Income Tax Articles
Section 80EEA of IT Act: Additional deduction of interest payment in respect of housing loan
A new Section 80EEA has been inserted by government to allow for an interest deduction from AY 2020-21 (FY 2019-20).
Availability of Audit Reports and Process Flow Steps in E-Filing 2.0
25 January 2022
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Income Tax Department issued process flow for filing Audit Forms in new E-filing 2.0 portal
Whether filing of return is an admission that notice is valid?
The assessee was a company incorporated in Switzerland. A notice of reassessment was issued to it. The reasons stated were that the assessee had been identified as a foreign company in the non-filers monitoring system category and that during the financial year 2010-11 relevant to the assessment year 2011-12 it had entered into a share transaction.
Investment of property outside India by resident and taxation under Black Money Act, 2015
Some facts on investment in property outside India and computation of tax under "Black money (undisclosed foreign income and assets) and imposition of tax act, 2015"
Voluntary surrender of income does not mean immunity from penalty
Can an assessee who has surrendered his income in response to the specific information sought by the Assessing Officer in the course of survey, be absolved from the penal provisions under section 271(1)(c) for concealment of income?
Section 80U - Tax Exemption for Disabled Persons
18 January 2022
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With Automatic Income Tax Preparation Software in Excel for the Govt and Non-Govt Employees for the F.Y.2021-22
Some facts related to section 54F of IT act, 1961
The assessee purchased land from the sale proceeds of property held by him and constructed a nursing home and residential house thereon. On the residential house, he claimed exemption under section 54F of the Income-tax Act, 1961.
ITR Missed?? File your ITR Now!!
The Central Board of Direct Taxes (CBDT) has given one-time relaxation for the verification of e-filed ITRs, which are pending e-verification. The decision was taken amid complaints of glitches in the e-filing portal of the income tax department.
Whether benefits of Section 23(2) available to HUF?
From decision of Gujarat High Court, it is clear that a HUF is a group of natural persons, who are related to each other with blood relations. A HUF consisting of natural persons cannot be considered as a fictional entity and can be considered as owner of a house property and enjoy benefits of the provisions of Section 23(2) of the Income Tax Act, 1961.
Income Tax Return: A Quick Overview
The process of Income Tax return filing is very simple, but very essential if you are earning any form of income that needs to be taxed. Income tax through TDS (tax deduction at source) can be done, but it is not mandatory if you are employed by someone else.
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