Income Tax Articles
Updated Return- Advantages and Disadvantages
Government is trying to provide an opportunity to taxpayers to disclose their income which was previously omitted to be disclosed, and on the other hand will also generate additional revenue for the government. It will facilitate ease of compliance to the taxpayer in a litigation free environment.
Calculation of taxable and non-taxable interests under EPF/GPF accounts
The Government has changed the rules for calculation of interest on EPF/GPF/RPF Accounts and has set threshold limit for contribution in EPF Rs. 2.50 Lakhs and GPF Rs. 5.00 Lakhs on which interest received will not be taxable.
Unsuccessful Appeal Submissions Turned into Explanatory Memorandum to Finance Bill!!
Let us analyse some of these budget amendments proposed in the Finance Bill, 2022, aimed at overturning the well-known and established judgements
Best Judgment Assessment and Income Escaping Assessment
Best Judgment Assessment under section 144
Sec 35DD: Amalgamation/Demerger expenses will be allowed to resulting company
The ruling of Delhi High Court will be much-needed support to the corporate world. This will help smooth restructuring of companies and claiming of restructuring expenses
Self Assessment and Enquiry Before Assessment under Income Tax
The assessee is required to assess his income and determine if any tax is payable on the basis of return required to be furnished under section 115WD, 115WH, 139 142, 148, 153A or 158BC
Summary Assessment and Regular Assessment under Income Tax
When a return of income has been filed by the assessee under section 139(1) or in response to a notice issued under section 142(1), the return shall be processed in the following manner
Housing Loans & EMI's Business
Now just imagine that he has taken a 2 or 3 bedroom house by outright Purchase /Buying it from a developer and let us assume that he has taken a loan of Rs 50 lakhs at various scenarios given below @7% Rate of interest on a floating basis as explained
Decoding Implications of Crypto Tax in India
The Indian union budget 2022 came with much joy and anxiety for the crypto industry in India. While it is unclear if the much awaited crypto regulations will be tabled in the parliament this month, there is plenty to decode from the tax related announcements.
Taxation of Virtual Digital Assets
In this blog, I have tried to explain taxation of Virtual Digital Asset and yes crypto has not been given status of currency and it’s an asset on that to I have doubt of legality as taxing something does not make it "legal" as Income Tax Act tax income from betting and smuggling, also never the less it’s another topic of debate.
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