Article contains updated TCS Rate Chart for For Assessment year 2020-21 (Financial year 2019-20) and Assessment year 2021-22 (Financial year 2020-21) updated with latest changes made by press release dated 13th May, 2020 and Finance Act, 2020. It further explains newly inserted TCS Provisions of Section 206C(1G)(a) – TCS on foreign remittance through Liberalised Remittance […]
TDS Rate Chart For Assessment year 2021-22 /Financial Year 2020-21 As we all are aware that yesterday our Honourable Finance Minister has conducted press release. In that press release she declared that The TDS rates for all non-salaried payment to residents, and tax collected at source rate will be reduced by 25 percent of the […]
Provision applicable for the set-off and carry forward of losses from the activity of owning and maintaining race horses (Section 74A of the Income Tax Act) Where the losses could not be set off under the same head or different heads of the income in the same assessment year, then such amount of losses are […]
A capital asset has been defined under section 2(14) of the Income Tax Act. Any gain arising from the transfer of the capital asset is termed as capital gain it can be short term or long term. And when there is a loss on the transfer of a capital asset, the loss termed as a […]
What is Speculative Income? Income Tax Act has not defined the meaning of ‘speculative income’ but has defined ‘speculative transaction’. Thus, it can be said that the income derived from the speculative transaction is a speculative income. Meaning of speculative transaction As per provisions contained under section 43(5) of the Income Tax Act, any transaction […]
Gifts!! This word always brings smile not only on face of children but also the elder once. But at the same time we should keep in mind the tax implication on gifts. Hence today I am covering this topic in detail. Type of gifts and its taxation is as under: 1. Cash: If aggregate value […]
Having profit and loss in the business are two sides of a coin. Of course, losses are hard to digest. However, the Income Tax law in India does provide taxpayers with some sort of benefits of incurring losses too. Under the Income-tax Act, the Income is taxable under the five different heads: -Income from salaries […]
Payment of advance tax is governed by sec. 207,208,209,210 and 211 of the Income Tax Act 1961. f the Income Tax Liability of any assessee is more than Rs. 10,000 in a financial year, then he is liable to pay such tax in installments during the year itself rather than paying this tax at the end of the year.
The provisions of section 10(35) of the Income Tax Act exempts income received from the specified units. The exemption provisions of section 10(35) are taken up and explained in the current article. Exemption provisions of section 10(35) of Income Tax Act– The provisions of section 10(35) offer exemption towards the following- 1. Any income arising […]
Section 10(37) Exemption Towards Capital Gain Arising on Compulsory Acquisition of Urban Agricultural Land Provisions of section 10(37) of the Income Tax Act lays down certain conditions which need to be satisfied in order to avail exemption towards capital gain arising on account of compulsory acquisition of an urban agricultural land. The present article tries […]
