Income Tax Articles

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

Posted by CA Harshali Salvi 23 April 2021 14465 Views

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

Posted by Ritik Chopra 21 April 2021 70928 Views

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

Posted by Ritik Chopra 20 April 2021 11473 Views

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

Posted by CA Sapna Ghelani 20 April 2021 26938 Views

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.

Section 71: Inter Head Set-Off Of Losses

Posted by Ritik Chopra 19 April 2021 11234 Views

A loss which could not be set off within the same head of income shall be allowed to be set off out of the income of any other head in the same AY, but subject to certain exceptions.

TDS on E-Commerce Transaction

Posted by Suyash Tripathi 18 April 2021 8868 Views

Understanding TDS implications on E-Commerce transactions through the newly inserted Section 194-O of the Income Tax Act, 1961, applicable rate and various other provisions.

New Slab Rates in Section 115BAC for AY 2021-22

Posted by Sahil Dhingra 17 April 2021 9549 Views

From FY 2020-21, taxpayers can choose to pay income tax under an optional new tax regime. The author, in this article, has listed the new slab rates u/s 115BAC.

Section 50C of the Income Tax Act and Latest Rulings

Posted by CA KANJ GOEL 17 April 2021 6210 Views

Let us understand Section 50C and the pandora of litigation throigh a recent judgment of Mumbai ITAT, pronounced on 15.01.2021 in the matter of Maria Fernandes Cheryl.

E-Verification of ITR - An Easy Guide

Posted by Suhasini

16 April 2021 3228 Views

After having successfully filed your Income Tax Return, the next step is to verify it. In this article, we have provided an Easy Guide on e-verification procedure of ITR.

Tax Deductee Guide | How to meet your TDS obligations?

Posted by Aruhi 16 April 2021 2737 Views

In case of certain prescribed payments, the person making the payment is required to deduct tax at source at the prescribed rate. Let us discuss how deductees are required to meet their TDS obligations.