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Direct Taxes (including International Taxation)
Real Estate- Deduction for land purchase cost without sale- IT Act, 1961
Direct Taxes (including International Taxation) | By CA Ritika Lath | Aug 10, 2021
When any person is engaged in the business of real estate, the immovable property purchased is represented as stock (mostly as Work In Pr...
Supreme Court Judgement on tax holidays for eligible business – section 80-IA- IT Act, 1961
Direct Taxes (including International Taxation) | By CA Ritika Lath | Aug 10, 2021
Deduction of income from other sources also alongwith eligible business u/s 80-IA of IT Act, 1961 – Supreme Court verdict Section 8...
What are “affiliate marketing services” and what are its tax implications?
Direct Taxes (including International Taxation) | By CA Ritika Lath | Aug 5, 2021
E-Commerce Business is witnessing resurgence in India due to increasing penetration of internet use base in Tier-II and Tier-III cities e...
No Depreciation on Goodwill from F.Y. 2020-21
Direct Taxes (including International Taxation) | By CA Ritika Lath | Aug 4, 2021
Alert- Adjustment required in F.Y. 2020-21 if depreciation on goodwill claimed in F.Y. 2019-20 Income Tax Act, 1961 (Act) provides deprec...
FAQs on Penalties under the Income Tax Act 1961
Direct Taxes (including International Taxation) | By CA Ritika Lath | Jul 15, 2021
FAQs on Penalties under the Income Tax Act 1961 There are penalties defined for maximum kind of defaults in laws of Income Tax Act...
TDS on purchase of goods-Section 194Q of the Income Tax Act, 1961
Direct Taxes (including International Taxation) | By CA Ritika Lath | Jun 28, 2021
TDS on purchase of goods-Section 194Q of the Income Tax Act, 1961 From -01-07-2021, if any person whether from India or outside India i...
Important update- TDS/TCS Return under the IT Act, 1961
Direct Taxes (including International Taxation) | By CA Ritika Lath | Jun 17, 2021
In terms of Rule 31A of the Income Tax Rules, 1962 any person responsible for deducting TDS has to furnish quarterly TDS Return within th...
Fair Market Value for slump sale u/s 50 B of IT Act, 1961- Notified on 24-05-2021
Direct Taxes (including International Taxation) | By CA Ritika Lath | May 26, 2021
Before the amendment made vide Finance Act, 2021 under section 50B of the income Tax Act, 2021 (Act), capital gain on slump sale i.e. tra...
Income Tax Deadline Extended- Relief to tax filers
Direct Taxes (including International Taxation) | By CA Kaushal Agarwal | May 20, 2021
CBDT provides relaxation to the tax filers under the COVID 19 pandemic to ease compliances: 1) The Statement of Financial Transactions...
Claim of Leave Travel Allowance Exemption during pandemic- IT Act, 1961
Direct Taxes (including International Taxation) | By CA Ritika Lath | May 19, 2021
Cash Leave Travel Concession received from employee but no expenditure made on travel during Pandemic can also be claimed as exempt incom...
Place of Effective Management in India-IT Act, 1961
Direct Taxes (including International Taxation) | By CA Ritika Lath | May 18, 2021
The place of residence of a foreign company incorporated outside India is determined by its PLACE OF EFFECTIVE MANAGEMENT (POEM) under th...
Reassessment of Search, Survey and other cases as per Finance Act, 2021 – An FAQ
Direct Taxes (including International Taxation) | By CA Ritika Lath | May 17, 2021
1. What is income escaping assessment? Give some examples of income escaping assessment? As per Section 147 of the Act, if any inc...
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