Income Tax Articles

Alternative Minimum Tax (AMT): Applicability, Exemption, Calculation

Posted by Taxblock 03 November 2021 3381 Views

Alternate Minimum Tax or AMT was came into existence for non-corporate taxpayers who works on same principles. Though, applicability, exemption, way of adjusting income and reporting requirement etc. differ from Minimum Alternate Tax.

Capital gain valuation (Immovable Property) as per IT Act 1961

Posted by Mohammed Ibrahim 02 November 2021 12195 Views

Capital gain is "the amount by which the selling price of an asset exceeds the purchase price; the gain is realized when the asset is sold". (Word web Dictionary).

Set-Off and carry forward of losses

Posted by Taxblock 02 November 2021 5201 Views

There can be profit and also losses in every type of business, where losses are difficult to digest. Though Income Tax Act in India provides for the benefits of losses too. The law contains the provisions for set off and carry forward of losses.

What is new Annual Information Statement (AIS) & Taxpayer Information Summary (TIS) ?

Posted by CA RAJAT RAWLANI 02 November 2021 16602 Views

On 1st Nov 2021 Income Tax Department has announced rollout of a new statement - AIS (Annual Information Statement). This (AIS) will give you all details (well almost all!) about YOUR financial transactions during the year.

Notices, Appeal, Revisions, Search & Seizure Under Income Tax

Posted by Taxblock 02 November 2021 2034 Views

If any person is receiving notice then they need to act on the notice. Recently CBDT which is known as Central Board of Direct Tax has launched the scheme that is termed as Centralized Communication Scheme, the scheme says that all the communication shall be made in electronic mode.

Minimum Alternate Tax

Posted by Taxblock 02 November 2021 3710 Views

Minimum Alternate Tax or MAT is a provision that is in direct tax laws which is for companies, it is the provision for limit the tax exemptions which is availed by the companies.

Whether Fluctuations In Foreign Exchange Considered As Capital Receipt

Posted by FCS Deepak Pratap Singh 01 November 2021 2451 Views

In respect of income chargeable under Section 4(1), Income Tax shall be deducted at the source or paid in advance, where it is so deductible or payable under any provision of this Act.

Presumptive Taxation For Professionals under Section 44ADA

Posted by CA.R.S.KALRA 30 October 2021 10021 Views

In case of a person adopting the provisions of section 44ADA, income will be computed on a presumptive basis, i.e. @ 50% of the total gross receipts of the profession.

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

Posted by FCS Deepak Pratap Singh 30 October 2021 2692 Views

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

Posted by CA.R.S.KALRA 29 October 2021 6181 Views

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.