Articles by Ritik Chopra

Computation of Period of Holding

Ritik Chopra 19 August 2021 at 13:21

Period of holding starts from the day when the asset is acquired by the assessee and ends on the day when it is sold/disposed off/transferred otherwise.

Section 44AA: Maintenance of accounts by certain persons carrying on profession or business

Ritik Chopra 16 August 2021 at 09:13

Maintenance of books of accounts is one of the most important tasks for any business or profession. Discussing the provisions u/s 44AA of the Income Tax Act, 1961 related to maintenance of accounts.

Section 41: Deemed Profits

Ritik Chopra 14 August 2021 at 09:09

Any loss of a business incurred during the year in which it ceased to exist and which could not be set off against any other income of that previous year shall be set off against deemed incomes.

Section 35ABB: Expenditure for Obtaining a License to Operate Telecommunication Services

Ritik Chopra 12 August 2021 at 09:19

In case any capital expenditure is incurred for acquiring a license to operate telecommunication services and payment has been made, a deduction of an amount equal to the appropriate fraction shall be allowed.

Section 37: General Deductions under the Income Tax Act

Ritik Chopra 09 August 2021 at 13:31

Section 37(1) says that any expenditure, laid out or expended wholly and exclusively for the purpose of business or profession shall be allowed in computing the income chargeable under the head PGBP.

Important Points While Computing Income Under Profits And Gains Of Business Or Profession

Ritik Chopra 05 August 2021 at 09:16

Profits and Gains of Business or Profession is considered as an important head of income while computing taxable income. Let us discuss the guiding points that should be kept in mind while computing income under PGBP.

Section 36: Other Deductions Under The Income Tax Act

Ritik Chopra 02 August 2021 at 18:53

While computing the income of a business or profession, other expenses in the nature of Insurance Premium, Health Insurance Premium, Bonus, Interest on Borrowed Capital and 9 others are admissible for deduction.

Exceptions to Restriction on Cash Payments under Section 40A(3) of the Income Tax Act, 1961

Ritik Chopra 16 July 2021 at 09:25

Rule 6DD provides certain cases under which no disallowance u/s 40A(3) shall be made where any payment of sum exceeding 10,000 or 35,000 is made otherwise than by a crossed cheque or a crossed bank draft.

Allowable Deductions While Computing Business Or Professional Income

Ritik Chopra 13 July 2021 at 09:06

There are various types of expenses varying from business to business and according to the nature of the unit. The admissibility of an item of expenditure is governed by certain general principles.

Section 24: Deductions Allowed While Calculating House Property Income

Ritik Chopra 07 July 2021 at 19:16

While calculating income from house property, deductions are allowed out of Net Annual Value. Discussing deductions under Section 24 which are allowed while calculating House Property Income.