Income Tax Articles

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

Posted by CA Umesh Sharma 27 October 2021 6485 Views

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

Posted by Taxblock 27 October 2021 5697 Views

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?

Posted by Taxblock 26 October 2021 10378 Views

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

Posted by Taxblock 26 October 2021 1887 Views

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

Posted by CA.R.S.KALRA 25 October 2021 23136 Views

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

Posted by FCS Deepak Pratap Singh 25 October 2021 8570 Views

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.

Whether All Incomes From Renting Of Properties Will Be Considered As Income From House Property

Posted by FCS Deepak Pratap Singh 25 October 2021 6129 Views

It is clear that any income from renting a property (which is a building and/or land attached to it) by the owner not utilized for its own business and profession will be considered as Income from House Property.

Presumptive Taxation Scheme under Sec 44AE

Posted by CA.R.S.KALRA 22 October 2021 8412 Views

The benefit of section 44AE is available to all categories of taxpayers who are engaged in the business of plying, hiring or leasing of goods carriages and who do not own more than 10 goods vehicles.

Section 64 - Clubbing of Income under the Income Tax Act

Posted by Taxblock 22 October 2021 3756 Views

Clubbing of Income as the term suggests, means adding the income of another person to the income of the person who is paying the tax. This term is explained under Section 64 of the Income Tax Act.

Section 44AD (4): Consequences of Opting Out of Section 44AD(1) - Part V

Posted by CA.R.S.KALRA 21 October 2021 39391 Views

If a person has opted for a presumptive scheme of taxation u/s 44AD in any one year then they have to remain in the umbrella of section 44AD for the next 5 years.