Income Tax Articles
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.
What if you dont have to pay taxes in India?
No doubt India has one of most complicated income tax system. Being a CA student it will definitely reduce your syllabus of taxation which is hard nut to crack for many students.
Applicability of provisions of Section 35AD of Income Tax Act, 1961
Section 35AD provides for investment-linked tax incentive for Specified Business
Scope of Order for Rectification u/s 154 of the Income Tax Act
This section is a neutral provision, neither revenue friendly unlike section 263 nor assessee friendly unlike section 264 of the Act. But it has limited application, since it is bound by the wording of "Mistake apparent from records"
Revalidation of Registration u/s 12A and 80G
There are certain tax exemptions and benefits available to Charitable Institutions in India. These exemptions and benefits are dealt in sections 12A/12AA and 80G of the Income Tax Act,1961.
ITR and Audit Due date Further Extended by CBDT
CBDT has considered representation w.r.t. difficulties reported by the taxpayers and other stakeholders in filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22 under the Income-tax Act, 1961(the "Act").
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