Income Tax Articles

Section 245N(a) - Advance Ruling

Posted by Neethi V. Kannanth 20 May 2021 1861 Views

Advance Ruling means written opinion or authoritative decision by an authority empowered to render it with regard to the tax consequences of a transaction or proposed transaction or an assessment in regard thereto.

Consequences of not filing the ITR

Posted by Sahil Dhingra 18 May 2021 7312 Views

Default in filing the Return of Income within the prescribed due date results in a fee or penalty. In this article, we discuss various fees and penalties u/s 234F, 270A, and 276CC.

Set Off and Carry Forward of Losses : An analysis

Posted by Neethi V. Kannanth 18 May 2021 8403 Views

If there is any loss under any head of income, the assessee can set off losses against income. Discussing the two ways of setting off losses against income i.e. through Intra-head and Inter-head adjustments.

Tax Planning while setting up of a business for A.Y 2021-2022 and A.Y 2022-2023

Posted by CMA SIVAKUMAR A,ACMA. 17 May 2021 9033 Views

Tax Planning while setting up of a business with reference to the Nature of Business for A.Y 2021-2022 and A.Y 2022-2023 - An analysis of Eight important Deductions as per the Income Tax Act.

Penalties under the Income Tax Act, 1961

Posted by Neethi V. Kannanth 17 May 2021 9126 Views

An offence committed by an assessee under the provisions of the Income Tax Act,1961 shall be subject to penalty. There are more than 45 penalties under the act. Discussing the same in this article.

Analysis of Section 194Q of Income Tax Act along with Section 206C(1H)

Posted by CA Harshawardhan Nigade 17 May 2021 3790 Views

Section 206C(1H) was introduced in Finance Act 2020 while Section 194Q was introduced in Finance Act 2021. Let's discuss the provisions of Section 194Q and its relation with Section 206C(1H).

Reporting of dividend distribution by companies to the IT department under SFT reporting

Posted by CA CMA Sagar Jaiswal 14 May 2021 8038 Views

Section 285BA of the Income Tax Act, 1961 read with Rule 114E of Income Tax Rules, 1962 says certain persons are required to report a statement of financial transaction (SFT) or reportable account to the Income Tax Department.

Interest, Late Fees and Penalty under TDS provision

Posted by CAJayprakash Pandey 14 May 2021 18254 Views

Discussing TDS Interest and its different types, together with the late fees for delay in filing of TDS Return and penalty that may be imposed on late filing of TDS Return u/s 271H.

Restriction on Cash Transaction and 10 High value cash Transaction

Posted by CAJayprakash Pandey 14 May 2021 5177 Views

This article will help you to solve your problem related to the restriction on cash transaction and the top 10 high value transactions as per the Income Tax Act/GST.

Registration of Trust under Income Tax - Analysis of New Provisions

Posted by Manish Harchandani 13 May 2021 9843 Views

The Finance Act, 2020 introduced various amendments related to the registration of Charitable Trust and Religious Trust for availing the exemption u/s 11 and 12 of the Income Tax Act, 1961.