Articles by Ritik Chopra

Types of Provident Funds (PF)

Ritik Chopra 02 June 2021 at 09:39

Discussing the four kinds of Provident Funds i.e. Statutory Provident Fund, Recognised Provident Fund, Unrecognised Provident Fund and Public Provident Fund.

What is income under the head Salary?

Ritik Chopra 31 May 2021 at 14:48

Generally, salary is considered as a fixed payment from an employer to an employee. However, the term 'salary' has a larger scope. Let us discuss the term 'salary' in this article.

An Introduction to Income Tax

Ritik Chopra 28 May 2021 at 09:30

Income tax was introduced in India in 1860 and is generally described as a tax on income, gains or profits earned by a person such as individuals and other entities.

Section 10AA: Provisions Related To Newly Established Units In Special Economic Zones

Ritik Chopra 26 May 2021 at 09:31

Section 10AA provides a deduction from total income of such profits and gains derived by an assessee being an entrepreneur from the export of articles or things or services for certain consecutive assessment years.

Introduction of Alternate Taxation Scheme for Individuals and HUF w.e.f AY 2021-22

Ritik Chopra 20 May 2021 at 09:26

The new tax regime has reduced tax slabs for individual and HUF taxpayers with a condition to forgo certain tax deductions or exemptions. Let us discuss the new regime in this article.

Section 94: Bond Washing Transactions

Ritik Chopra 08 May 2021 at 09:38

A bond washing transaction can be defined as a transaction where some securities are sold sometime before the due date of Interest and reacquired after the due date is over. In order to discourage such transactions Section 94 was introduced.

Sec 35AD: Deduction in respect of capital expenditure incurred on setting up of a specified business

Ritik Chopra 07 May 2021 at 09:37

Deduction u/s 35AD is available towards any capital expenditure, wholly and exclusively, incurred for carrying on a specified business. This deduction has been applicable since AY 2010-11.

Section 43B: Deduction of certain payments only if actually paid

Ritik Chopra 05 May 2021 at 09:48

In case a deduction has already been claimed on an accrual basis in any earlier previous year, it will not be allowed again in the year in which it is actually paid.

Section 35D: Amortisation of Certain Preliminary Expenses

Ritik Chopra 04 May 2021 at 09:48

As per section 35D of the Income Tax Act, 1961, preliminary expenses incurred prior to the commencement of business, extending an existing business, setting up a new unit etc. are eligible to be amortized.

Section 115BAD: Alternate Taxation Scheme for Co-Operative Societies

Ritik Chopra 01 May 2021 at 09:52

Section 115BAD provides the benefit of a lower tax rate to Resident Cooperative Societies. It allows them to pay tax at 22% and is applicable for any PY relevant to the AY beginning on or after 01.04.2021.