Income Tax Articles
Critical analysis of section 68 of Income Tax Act, 1961
There was a great need and importance for introducing the provisions of section 68 under the income tax act, 1961 to safeguard and protect the interest of revenue, as assessee was engaged in harmful tax practices to evade tax in the form of Black Money, Accommodation Entries, Cash Credit Entries etc.
Analysis of word "Advancement of any other object of general public utility" under IT Act 1961
As you are aware subject to the provisions of Sections 60 to 63, the income of a religious or charitable trust or institution, to the extent specified in the Act, is exempt from tax when certain prescribed conditions are fulfilled
Capital gains cannot be considered while calculating book profit for Section 115JB
THE BOMBAY HIGH COURT HELD THAT- Capital Gain credited to Capital Reserve Account instead of Profit & Loss Account cannot be considered while computing Book Profit for the provision of Section 115JB (MAT).
Cryptocurrencies & Taxation of Cryptocurrencies under Income Tax
A cryptocurrency is digital, decentralized currencies that are issued by a private enterprise to work as a consideration of transaction between two individuals or businesses without any direct interference from the government.
Audit under Section 44AB of the Act
Provisions of Section 44AB has been explained in this article.
New Income Tax Portal
New Income Tax Portal was launched on 7th June, 2021 by CBDT (Central Board of Direct Tax). The portal is being redesigned for the easy filing and to eliminate the glitches or any other difficulties.
A Real Estate Developer's Budget in a Joint Venture Development
It is an arrangement between the Landowner and the Builder/Developer, where the Landowner contributes his land and the Developer takes the full responsibility of development including obtaining planning permission from the local authority, dealing with RERA, and other Government Authorities where necessary, construction complete, arranging finance, and marketing and sales.
Whether several independent units can constitute "A residential house"
Any person will construct his house according to his need and on the basis of future requirements. The house build may consist of one unit or it may consist of several separate units.
Payment of Gratuity and Exemption from Tax
Gratuity is a monetary benefit given by the employer to employees. It is governed by Payment of Gratuity Act, 1972. The exemption limit has been increased to Rs 20 lakh from the earlier Rs. 10 lakh.
Section 54 & 54F: Some of the finer points and judicial decisions
As we are aware, section 54 of the Income Tax Act, 1961 provides exemption to the assessee from long term capital gains accruing to the assessee on account of transfer of a capital asset which is a residential house property subject to conditions prescribed therein.
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