Income Tax Articles

Tax Compliance and Statutory due dates for the m/o May, 2021

Ishita Ramani 29 April 2021 at 09:53

Here, we have prepared a Compliance Calendar in three parts, Compliance Calendar for GST Returns, Income Tax/PF/ESI Returns and LLP Annual Filing compliances lying in the month of May 2021.

New Tax Regime

CA Abhay Sood 26 April 2021 at 16:48

The government though has offered lowered tax rates on one hand but has also taken away certain deductions and allowances on the other hand. So taxpayers will have to choose accordingly.

Tax Planning tips for individuals & HUF for FY 2021-22

FCS Deepak Pratap Singh 26 April 2021 at 09:44

You Can Save Your Taxes By Using Various Exemptions And Deductions Provided By The Government Under Various Provisions Of Income Tax Act,1961. Discussing the same in this article.

Section 194IA | TDS on sale of immovable property

CA Himanshu Gandotra 26 April 2021 at 09:44

This section intends to cover the Gross receipts/Sale consideration received by the Seller on the sale of immovable property. TDS is to be deduced by the person paying the above consideration i.e. buyer.

TDS on Purchase or TCS on Sale: Hassle?

CA Udit Gupta 26 April 2021 at 09:44

The predicament arises when the turnover of both the buyer and seller exceeds Rs 10 crores and both are liable to comply under their respective provisions; as the sale and purchase are flipsides of a transaction.

Registration u/s 12A: New Procedure under Income Tax Act

CA Amrita Chattopadhyay 24 April 2021 at 13:03

The new provisions have removed the concept of perpetuity and have provided that the registration of even existing organizations registered u/s 12A and 12AA would be renewable after 5 years.

A Brief about Form 10A and 10AB as per new Law on Registration of Trust

CA Harshali Salvi 23 April 2021 at 09:59

Form 10A and 10AB has been prescribed in these new rules for the registration of the Trust U/s 12A & 80G and approval U/s 10(23C) sub-clause (iv) or (v) or (vi) or (via) & 35(1) sub-clause.

Deductions under Section 57

Ritik Chopra 21 April 2021 at 13:09

The taxable income under the head 'Income from Other Sources' shall be computed after allowing deductions as provided in Section 57 of the Income Tax Act. Discussing such deductions in this article.

A Guide to Sec 80EE, Sec 80EEA and Sec 80EEB

Ritik Chopra 20 April 2021 at 14:35

Understanding deduction w.r.t interest on loan for residential house property to a first time buyer (Sec. 80EE), deduction regarding payment of interest on loan taken for certain house property (Sec. 80EEA) and deduction w.r.t the purchase of an electric vehicle (Sec. 80EEB).

High-Value Financial Transactions tracked by the Income Tax Department

CA Sapna Ghelani 20 April 2021 at 09:54

Discussing 10 high-value financial transactions that can bring you under the radar of the Income Tax Department. Let us get into the details and minimum transaction limits of these transactions.