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A relook at Income Tax changes applicable for A.Y.2018-19 – Part 2

As said earlier, the scrutiny selection date is fast approaching for cases to be selected for the A.Y.2018-19 by 30th September, 2019. The Finance Act, 2017 has made a slew of changes in various heads of income.  Business incomes and Other incomes are the most toughest of all other sources that leads to additions, disallowances […...

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Posted Under: Income Tax |

Deductions U/s 80IA coming to an end in respect of certain incomes

This article attempts to briefs about the deductions U/s 80IA which is coming to end for certain categories of enterprises in respect of certain incomes. (a) Developing Roads etc. :  The eligible enterprise should commence business between 01.04.1995 and 31.03.2017.  100% of profit for any 10 consecutive assessment years in a block of 2...

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Posted Under: Income Tax |

Why differential treatment of creditors under IBC does not amounts to discrimination

Firstly, there is no real difference between financial and operational creditors as the debtor has an obligation to pay outstanding dues to both the types of creditors. This obligation exists either for the repayment of loans advanced or paying the price of the goods purchased or the services rendered. Hence the distinction lacks the back...

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Posted Under: Income Tax |

Provisions of Short Term Capital Gain with examples

Gain arising on transfer of capital asset is charged to tax under the head Capital Gains. Income from capital gains is classified as Short Term Capital Gains and Long Term Capital Gains. In this part you can gain knowledge about the provisions relating to tax on Short Term Capital Gains....

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Posted Under: Income Tax |

Presumptive taxation U/s. 44AD, 44ADA, 44AE with FAQs

To give relief to small taxpayers from the tedious job of maintenance of books of account and from getting the accounts audited, the Income-tax Act has framed the presumptive taxation scheme under sections 44AD, section 44ADA and section 44AE. In this part you can gain knowledge about various provisions of the presumptive taxation scheme ...

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Income Tax & FEMA provisions applicable to Non Residents

In this part you can gain knowledge about various provisions of Income-tax Law and Foreign Exchange Management Act, 1999 (FEMA) which are useful to a non-resident. The first part deals with provisions of Income-tax Law and the second part deals with the provisions of FEMA....

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Posted Under: Income Tax |

Limitation / Compliance periods Under Income Tax Act,1961

The Income-tax Act has prescribed time limit in respect of various procedures, applications, etc. (like time limit for filing an appeal to the Commissioner of Income-tax (Appeals), deposit of tax on distributed profits of domestic companies, filing return of income, filing belated return of income, etc.). In this part you can gain knowled...

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Posted Under: Income Tax |

Interest on Excess Income Tax Paid by Taxpayer i.e. on Income Tax Refund

Many times it may happen that the taxpayer has paid excess tax as against the tax required to be paid by him. In such a case he is granted refund of the excess tax paid by him. In this part you can gain knowledge about various provisions relating to claim of refund of excess tax paid by the taxpayer....

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Posted Under: Income Tax |

A relook at Income Tax changes applicable for A.Y. 2018-19- Part 1

Scrutiny Selection date is fast approaching for cases to be selected for the A.Y.2018-19 by 30th September, 2019.  The Finance Act, 2017 has made a slew of changes in various heads of income.  Though adequate care has been taken while filing return of income but the need arises to have a relook at the changes made […]...

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Posted Under: Income Tax |

Employers and Employees Beware! Changes in Form 16

Form 16 is a certificate issued by an employer to employee evidencing details of salary and other income and the TDS which is deducted from salary and deposited with the Income Tax Department. Form 16, essentially has two components to it- Part A and Part B. ...

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Posted Under: Income Tax |