against income i.e. through Intra-head and Inter-head adjustments.

Tax Planning while setting up of a business for A.Y 2021-2022 and A.Y 2022-2023

CMA SIVAKUMAR A,ACMA. 17 May 2021 at 10:06

Tax Planning while setting up of a business with reference to the Nature of Business for A.Y 2021-2022 and A.Y 2022-2023 - An analysis of Eight important Deductions as per the Income Tax Act.

Penalties under the Income Tax Act, 1961

Neethi V. Kannanth 17 May 2021 at 09:39

An offence committed by an assessee under the provisions of the Income Tax Act,1961 shall be subject to penalty. There are more than 45 penalties under the act. Discussing the same in this article.

Analysis of Section 194Q of Income Tax Act along with Section 206C(1H)

CA Harshawardhan Nigade 17 May 2021 at 09:38

Section 206C(1H) was introduced in Finance Act 2020 while Section 194Q was introduced in Finance Act 2021. Let's discuss the provisions of Section 194Q and its relation with Section 206C(1H).

Reporting of dividend distribution by companies to the IT department under SFT reporting

CA CMA Sagar Jaiswal 14 May 2021 at 09:42

Section 285BA of the Income Tax Act, 1961 read with Rule 114E of Income Tax Rules, 1962 says certain persons are required to report a statement of financial transaction (SFT) or reportable account to the Income Tax Department.

Interest, Late Fees and Penalty under TDS provision

CAJayprakash Pandey 14 May 2021 at 09:42

Discussing TDS Interest and its different types, together with the late fees for delay in filing of TDS Return and penalty that may be imposed on late filing of TDS Return u/s 271H.

Restriction on Cash Transaction and 10 High value cash Transaction

CAJayprakash Pandey 14 May 2021 at 09:42

This article will help you to solve your problem related to the restriction on cash transaction and the top 10 high value transactions as per the Income Tax Act/GST.

Registration of Trust under Income Tax - Analysis of New Provisions

Manish Harchandani 13 May 2021 at 16:22

The Finance Act, 2020 introduced various amendments related to the registration of Charitable Trust and Religious Trust for availing the exemption u/s 11 and 12 of the Income Tax Act, 1961.

Deductions under Section 37 of the IT Act, 1961

Vidushi Agrawal 13 May 2021 at 11:26

A deduction is an expense that can be subtracted from the taxable income of an assessee to reduce the amount owed as specified in the Income Tax Act, 1961.