Income Tax Articles

Charitable Trusts and NGO - Income Tax Audit and Benefits Available

Neethi V. Kannanth 06 January 2021 at 09:36

In this article, we understand the criteria for Tax Audit and benefits available in the case of Charitable Trusts and NGO, including their taxable income, exempt income, investment of accumulated income etc.

Section 194N: TDS on Cash Withdrawal

Finwealthcare 05 January 2021 at 10:30

Union budget 2019 had introduced a new section 194N - TDS on cash withdrawal. After that certain amendments have come under section 194N in Budget 2020. In this article, we discuss the same.

Section 192A | TDS on Payment of Accumulated Balance Due to an Employee

CA.R.S.KALRA 05 January 2021 at 10:04

In this article, we understand all about TDS on Payment of Accumulated Balance Due to an Employee u/s 192A including the amount of deduction, threshold limit, rate of TDS, etc.

Weekly Finance and Tax News Bulletin by CAclubindia - 26th Dec 2020 to 2nd Jan 2021

CCI Team 02 January 2021 at 15:34

In this article, we will discuss the major updates from the Finance and Tax Industry between 26th December 2020 and 2nd January 2021.

An Interplay - Income Tax Search and Seizure and Income Tax Settlement Commission

CA.Mohit Gupta 30 December 2020 at 16:22

Chapter XIX-A of the Act pertains to the settlement of cases. Under sub-section (1) of section 245C of the Act, an assessee at any stage of a case relating to him can make an application for settlement in the prescribed manner.

What made #dateextendkarojhatpat trend on Twitter amidst the call for extending the Income Tax and GST Due Dates?

Aishna Kukreja 30 December 2020 at 13:10

Hashtags like #Extend_Due_date #Extend_Due_Date_Immediately #extendreturnfillingdates were trending on Twitter for a long time. However, there was something peculiar in the Twitter hashtag #dateextendkarojhatpat.

What is the Presumptive Taxation Scheme?

CA Pankaj Agarwal 30 December 2020 at 13:09

To give relief to small taxpayers from this tedious work, the Income-tax Act has framed the presumptive taxation scheme under sections 44AD, 44ADA, and 44AE.

Seven Reporting Clauses in Tax Audit Report causing Hardship to Tax Auditor & Auditee if the due date does not extend

Mayank Mohanka 30 December 2020 at 10:08

In this Taxalogue, I am discussing at least 7 Reporting Clauses in the Tax Audit Report (Annexure Form 3CD), which requires reporting by the Tax Auditor on certain specified compliances by the tax auditee up till the due date of filing of ITR u/s 139(1) of the Income Tax Act.

Equalisation Levy - Most Vital Concept in International Taxation

Venkat Raj 29 December 2020 at 09:57

This is perhaps the most vital concept in international taxation. Finance Act 2016 has brought a key change in the scope of international taxation. Finance act 2020 has further expanded the scope of equalisation levy.

Role of Dividend Tax in Achieving the Essence of the Budget

P.R. Sethuraman 28 December 2020 at 13:17

In this article, we discuss various changes that must be implemented in order to achieve the essence of the budget. One among them is the introduction of dividend Tax for the reasons mentioned in this article.