Knowledge Base

Find articles, help and information using our knowledge base

All about Deductions for rent u/s 80GG of Income Tax Act, 1961
A detailed discussion is carried out about the legal provisions of Section 8GG and all practical issues or steps to be taken so that this deduction can’t be denied.
By CA. Kavit Vijay
Last update on December 17,2022
TDS on Sale/Purchase of Immovable Property
The government implemented TDS provisions on the sale/purchase transaction of immovable properties through Section 194-IA to the Income Tax Act, of 1961.
By CA. Kavit Vijay
Last update on November 21,2022
UNION BUDGET ANALYSIS| FINANCE ACT 2022| INCOME TAX & GST
Union budget was presented by Hon’ble Finance Minister on 1st Feb 2022 in Parliament wherein various amendments are proposed under Income Tax Act and few changes are also proposed under Goods and Service Tax Act. In this article, you will get a detailed analysis of amendments proposed by the Finance Act, 2022 in Income Tax and Goods and Service tax.
By CA. Kavit Vijay
Last update on February 8,2022
Guide to a new Annual Information Statement under Income Tax
the Government has rolled out a new annual information statement expanding the scope of current Form 26-AS with the inclusion of various information categories like interest, mutual fund transactions, insurance, dividends, etc.
By CA. Kavit Vijay
Last update on December 11,2021
Implication of cash transaction under Income Tax
The government is making all the efforts to promote electronic transactions by providing various tax incentives and discouraging cash transactions by imposing various penalties or increasing tax compliances for cash transactions.
By CA. Kavit Vijay
Last update on September 17,2021
Income Tax Due Dates Extension for AY 2021-22
CBDT has decided to extend the due date of filing of various income tax returns and audit reports for FY 2020-21 (A.Y. 2021-22) vide Circular No. 17/2021 dated 9th September, 2021.
By CA. Kavit Vijay
Last update on September 10,2021
SOP (Standard Operating Procedure) For penalties under Faceless Penalty Scheme-2021
CBDT has prescribed complete Standard Operating Procedures (“SOP”) for penalties under FPS, 2021 vide document issued on 9th August, 2021.
By CA. Kavit Vijay
Last update on September 10,2021
TDS on advertisement charges should be deducted u/s 194C @ 2% and not 194J @ 10%
If payment is made to the advertising agency then TDS should be deducted u/s 194C @ 1%/2% irrespective of written contract.
By CA. Kavit Vijay
Last update on August 17,2021
SOP for Handling Writ Petitions where Assessment has been Made Under the FAS’19 and/or Penalty Passed Under FPS’21
The Central Government observed that National Faceless Assessment Centres (NaFAC) is one of the biggest respondent-litigants in taxation matters. Since NaFAC has no primary role in defending the writ except in cases where the scheme itself is challenged, the Pr. CIT (Jurisdictional) has been appointed as the authority to defend the case before the Hon'ble High Courts.
By CA. Kavit Vijay
Last update on August 7,2021
Implementation of newly inserted/amended TDS & TCS provisions by Finance Act, 2021| 01.07.2021
Major changes in TDS & TCS provisions introduced by the Finance Act, 2021 that are becoming applicable with effect from 1st July 2021.
By CA. Kavit Vijay
Last update on August 7,2021