Income Tax Articles

Finance Act 2021 | Did you Know? Certain Taxpayers Have to Pay Double Tax w.e.f 1st July 2021

Posted by CAJayprakash Pandey 12 June 2021 15863 Views

Section 206AB shall replace the applicability of TDS rate with a higher rate of TDS for those who have not filed an ITR for two PY when the aggregate of TDS and TCS is beyond 50,000 rupees in each of those two PY.

Unravelling the terms business, profession, vocation and occupation

Posted by Sivaraman A R 12 June 2021 23135 Views

Discussing the difference between the terms 'business', 'profession', 'vocation' and 'occupation' in the context of the Income Tax Act, 1961.

Section 115BAC of The Income Tax Act, 1961 | New Tax Regime vs. Old Tax Regime

Posted by Ashok Pitroda 12 June 2021 4809 Views

The new tax regime is available for individuals and HUFs with lower tax rates and zero deductions and exemptions available under various provisions of the Income-tax Act, 1961.

Issues on the New Income Tax Portal

Posted by CA Sapna Ghelani 11 June 2021 14436 Views

Within hours after its launch, the new Income Tax website started showing issues like the taxpayers were unable to access the website, popping up of different types of error, and many more technical glitches.

Form 10BD - Statement and Certificate of Donation

Posted by Neethi V. Kannanth 11 June 2021 15146 Views

Form 10BD of the Income Tax Act is a statement of donations containing the details of donations received by Charitable Organizations during the financial year.

What is Pink Tax?

Posted by Muskan Mudgil 09 June 2021 27498 Views

Pink Tax is an income-generating scenario for private companies who found a way to make their product look either more directed to or more appropriate for the population and saw that as a moneymaker.

Allowances [u/s 10(14)(i)] & Personal Allowances [u/s 10(14)(iii)]

Posted by Ritik Chopra 09 June 2021 59542 Views

What are Official Allowances and Personal Allowances under sections 10(14)(i) and 10(14)(iii) respectively of the Income Tax Act and what are its tax implications? Let us discuss.

Understanding Forex Transactions with Associated Risks

Posted by Manish Gupta 09 June 2021 2580 Views

Forex Transactions indicate the sale and purchase of foreign currencies. It is an agreement of exchanging currency of one country for the currency of the other at an agreed exchange rate on a pre-determined date.

Section 206AB: Higher rate of TDS for non filers of ITR - Template of Mail & Declaration

Posted by Ramesh Agrawal (LL.B , CA) 09 June 2021 12684 Views

GoI has recently made an amendment in the Finance Act 2021 by inserting a new Section 206AB which prescribes a higher rate of TDS for those Vendors/ Suppliers who have not filed their ITR for the last 2 years.

New "Taxpayer Friendly" Income Tax E-filing Portal 2.0

Posted by CA Umesh Sharma 09 June 2021 1958 Views

The new e-filing portal is aimed to give ease, a modern and smooth interface to taxpayers. It is another initiative for providing ease of compliance to taxpayers and other stakeholders.