It is the minimum rate u/s 44AD that has to be considered and higher income option is open for the taxpayers which has to be used if taxpayers have higher income.
The annual interest computed on employee contribution in excess of Rs. 2.50/5.00 lacs is taxable only at the time when the accumulated balance is paid to the employee.
The income chargeable under “Capital gains” shall be computed by deducting the amounts discussed in this article from the full value of the consideration received or accruing as a result of the transfer of the capital asset.
Interest portion on PF contributions exceeding 2.5L is taxable under the head "Income from Other Sources". Taxable Contributions = ((Contributions in excess of 2.5L/5L*)+(Interest accrued thereon)-( Withdrawals)).
There were a lot of practical difficulties which were faced by individuals and professionals. However, CBDT has published two notifications that give clarity regarding the meaning of a specified bank and form of declaration.
To provide relief to persons who are engaged in the business of plying, hiring or leasing goods carriages Section 44 AE of the Income Tax Act was introduced.
Discussing Calculation Of Capital Gain In Special Cases like Amount received from Insurer, Deemed Transfer, and Transfer of Capital Assets by a person to firm, AOP or body of individuals, etc.
There are various monetary limits u/s Sec 44AA, 44AB and Sec 44AD relating to maintenance of books of accounts and audit. These provisions have created ambiguity among taxpayers and professionals.
CBDT, in exercise of its power u/s 119 of the Income-tax Act, 1961 has issued a circular w.r.t. Extension of timelines for electronic filing of various Forms under the Income-tax Act, 1961.
CBDT has announced an extension in the electronic filing of various forms under the Income Tax Act on 29th August 2021. Same has been discussed in a tabular format in this article.
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