Section 194N: TDS on Cash Withdrawals

Section 194N: TDS on Cash Withdrawals The Union Budget of 2019 proposed various amendments to the existing sections of the Income Tax Act. Amongst such changes, the Budget also bought about the inclusion of new sections such as Section 194M…

Leave Travel Allowance

Leave Travel Allowance In order to cover the travel expenses incurred by the employee at the time of leave, Leave Travel Allowance (LTA), also known as Leave Travel Concession (LTC), is provided by an employer to employees. Exemption from tax…

NRI Selling Property in India

NRI Selling Property in India Guide to the tax implications relating to NRI selling property in India. In order to understand the tax implications, under the article, it has been assumed that the person based in the USA has sold…

Section 142(1) of Income Tax Act

Section 142(1) of Income Tax Act It is common to see people spiralling headfast after they have received a notice from the Income Tax Department (ITD) while filing their tax returns. The anxiety and fear accompanied by the imagination of…

Section 94A of Income Tax Act

Section 94A of Income Tax Act Section 94A of Income Tax Act allows the Indian Government to notify any of the applicable countries that fail to provide assistance with the exchange of tax information. Its areas of coverage include declared…

Income Tax for Freelancers

Income Tax for Freelancers Freelancing has emerged over the past few years as a significant source of income for many across India. The significant advantage that the freelance sector has is the benefit of earning regardless of an individual's age.…

Rule 11UAB – Fair Market Value Of Inventory

Rule 11UAB - Fair Market Value of Inventory Clause (via) to Section 28 of the Income Tax Act, 1961, was inserted vide the Finance Act, 2018. The said clause provides that any profit and gains at the time of conversion…

Co-operative Societies

Co-operative Societies Co-operative techniques in our country are as old as human history. From the days of the Mauryan Empire as stated in Kautilya's Arthasastra through the British Rule up until today, the autonomous guides of workers and industrial units…

Section 94B: Thin Capitalisation

Section 94B: Thin Capitalisation The genesis of thin capitalisation starts from the distinction between the tax treatments of debt and equity. India has always stayed committed to the Base Erosion and Profit Shifting (BEPS) initiative implemented by The Organisation for Economic Co-operation…

Expenses Disallowed under Income Tax

Expenses Disallowed under Income Tax The provisions of income-tax facilitate the taxpayers to deduct certain expenditures during the calculation of taxable income. On the other hand, certain expenses incurred under the head “Profits and Gains of Business or Profession (PGBP)”…