Income Tax Articles

Union Budget 2021 | Amendments impacting Real Estate sector

CMA Ramesh Krishnan 06 February 2021 at 09:48

In the Finance bill 2021, there are two proposed amendments in respect of the transfer of Immovable property below the Stamp Duty Valuation (SDV) that will impact directly to the real estate sector.

Incentives to Encourage Cashless Business Transactions

CA.R.S.KALRA 06 February 2021 at 09:48

Discussing the Incentives to Encourage Cashless Business Transactions as per the Income Tax Act w.r.t the Presumptive Rate of Income together with a combined study of Section 44AB with 44AD.

194Q Vs. 206C(1H) of the Income Tax act, 1961

CA Preksha Choraria 05 February 2021 at 14:40

The Finance Bill, 2021 has introduced section 194Q – TDS on purchase of goods which is having a resemblance to section 206C(1H)- TCS on Sale of Goods brought in by Finance Bill, 2020.

Not filed Income Tax Returns? Get ready for higher rate of TDS/TCS deduction

CMA Ramesh Krishnan 05 February 2021 at 09:55

The Finance bill 2021, proposes to insert two new sections i.e. Sec.206AB and Sec.206CCA to enable deduction and collection of TDS and TCS at higher rates for those who have not filed their income tax returns.

Sections 145, 145A and 145B of Income Tax Act, 1961

CA Sapna Ghelani 04 February 2021 at 10:40

Discussing Sections 145, 145A and 145B of the Income Tax Act 1961, including the applicability of Income Computation and Disclosure Standards (ICDS) .

Section 40A(3/3A) I Restrictions on Expenditure (Capital & Revenue)

CA.R.S.KALRA 04 February 2021 at 10:39

This article gives a thorough analysis of Sections 40A(3) and 40A(3A) of the Income Tax Act, which deals with the Restrictions on Expenditure (Capital & Revenue).

Section 194IC | TDS on Payment Made Under Specified Agreement

CA.R.S.KALRA 03 February 2021 at 10:16

Discussing Section 194IC of the Income Tax Act, which deals with the TDS on Payment Made Under Specified Agreement including the provisions for Joint Development Agreement.

Equalisation Levy | An Analysis

CA Sapna Ghelani 03 February 2021 at 10:16

Introduction of Equalisation Levy in India was back in 2016, with the intention of taxing the digital transactions i.e. the income accruing to foreign e-commerce companies from India.

Enabling ITR Rectification on the portal for the AY 2020-21

CA Sapna Ghelani 30 January 2021 at 11:39

A rectification request under section 154(1) of the Income Tax Act,1961 is allowed by the Income Tax Department for correcting mistakes when there is a mistake in your Income Tax Return.Rectification can be filled if any error of fact or an arithmetic mistake is made.

Popular tax saving deductions and tips to look out for in FY 19-20

mariam mulla 27 January 2021 at 09:51

Discussing Deductions u/s 80C, 80CCC, 80CCD(1), 80CCD(2), 80D, 80DD, 80DDB, 80E, 80EE, 80EEA, 80EEB, 80G, 80GG, 80GGA, 80GGB, 80GGC, 80TTA, 80TTB, 80U of the Income Tax Act and how they can help you in saving taxes.