Articles by FCS Deepak Pratap Singh

Problem and Answer on Section 28(va) and Section 40(a)(ia) of the Income Tax Act, 1961

FCS Deepak Pratap Singh 06 October 2021 at 09:58

Section 40(a)(ia) is applicable only in case of interest, commission, rent, royalty, fees for professional or technical services etc. Amount taxable in the hands of recipient u/s 28(va) is not covered.

Unexplained cash credits under provisions of Income Tax Act 1961

FCS Deepak Pratap Singh 04 October 2021 at 09:38

Section 68 is a charging section, thus, if it is applicable, the assessee will not only be liable to pay the taxes but also penalty under section 271(1) (c) of the Income Tax Act, 1961.

Problems and Answers - Section 115QA & 115F of the Income Tax Act 1961

FCS Deepak Pratap Singh 04 October 2021 at 09:38

Section 115QA provides that a domestic company distributing its income through buy back of shares will have to pay income tax/distribution tax @20% (surcharge @12% and education chess @4%).

Income Tax Questions & Answers Series Part II: Section 50C

FCS Deepak Pratap Singh 02 October 2021 at 18:32

Section 50C was introduced vide Finance Act. 2002 w.e.f. 01.04.2003, and prescribes similar provisions in the case of transfer of land or building or both, held in the nature of ‘Capital Assets’.

Is Depreciation allowed when vehicle is not registered in the name of leasing company?

FCS Deepak Pratap Singh 02 October 2021 at 18:31

As per the Motor Vehicles Act, the registration of a leased motor vehicle should be in the name of the lessee. However, as per the Income Tax Act, the asset must be owned by the person claiming depreciation.

Some Facts Related To Fugitive Economic Offenders Act, 2018

FCS Deepak Pratap Singh 30 September 2021 at 09:37

"Fugitive Economic Offender" means any individual against whom a warrant for arrest in relation to a Scheduled Offence has been issued by any court in India.

Transfer of Immovable Properties on Sale Consideration less than Stamp Duty Valuation

FCS Deepak Pratap Singh 30 September 2021 at 09:36

Where the consideration for transfer of the asset is less than the stamp duty value, the value so adopted shall be deemed to be the full value of the consideration, for computing income under PGBP.

Meaning of the word Accident under insurance

FCS Deepak Pratap Singh 18 September 2021 at 10:51

We can define insurance is a practice or arrangement by which a company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium or we can say that insurance a thing providing protection against a possible eventuality.

Exemption to Section 64VB of the Insurance Act, 1938

FCS Deepak Pratap Singh 16 September 2021 at 09:39

The provisions of Section 64VB of the Insurance Act, 138 provides that an insurance company will not resume/accept risk unless insurance premium received in advance or before the date of assumption of risk.