Income Tax Articles

Section 64 - Clubbing of Income under the Income Tax Act

Posted by Taxblock 26 October 2021 3759 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.

Presumptive Taxation Scheme under Sec 44AE

Posted by CA.R.S.KALRA 26 October 2021 8420 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.

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

Posted by FCS Deepak Pratap Singh 26 October 2021 6132 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.

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

Posted by FCS Deepak Pratap Singh 26 October 2021 8574 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.

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

Posted by CA.R.S.KALRA 26 October 2021 23160 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.

Rebate and Reliefs under income tax

Posted by Taxblock 19 October 2021 4501 Views

Rebate under section 87A of the Income Tax Act is a provision that helps taxpayers to reduce their tax liability. This section is available to people whose income do not exceed Rs. 5 Lakhs.

Taxation of Mutual Fund SIP

Posted by CA Umesh Sharma 19 October 2021 10381 Views

An investor can claim deduction up to Rs. 1,50,000/- u/s 80C for investments made in SIP. However, deduction is available only if the SIP is of an Equity Linked Savings Scheme Mutual Fund.

Income from Salary | An analysis

Posted by Taxblock 19 October 2021 5709 Views

Income from salary is the remuneration that is received by an individual who is rendering services under any contract which is taken by him. The contract should be under employment.

Taxability Of Income From Downlinking Television Channels In India By Foreign Companies

Posted by FCS Deepak Pratap Singh 19 October 2021 5358 Views

Discussing the taxability of income of a foreign company for downlinking television channels in India and income from display of uncut and unassorted diamonds by a foreign citizen in the Bharat Diamond Bourse.

Key changes in ITR Forms for AY 2021-22 - Part 5: ITR 7

Posted by Neethi V. Kannanth 19 October 2021 4116 Views

Dividend will now be taxable from Rs. 1/‐ as section 115BBDA is omitted. Accordingly, Interest expenditure u/s 57(1) to earn Dividend can be claimed at sl.no.3....