Income Tax Articles

FAQs on Statutory Forms & related Services issued by IT Department

Aruhi 25 January 2022 at 16:08

IT Department issued FAQs on Statutory Forms & related Services

Section 80EEA of IT Act: Additional deduction of interest payment in respect of housing loan

CA Piyush Agarwal 25 January 2022 at 09:40

A new Section 80EEA has been inserted by government to allow for an interest deduction from AY 2020-21 (FY 2019-20).

Availability of Audit Reports and Process Flow Steps in E-Filing 2.0

Suhasini 25 January 2022 at 09:18

Income Tax Department issued process flow for filing Audit Forms in new E-filing 2.0 portal

Whether filing of return is an admission that notice is valid?

FCS Deepak Pratap Singh 25 January 2022 at 08:40

The assessee was a company incorporated in Switzerland. A notice of reassessment was issued to it. The reasons stated were that the assessee had been identified as a foreign company in the non-filers monitoring system category and that during the financial year 2010-11 relevant to the assessment year 2011-12 it had entered into a share transaction.

Investment of property outside India by resident and taxation under Black Money Act, 2015

FCS Deepak Pratap Singh 20 January 2022 at 09:32

Some facts on investment in property outside India and computation of tax under "Black money (undisclosed foreign income and assets) and imposition of tax act, 2015"

Voluntary surrender of income does not mean immunity from penalty

FCS Deepak Pratap Singh 19 January 2022 at 08:34

Can an assessee who has surrendered his income in response to the specific information sought by the Assessing Officer in the course of survey, be absolved from the penal provisions under section 271(1)(c) for concealment of income?

Section 80U - Tax Exemption for Disabled Persons

Pranab Banerjee 17 January 2022 at 08:27

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

FCS Deepak Pratap Singh 17 January 2022 at 08:27

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!!

CS Lalit Rajput 15 January 2022 at 08:35

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?

FCS Deepak Pratap Singh 15 January 2022 at 07:29

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.