Income Tax Articles
Relief under double taxation avoidance agreement
The Income Tax Act, 1961 provides for taxation of a certain income earned in India by Mr. X a non-resident. The DTAA, which applied to Mr. X provides for taxation of such income in the country of his residence. Examine, is Mr. X is liable to pay tax on such income earned by him in India?.
Transfer of property for less than stamp duty value - Some implications
Sections Involved: 43CA, 50C & 56(2)(x) of Income Tax Act, 1961. Sale /Transfer of land or building on consideration less than Stamp Duty Value
Process of Formation & Registered Gratuity Trust
Steps for Formation of Gratuity Trust
Genesis of Revision order of CIT U/s 264 of IT Act 1961
Section 264 of the Income Tax Act provides, Powers to the Commissioner of Income Tax (CIT) to exercise the order in favour of the assessee.
Supersession of Facelesss Appeal Scheme 2020
CBDT vide Notification No. 139/2021/F. No. 370142/66/2021-TPL dated 28.12.2021 substituted the Faceless Appeal Scheme, 2020 ("old scheme") with Faceless Appeal Scheme, 2021 ("new scheme").
Statutory Tax Compliance Tracker for January, 2022
Statutory Tax Compliance Tracker for the month of January, 2022
Controversy in computing the period of limitation to frame search assessments
The period of limitation for completion of assessment u/s 153A of the Income Tax Act'1961 for the searches conducted on or before 31st Day of March'2021 is governed by the provisions of Section 153B of the act. Even though Section 153A of the Income Tax Act'1961
Analysis of Section 194Q - TDS on purchase of Goods
Finance act, 2021 has introduced a new section 194Q w.e.f. 01.07.2021 which requires a specified buyer to deduct TDS w.r.t. purchase of goods from a resident seller.
CBDT issues guidelines under Section 194Q of the Income Tax Act, 1961
The CBDT on 30th June, 2021, has issued a set of guidelines in regards to the application of Section 194Q w.e.f. 1st July, 2021 vide Circular No. 12/2021.
Procedure of filing a delayed refund claim
In case of TDS/TCS for claiming refund you have to file your return of income within due date as prescribed under provisions of Section 139 of the IT Act, 1961....
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