Income Tax Articles
Section 194P - Tax Deduction in case of a Specified Senior Citizen
If a resident senior citizen is earning exempt income, like, interest on PPF, agriculture income, the share of profit from the partnership firm, etc. he should not be treated as ineligible for this provision.
Penalty for failure to get accounts Audited Section 271B
If any person fails to get his accounts audited in respect of any previous year or years relevant to an assessment year or furnish a report of such audit as required under section 44AB, the Assessing Officer may direct that such person shall pay, by way of penalty
Income tax reassessment notices under new provisions
Hon'ble Supreme Court in its order today i.e. 4th May, 2022 in the matter of UOI vs. Ashish Agarwal, reversed the decisions of the several High Courts and restored the notices issued under new provisions of income tax in reassessment matters which were applicable w.e.f. 01.04.2021.
Income tax on virtual digital assets Under Section 115BBH
The definition of Virtual Digital Assets proposed to be inserted vide new clause 47A to the section 2 of the Act, where Virtual Digital Assets are defined to cover assets
New Form ITR-U Under Section 139(8A) for updated Income Tax Returns
The CBDT has notified a new form for filing updated Income Tax returns in which taxpayers will have to give the exact reason for filing it along with the amount of income to be offered to tax.
How to pay 0 tax on a salary of upto Rs. 20 lac
A testimony to that fact is a recent budget provision which imposes a tax on a high provident fund contribution, which would be done only by the high salaries individual.
Dividend Distribution Tax
If a company is earning profit then they provide it to the shareholders of the company which is known as dividend. Dividend is income for shareholders so it is taxable in the hands of tax payer.
Statutory Tax Compliance Tracker for May 2022
Statutory Tax Compliance for the month of May 2022
Capital gain valuation (Immovable Property) as per IT Act 1961
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
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.
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