Income Tax Articles
All about clubbing of income
Clubbing of income means adding or including the income of another person (mostly family members) to one's own income. This is allowed under Section 64 of the IT Act.
Section 80JJAA - Deduction in Respect of New Employees Recruited
Section 80JJAA of the Income Tax Act, 1961 is a tax incentive for employment generation and provides for deduction from INCOME FROM BUSINESS of an assessee for the employment of new employees by the assessee.
Section 194R: TDS on Benefit or Perquisite of Business or Profession w.e.f 1st July 2022
Clause 58 of Finance Bill, 2022 deals with section 194R which expressly states this change will take effect from 1st July 2022, though the section has been inserted from 1st April 2022.
Reporting High Value Cash Transactions
If a person who is required to furnish a statement of financial transaction or reportable account under section 285BA fails to furnish such statement within the time prescribed, the prescribed income-tax authority may direct that such person shall pay, by way of penalty
Master guidelines on anti-money laundering & counter financing of terrorism
The Authority has come out with "Master Guidelines on Anti-Money laundering/Counter Financing of Terrorism (AML/CFT)" for all the insurers. These guidelines are issued by exercising the power enshrined under Section 34 of Insurance Act, 1938, Section 14(1) of Insurance Regulatory and Development Authority Act 1999 and provisions 4,5,7,9, 9A & 10 of the PML Rules.
Reporting of Special Financial Transaction (SFT)
SFT is a report of specified financial transactions by specified persons including prescribed reporting financial institutions.
IT department has resumed the service of Aadhaar PAN linking
Income Tax Department has resumed the facility of Aadhar PAN linking from 1st June 2022 with due payment as prescribed in CBDT Circular No.7/2022 dated 30.03.2022
Interest levied under Income Tax Act
Interest is levied under Income Tax Act, 1961 under section 234A, 234B and 234C. Let us discuss them in detail.
Statutory Tax Compliance Tracker for the m/o June 2022
The article lists down Statutory Tax Compliance Tracker for the m/o June 2022
How Passive Income From Fractional Ownership Of Commercial Real Estate Is Taxed In India
30 May 2022
6530 Views
Passive income is money earned with little or no regular effort. Commercial property fractional ownership is a new source of passive income. However, if anything permits you to generate income, it is subject to taxation. The IT laws for commercial property fractional ownership differ from that for residential property.
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