Income Tax Articles

Whether Commissioner has Power to Revise Matters Before CIT (Appeals ) - Section 263 & 264

FCS Deepak Pratap Singh 11 October 2021 at 09:35

The tax authority can send an order under Section 154 either of their own volition or based on an incongruity noticed by the Income Tax Department.

Whether AO disallowed increase in remuneration within terms of Partnership Deed

FCS Deepak Pratap Singh 11 October 2021 at 09:35

As per section 40(b)(v) any payment that exceeds the amount of remuneration to any partner who is a working partner and in accordance with the terms of the partnership deed, will be disallowed.

Key changes in ITR Forms for AY 2021-22 - Part 3: ITR 4 Sugam and ITR 5

Neethi V. Kannanth 09 October 2021 at 15:17

Schedule DI is removed from ITR 4. Option of Filing ITR in response to notice u/s 153A and 153C is also removed as a requirement to file ITR under these sections is omitted.

Interplay of Section 43CA vs. Section 44AD - Part II

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

Section 44AD and 43CA of the Act are deeming sections. A legal fiction is created only for a definite purpose and is limited to that purpose and should not be extended beyond it.

Key changes in ITR Forms for AY 2021-22 - Part 2: ITR 3

Neethi V. Kannanth 08 October 2021 at 15:59

Section 115BBDA is removed from AY 2021‐22 onwards, hence corresponding dropdowns are removed from sl. No. 2c, 2d and 2e of schedule OS and respective changes are done in sl.no.10(i).

Why it is important to check Form 26AS before filing Income Tax Return

CA. Pushp Kumar Sahu 08 October 2021 at 09:41

Form 26AS is the most important statement while filing an ITR. One should always match the details with it for avoiding any notices and intimations from the department.

Key changes in ITR Forms for AY 2021-22 - Part 1: ITR 1 Sahaj and ITR 2

Neethi V. Kannanth 07 October 2021 at 17:21

The allowable difference between the full value of consideration u/s. 50C and value of property as per stamp authority has been increased from 1.05 times to 1.10 times.

Presumptive Taxation Scheme Section 44AD - Part I

CA.R.S.KALRA 07 October 2021 at 15:14

Presumptive taxation for businesses is covered under section 44AD of the income tax act. Any business which has a turnover of less than Rs 2 crore can opt to be taxed presumptively.

Section 194N: TDS on heavy cash withdrawal from Banks / Post Offices

Taxblock 07 October 2021 at 09:27

With the amendment in Finance Act, 2020 section 194N was amended by substituting 83A which imposes 2% TDS on withdrawal of sum exceeding Rs.1 crore. This section has come into effect from 1st July 2020.

Whether non gratuitous payment to a shareholder by company is taxable as deemed dividend?

FCS Deepak Pratap Singh 07 October 2021 at 09:27

A gratuitous loan given by a company to a shareholder would come u/s 2(22)(e ) but not in case where the loan or advance is given in return to an advantage conferred by such a shareholder.