Direct Tax

Introduction: Section 269ST of the Income Tax Act, 1961, was introduced with the aim of curbing the use of cash transactions in business dealings. This section prohibits cash transactions above a specified limit, with a view to promoting digital transactions and curbing black money circulation. This article provides an overview of the provisions of Section … Read more

Introduction: Section 168 of the Income Tax Act, 1961 provides for executors and the taxation of income from a deceased person’s estate. Further, the section states that the income of a deceased person’s estate is taxable in the hands of the executor of the estate. Moreover, the executor is required to file a separate Tax … Read more

Introduction Small firms can get benefit from Section 44AD of the Income Tax Act, 1961 through a presumptive taxation system. This clause enables eligible taxpayers to report their income based on their turnover as opposed to keeping books of accounts and finding out their actual earnings and losses. Eligibility Criteria under section 44AD To avail … Read more

SECTION 54EC OF INCOME TAX ACT INTRODUCTION:-  The provision under Section 54EC of the Income Tax Act states that if taxpayers invest the proceeds from the sale of any long-term asset into specified assets (bonds) within six months of the sale, they are eligible to claim an exemption from long-term capital gains tax. However, this … Read more

Introduction Presumptive Taxation was introduced in 2016 to be applicable from the Financial Year 2016-17. This scheme was introduced to give relief to professionals from maintaining books of accounts and getting them audited which is a headache for them. Further, the Presumptive Taxation scheme was incorporated under Sections 44AD, 44ADA, and 44AE of the Income … Read more

Introduction Section 115BBA  provides the tax rates at which income of non-resident sportspersons, sports organizations, etc., who/which is not a citizen of India would be charged and tax would be collected in advance at the time of payment.  It also covers the applicability of income tax on income received or receivable by non-resident and non-national … Read more

Introduction to Section 115BA of the Income Tax Act, 1961:- Section 115BA of the Income Tax Act 1961, deals with various tax rates which are applicable to manufacturing companies in India. Section 115BA is first introduced in the Finance Act, of 2016. The main purpose of Section 115BA is to reduce the burden of the … Read more