Income Tax Articles

The Tale of 'Arth', 'Shashtri' and the 'New TDS on Perks'

Posted by Mayank Mohanka 07 February 2022 7276 Views

Yes, it was the Budget Day. Two close friends, 'Arth'- a businessman and 'Shastri' - a CA, went out for a stroll in late evening.

Some facts related to applicability of DTAA

Posted by FCS Deepak Pratap Singh 04 February 2022 3036 Views

The Income Tax Act,1961 provides for taxation of a certain income earned in India by Mr. X a non-resident. The DTAA, which applies to Mr. X provides for taxation of such income in the country of residence. Is Mr. X liable to pay tax on such income earned by him in India?

Need of Revisional Authorities under Tax laws

Posted by CA. Pushp Kumar Sahu 04 February 2022 1718 Views

There is an utmost importance of Revisional authorities under Tax laws (both under Income Tax Law and GST Law) to safeguard and protect the interest of revenue as they act as a reviewer of the orders passed by the lower authorities which fall under their respective jurisdictions.

Updated Return: A thorough Analysis

Posted by CA Gyati Gupta 04 February 2022 6008 Views

Till 31.01.2022 we had heard of terms like Original Return, Revised return and Belated Return, but with Finance Bill 2022 came a new concept of Return which is named as Updated Return.

Whether court has power to review order, proceedings or actions of IT department

Posted by FCS Deepak Pratap Singh 04 February 2022 2012 Views

Section 293 of the Income Tax Act,1961-provides that no suits in any civil court shall be filed to set aside any order made, proceedings or action taken by the department or any officer of the government or anything done in good faith.

Determination of Annual Value under House Property

Posted by CA Gyati Gupta 02 February 2022 28352 Views

The author has tried to cover few aspects related to "Determination of Annual Value" in this article related to the Incomes assessed under "House Property"

Declaration of undisclosed income to "buy peace" does not renders an assessee immunity from initiation and levy of penalty

Posted by CA.Mohit Gupta 30 January 2022 2323 Views

Under the Income Tax Act, 1961 penalty is to be levied on the amount of "tax sought to be evaded" in respect of the concealment of particulars of income or furnishing inaccurate particulars of the income. Nevertheless, in case of SEARCH penalty is also levied in respect of "Undisclosed Income" too.