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Income Tax
What is TCS Tax? The Amendments of Tax collected at Source.
Introduction to Tax Collected at Source
Tax Collected at Source(TCS) is the concept wherein the seller collects a percentage of tax from the buyer on the sales amount.
The tax collected by the seller is then...
Income Tax
Date of Allotment to be considered for calculating Holding period even if Date of possession is later.
Capital gain is the profit or gain that is earned from the sale of any capital asset. There are two types of capital gain: a) long term capital gain and b) short term capital...
Income Tax
What is the E-assessment scheme and the government’s approach for the same?
With the aim to Digitalize India, the Indian government has undertaken various reforms in the Tax department. With the main objective of consistency and greater transparency in the system of assessment, the Finance minister...
Income Tax
What is TDS and How it is calculated?
TDS stands for 'Tax Deducted at Source'. It is a form of direct tax. Every person, before making payments in relation to service taken, dividend, rents, interest, commission, or any such payment as per...
Top News
It isn’t the way it really seems. Does negative crude oil price means that we get paid to refill our vehicles?
Since the beginning of the year 2020, the economy has gone through major historic events whether it be the death of NBA legend Kobe Bryant, the spread of coronavirus, the impeachment trial of USA...
Income Tax
Understanding the Complex Section 14A of the Income Tax Act, 1961.
Introduction
Section 14A was inserted by Finance Act, 2001 having a retrospective effect from 01.04.1962. To understand the reason behind the insertion of section 14A, the relevant part of memorandum of Finance Act, 2001 is...
Income Tax
Do you need to disallow expense as per Section 14A of Income Tax Act even if you have sufficient interest free funds?
Judgement of High Court of Gujarat in case of PCIT vs. Sintex Industries Ltd . Further SLP dismissed by SC.
Facts of the case: In A.Y. 2009-10, the assessee had earned dividend income amounting to...
Income Tax
RULE 8D of Income Tax Act: Method for determining amount of expenditure in relation to income not includible in total income
What is Rule 8D of Income Tax Act, 1961?
Rule 8D of Income Tax Act reads as follow:
Where the Assessing Officer, having regard to the accounts of the assessee of a previous year,...
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