Income Tax Articles

Remembering Demonetisation on its Fourth Birth Anniversary!!

Mayank Mohanka 09 November 2020 at 10:03

Who can forget? Nov 8, 2016. Time: 8 p.m. PM Modi announced the demonetization of Rs. 500 and Rs. 1000 notes. On its fourth anniversary, we remember the demonetization decision and its implications today.

Faceless Assessments & Appeals - A new era of Transparency, Efficiency, and Accountability

Mayank Mohanka 07 November 2020 at 09:52

On 13.8.2020, PM launched a new platform for transparent taxation - ‘honoring the honest’. The major thrust of this platform is on two pathbreaking & bold reforms - faceless assessments and faceless appeals.

FAQs on Taxation of Transfer of Equity Shares

Vivek Agarwal FCA, CS, LLB 05 November 2020 at 12:11

Solved, 23 FAQs on Section 112A - Tax on Long Term Capital Gains on Certain Assets

Issuance of notice u/s 131 (1A) of the IT Act 1961 after conclusion of IT Search and Seizure u/s 132 of the IT Act 1961 - Legal Paradox

CA.Mohit Gupta 03 November 2020 at 17:23

Issuance of notice u/s 131 (1A) of the IT Act 1961 after conclusion of IT Search and Seizure u/s 132 of the IT Act 1961 - Legal Paradox

TCS Rate chart: What are the applicable TCS rates for FY 2019-20 and 2020-21?

Aishna Kukreja 02 November 2020 at 17:10

TCS Rate chart for FY 2019-20 and FY 2020-21 as provided by the Income Tax Act, 1961 has been summarised under different categories.

Compliance Calendar for the month of November 2020

CA Rahul Mittal 02 November 2020 at 11:44

Compliance Calendar for the month of November 2020 for Income Tax Act, GST Act, and ESI Act. Mark your calendars now.

[Solved] Issues in Applying Provisions of Section 43B of the Income Tax Act

Safder Alam 02 November 2020 at 10:02

FM has extended the last date for filing Tax Audit Report and Transfer Pricing report to 31st Dec 2020. Various issues in applying provisions of Section 43B have been resolved in this article.

Income Tax deduction for medical treatment U/s Section 80DDB

Pranab Banerjee 02 November 2020 at 10:02

U/s 80DDB of the Income Tax Act, taxpayers can claim a deduction for medical treatment of certain specified ailments for self or dependent. Know everything about the section in this article.

Introduction to US Tax Returns

Heer Gajjar 31 October 2020 at 17:43

The US Tax returns are broadly classified into 7 main categories. The types of tax returns, description, and their due dates are described in this article.

Processing of Income Tax Return by CPC Bangalore

CA Mehul Thakker 31 October 2020 at 10:46

Where a return has been filed u/s 139, or in response to a notice u/s 142(1), such return shall be processed by the CPC. The manner of such processing is discussed in this article.