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.
Primarily both the sections seem similar. However, whenever Section 194Q becomes applicable, Section 206C(1H) will not be applicable. Section 194Q is a priority section over Section 206C(1H).
Owing to various complexities, people tend to make many mistakes while filing their Income Tax Return which can be easily avoided if proceeded with more caution.
Under Section 44AD, small taxpayers with less than 2 crores of turnover are not required to maintain books of accounts and their profits are presumed to be 8% of their turnover.
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
IDT LIVE Exam Oriented Batch | May 2026, Sept 2026 & Jan 2027
CAclubindia
