Income Tax Articles

Provisions of Sec 44AB under Tax Audit

CA.R.S.KALRA 05 December 2020 at 18:33

Sec 44AB states the provisions related to tax audit of certain entities. Applicability of tax audit u/s 44AB depends on gross receipts, sales, and turnover of an assessee.

Weekly Finance and Tax News Bulletin by CAclubindia - 29th November to 5th December 2020

CCI Team 05 December 2020 at 16:04

In this article, we will discuss the major updates from the Finance and Tax Industry between 29th November 2020 and 5th December 2020.

When does the Liability to pay advance tax under Income Tax Act arise?

CA Mehul Thakker 05 December 2020 at 14:40

Understanding the provisions 207, 208, and 209 under the Income Tax Act, 1961 together with analyzing a practical scenario in implementing these provisions.

Provisions of Sec 44AA under Presumptive Taxation

CA.R.S.KALRA 05 December 2020 at 10:07

In this article, we will discuss the provisions of Section 44AA of the Income Tax Act which talks about Presumptive Taxation and its practicality in the finance sector.

FAQs on Scope and Eligibility of the Vivad se Vishwas Act 2020

Aishna Kukreja 05 December 2020 at 10:07

On 4th December 2020, the Central Board of Direct Taxes released the second set of FAQs which focuses on the Scope and Eligibility of the Vivad se Vishwas Scheme 2020.

Introduction to Presumptive Taxation

CA.R.S.KALRA 04 December 2020 at 15:38

Section 44AD of the Income Tax Act 1961 provides for computing business income on a presumptive basis, which was introduced by virtue of The Finance Act 1994

Section 115BBE- Bleak line between Righteousness and Injustice

CA.R.S.KALRA 02 December 2020 at 17:11

The provisions of sec 115 BBE of the Act are draconian at first glance and can give nightmares to the assessee. This section erodes the faith of the taxpayer in the IT Law since it is being applied retrospectively from April 2016.

When will CPC start to process Income Tax Returns for FY 19-20 / AY 20-21 and give Refund? Here is the answer

Soumya Laha 02 December 2020 at 12:42

CPC has started to process Income Tax Returns from 23rd November 2020. So, if you filed and verified your ITR successfully, your ITR will be processed soon.

Due Date Compliance Calendar - December 2020

Aishna Kukreja 01 December 2020 at 14:25

It is important to plan your month so that you don’t miss any due dates. In this article, we discuss all the due dates under all the acts that lie in the month of December 2020.

An analysis on Equalisation Levy

Shweta 30 November 2020 at 10:02

The Finance Act 2020 has expanded the scope of equalization levy by introducing Section 165A. Through this, the levy has been extended to non-resident ECO supplying goods and services online.