Category Archives: Income Tax

Income Tax related blogs

Selective capital reduction – Applicability of section 50CA and section 56(2)(x) of Income-tax Act, 1961

Selective capital reduction – Applicability of section 50CA and section 56(2)(x) of Income-tax Act, 1961 Capital reduction refers to corporate reorganization activity in which the existing share capital is extinguished. Companies consider utilizing this route for various business reasons, such as returning excess capital to shareholders, distributing assets to shareholders, loss of original share capital […]

Tax Benefits by taking of Loans under the Income Tax Act, 1961

Tax Benefits by taking of Loans under the Income Tax Act, 1961 Generally, we consider loans to be a necessary financial burden, particularly when we’re looking to buy something big. There are loans for almost whatever you need, and they work because they can help you get closer to your dreams, whether it’s buying a […]

Section 79 and its implications on globally

Section 79 and its implications on globally As after prolonged litigation and different interpretations across judicial hierarchies, certain provisions of the Income Tax Act, 1961 (the Act) still require clarifications to ensure that they meet the intent with which the provision was introduced and do not cause undue hardship to taxpayers.It is the provision is […]

Proposed increase in tax-free gratuity limit to Rs 20 lakh – Who will get benefit ?

Proposed increase in tax-free gratuity limit to Rs 20 lakh – Who will get benefit ? The government has proposed to hike the tax free gratuity payment limit from the current Rs 10 lakh to Rs 20 lakh – on 12 September 2017, the Cabinet cleared The Payment of Gratuity (Amendment) Bill, 2017. However, before […]

Access I-T return filing account without updating contact profile details

Access I-T return filing account without updating contact profile details The income tax department has relaxed to updating contact profile details the ‘compulsory/forcible’ updation of tax payer details on its return filing website. When this new requirement was introduced on September 22, a tax payer was unable to log in to their e-filing account without […]

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