income tax act 1961 articles

Major Changes In Income Tax Law for AY 2020-21 & AY 2021-22

Article explains Major Changes In Income Tax Law for Assessment Year (AY)  2020-21/ Financial Year (FY) 2019-20  and AY 2021-22/FY 2020-21 which includes changes in Tax Rates, TDS Rates, Depreciation Rates, Widening of Scope of Form 26AS,  Changes in the provisions related to NRIs, Tax Treatment of Dividends Changed, Fresh Registration...

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Major Income Tax changes for the month of May, 2020

There are changes /updated by Ministry of finance in certain provision and rule of income tax due to consideration  of COVID-19 which is being shared for the benefits of everyone at all in one place. 1.  The CBDT  has modified the norms for Mutual Agreement Procedures (MAP) by prescribing two years as the average time-frame for res...

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Taxability of Indirect Transfer of Indian Assets

1. Background When a foreign Company holds shares of foreign companies which having substantial interest in Indian entities and derive their value from Indian assets. In this article we are addressing  if a company transfers its stake of Foreign entity outside India whether capital gains will be applicable on the said transaction. This A...

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Income Tax on Buyback of Shares

INTRODUCTION: The term Buy Back of shares is not a new concept to the Capital market in India. Recent, action in corporate world has witnessed large amount of buy back of shares by cash rich companies mostly in IT Sectors like TCS, Infosys and Wipro and others. In common parlance, Buy Back of shares means […]...

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Interpretation of Deeming Provisions in Income Tax Act – A Deep Dive

Deeming provisions are important part of statutes in general and Income Tax Act (‘Act’) in particular. Without deeming provisions modern tax legislation cannot think of implementing effective tax administration. Considering the recent trend, one gets amused how much legislature has got creative in imagining tax fictions to collect rev...

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Taxability of Lump Sum or Monthly Alimony Money received at time of Divorce

The Income Tax Act, 1961 does not contain specific provisions relating to Alimony. Analogous provisions along with relevant case laws must be studied for taxation of alimony. Under circumstances where there is NO divorce; when an asset is transferred by one spouse to another, for inadequate consideration, the same shall be a gift exempt f...

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Tax Deduction/Collection Account Number (TAN)

Article discusses about Meaning/ Structure/ Relevance of TAN, Persons liable to apply for TAN, Consequences of not quoting TAN, Procedure to obtain TAN, Places from where to obtain Form 49B, Authority empowered to allot TAN, Procedure for online TAN application....

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Income Tax on Revenue From YouTube

YouTube video blogging, popularly known as vlogging has reached at the peak of its popularity by now. The trend of googling for a content has shifted to you tube search. Many budding vloggers are making money from YouTube. However most of them are not aware of the tax implications. Let’s try to explore this in […]...

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Moving out of India Permanently- You may get taxed in Previous Year itself

Certain transactions which leads to tax being payable in the Previous Year instead in the Assessment Year  Mottu: Hello Patlu, it came to my knowledge that you are planning to relocate yourself outside India? Patlu: Hello Mottu, yes, I have got an opportunity in gulf country effective from 19-05-2020 and hence I am relocating out [&helli...

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Section 115BBE- Bleak line between Righteousness & Injustice

Recent amendments in section 115BBE emerge from the seesaw battle between the government and the assessees who leaves no stone unturned to evade taxes and between these skirmishes the honest taxpayer is often overripen in this heat of revenge. The provisions of sec 115BBE of the Act are draconian at first glance and can give nightmares to...

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