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Income Tax
Advance Tax- “Pay as you Earn Scheme”
Benjamin Franklin once said, “In
this world nothing is certain but death and taxes”. So Why is that, When is
that, What is that, Who is...
Income Tax
Analysis of newly inserted Section 194O
The Union Budget brought about an insertion of Section 194O in the Income Tax Act,1961 effective from 1st October,2020 which warranted a tax deduction of 1% of the...
Top News
Instant PAN through Aadhaar based e-KYC
General Scheme of PAN Allotment:
A new facility of instant e-PAN through Aadhaar based e-KYC has been introduced by the Honourable FM in Budget 2020.
Electronically...
Finance
Why Donation for Fight against Coronavirus to third party NGOs is not a good idea?
Earlier, the trusts were formed by affluent people of same community who infused corpus money out of their own savings and carried out charitable...
Company Law and IBC
Section 115 BAB – New Corporate tax rate for new manufacturing companies
The Government, via Taxation Laws (Amendment) Ordinance, 2019 passed on 20 September 2019, has introduced a favorable new corporate tax rate for new...
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,...
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...
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...
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