Income Tax Articles

Whether Grant By Holding Company To Its Subsidiary Treated As Revenue Receipt

FCS Deepak Pratap Singh 30 October 2021 at 09:33

The Appellate Tribunal held that the grant received was not taxable as revenue receipt since the said grant was given to recoup the losses incurred by the assessee and was hence, in the nature of capital contribution.

Interesting Issues in the Presumptive Taxation Scheme - Part VII

CA.R.S.KALRA 29 October 2021 at 10:04

A firm having zero income is not liable for tax audit under section 44AB. It does not make any difference that the loss is after deducting the salary and interest to partners.

Self Assessment under Sec 140A of the Income Tax Act, 1961

Ritik Chopra 28 October 2021 at 09:49

Tax calculated under self assessment is required to be deposited by the assessee before submitting an ITR. The tax so paid shall be adjusted towards the tax liability as ascertained on regular assessment.

Benefits of Filing Income Tax Return on time

CA Tejinder Pal Singh 28 October 2021 at 09:48

Filing of tax return within the due date is mandatory to claim specified losses for an individual taxpayer, such as losses from capital gains, business, or profession, etc.

Cleaning of Books of Accounts and their Worship on the occasion of Diwali

CA Umesh Sharma 27 October 2021 at 09:42

In business, many tax laws are applicable. Every law prescribes provisions for maintaining books of accounts and relevant records. So, one should discard old books as per provisions of law.

What is income and what are the different sources of income

Taxblock 27 October 2021 at 09:42

Income is the money received by a person periodically on a daily, weekly, monthly, or yearly basis. Income includes monetary as well as non-monetary values of allowances and perquisites.

What is PAN and TAN?

Taxblock 26 October 2021 at 09:36

PAN is a single number that is an electronic system and has all the tax related information of a taxpayer. TAN is a 10 digit alpha numeric number allotted to persons who are responsible for TCS and TDS.

Various Offences Under Income Tax And Penalty Applicable To It

Taxblock 26 October 2021 at 09:36

Default in complying with provisions of or with conditions prescribed under the Income-tax Act would attract certain penalty and in critical cases prosecutions as well.

Exceptions to the provisions of Sec 44AD(4) & Sec 44AD(5) - Part VI

CA.R.S.KALRA 25 October 2021 at 09:46

There are certain cases in which the assessee fails to opt for the provisions of presumptive taxation because they are not eligible, due to an increase in turnover or receipt of any commission.

Whether Penalty Or Fines Or Penal Interests Allowed As Expenditure Under Section 37(1) Of IT Act,1961

FCS Deepak Pratap Singh 25 October 2021 at 09:41

The objective of Section 37 is to claim business expenditure incurred by the assessee which is not covered under sections 30 to 36 as deductions. Thus, this section is as a general section for claiming deductions.