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Income Tax

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Sep 20 2019

Historic Tax Reform: Reduction in Corporate Taxes

In a recent announcement, the Finance Minister of India, Nirmala Sitharaman[1] slashed corporate tax rates. The government reduced the corporate tax rate t...

Sep 20 2019

Various Penalties Mentioned Under Section 271(1)(C), In...

Income Tax Act, 1961 contains various provisions relating to penalties, fines & interest besides taxation of a taxpayer. Thus, for penalizing the defau...

Sep 19 2019

TDS on Non-Resident Indians: Section 195 of the Income...

Introduction In the present era of globalization, there are minimal restrictions on the boundaries for business and their transactions.  Businesses ar...

Sep 19 2019

TDS on Rental Income: Section 194I of the Income Tax Ac...

Section 194-I of the Income Tax Act, 1961 was inserted vide Finance Act, 1994 for the imposition of tax on rent paid or payable by an assessee. This sectio...

Sep 16 2019

Section 115H and its Impact on Income of NRI’s...

Introduction The tax regime of every country is an integral component of its economy since it is one of the primary sources of government funding. In India...

Sep 11 2019

Section 73 of the Income Tax Act, 1961

Income Tax Act, 1961 includes the provisions for taxation of any kind of income earned by an individual. Major heads for the categories of income for tax a...

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Sep 06 2019

What Is TDS on Salary – A Detailed Overview

Salaried employees are asked for their investment details of any kind at the start of every financial year by their employer. TDS on Salary is deducted acc...

Aug 29 2019

Sale of goods by Duty-free shops is to be treated as Ex...

In case of “Atin Krishna V. Union of India”,at the arrival and departure terminals of international airports the sale or supply of goods at the Duty-Fr...

Aug 26 2019

Important Policy Updates from Finance Minister

The Finance Minister notified critical policy updates of India in a recently held press conference. The press conference held as on Friday, August 23, 2019...

Aug 16 2019

Section 194N – A Complete Overview of Newly Introduce...

Finance Minister Nirmala Sitharaman presented her first Union Budget on 5th July 2019 and added new Section 194N in the present Income Tax Act, 1961. The U...

Aug 12 2019

Dividend Distribution Tax: Here’s All You Need to Kno...

The Shareholder is the one who invests in the Company by purchasing the shares from the open market or through the transfer of shares. The Company in retur...

Aug 09 2019

Read CBDT Clarifications for ITR Filing of AY 2019-2020...

There are various queries in the mind of taxpayers ever since the new ITR forms came into effect for the financial year 2018-2019[1] and assessment year 20...

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