Income Tax
Section 115BAA – New tax rate of 22% on domestic Companies
The new section – Section 115BAA has been inserted in the Income Tax Act,1961 to give the benefit of a reduced corporate tax rate for domestic companies.
Section 115BAA states that domestic companies have the...
Income Tax
Income Tax Slab Rate for AY 2021-22 (Latest)
Income tax payment for individuals and corporate entities is a mandatory requirement as per the Income Tax Act, 1961 if their annual income is above the minimum exemption limit.
However, taxpayers can also avail tax...
Income Tax
Revision u/s 263 quashed when Cash deposit was examined in original assessment proceedings
Pramod Kesharichand Shah Vs. The Principal Commissioner of Income Tax
Facts of the case
The assessee an individual,
filed his return of income on 31.10.2007, declaring total income to the tune of
Rs.9,14,884/-. The assesses case was re-opened...
Income Tax
Quick checklist to complete in April itself
On April 1, the Central Board of Direct Taxes (CBDT) notified all the income-tax related (ITR) forms for assessment year 2020-2021. While you have time to file your returns (for income earned during the FY...
Income Tax
Re-Registration of Trusts / Institutions [Notification No. 19/2021 dated 26.03.2021] :
The
CBDT (Central Board of Direct Tax) has issued Notification No. 19/2021 dated 26th
March, 2021 prescribing the procedure for Registration including re-approval /
revalidation of existing Tax Exemption Registrations of Trust or Institutions.
All the existing Trusts...
Income Tax
Non-Applicability of ICDS III to Real Estate Developers:
In this article we will discuss the non-applicability of ICDS III to Real Estate Developers and the Real Estate Developers are not required to follow the Percentage Completion Method.
Relevant portion of ICDS
III is reproduced...
Income Tax
9 Major Direct Tax Amendments in Budget 2021-22
On 1st February 2021, Finance minister Nirmala Sitharaman introduced the Union Budget for the financial year 2021-22 of which the major Direct tax amendments have been discussed here:
Latest Tax Amendments 2021-22
1. Relief...
Income Tax
Section 206C(1H): Area of decision making for company management and business owners for smooth implementation of TCS on sale of goods
TCS provision would apply on all sale consideration (including advance received for sale) received on or after 01- 10-2020 even if the sale was carried out before 01-10-2020.
With effect from 01-10-2020, the Finance Act,...
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