Income Tax Articles
POEM - Redefining taxation of foreign arms managed from India
POEM � is the buzzword of corporates having subsidiaries outside India and foreign firms outsourcing high end critical functons to India . This concept is introduced to tax in India income which has been earned by foreign corporations managed
Concept of Business trust introduced by Finance act 2014-2015
IntroductionHon'ble Finance Minister introduced the concept of Business Trust. In India, Business Trust would operate as Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs). Real Estate Investment Trusts (REITS) have b
Depreciation allowance under section 32 of the Income Tax Act, 1961
Depreciation is an allowance on capital assets acquired and put to use and not an expenditure unlike repairs to machinery, plant or furniture. It need not be incurred by the assessee
Changes introduced in procedures related to furnishing of Form 15CA and 15CB
CBDT vide its notification no 93/2015 dated 16th December 2015 substituted the old rule 37BB with entirely new rule 37BB. The new rule 37BB incorporates the following procedures for furnishing of declarations on foreign payments. FURNISHING OF FORM 1
Notable Changes in Form 15CA and 15CB
The CBDT has amended Rule 37 BB of the Income-tax Rules and made notable changes which are as under:i. No Form 15CA and 15CB will be required to be furnished by an individual for remittance which do not requiring RBI approval under its LRS.ii. Furthe
Understanding Section 54
Capital gains is one of the most complicated heads of income envisaged in the Income Tax Act, 1961.Capital gains tax directly affects the investment decisions one may have to take. There are various options available under law to avoid paying capital
Section 44AD of the IT Act 1961
SPECIAL PROVISIONS FOR COMPUTATION OF PROFIT AND GAIN OF BUSINESS ON PRESUMPTIVE BASISThis section provides that ELIGIBLE ASSESSEES can in respect of ELIGIBLE BUSINESS can declare 8% or more of the Total turnov
Admission/Retirement from Partnership Firm - Taxability
Amount received by erstwhile partners on Admission of a new partner to the partnership firm � Taxability under the Income Tax Act, 1961.Reduction of share in partnership firm by an existing partner in favour of a new partner does not attract Ca
Capital Gains: Few Basics that you should Know
Capital Gains is the 3rd Head of Income described under Income Tax Act, 1961 and provisions relating to it are given from Sec. 45 to 55A. Capital gains refers to profits & gains on transfer of any capital asset. Meaning of Capital AssetIn genera
How to File Income Tax Return of a Deceased?
Greeting to all of you!!! In this article, I will discuss the step by step process to file Income Tax Return (ITR) of a deceased. For better understanding I have uploaded Screenshots, however, I have strike through some portion of the image to keep t
Popular Articles
- Post Office Interest Rates From October 2026: Check the Latest Rates of All Schemes
- Minimum Balance in SBI Savings Account Rules 2026: How Much Balance Do You Need?
- ITR Refund Time for AY 2026-27
- Tax Audit Deadline AY 2026-27: Penalty for Missing 30 September and Why an Extension Request Isn't an Extension
- Download PAN Card With Aadhaar Number in 2026: Know the Online Process
- Income Tax SMS Alert For Salaried and Pensioner FY 2026-27
- TDS on Professional Fees FY 2026-27: Rules and Threshold Limits
- Tax Audit Deadline AY 2026-27: A Practical Compliance Checklist for CAs and Taxpayers
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
