Income Tax Articles

Notices, Appeal, Revisions, Search & Seizure Under Income Tax

Taxblock 02 November 2021 at 09:22

If any person is receiving notice then they need to act on the notice. Recently CBDT which is known as Central Board of Direct Tax has launched the scheme that is termed as Centralized Communication Scheme, the scheme says that all the communication shall be made in electronic mode.

Minimum Alternate Tax

Taxblock 02 November 2021 at 09:21

Minimum Alternate Tax or MAT is a provision that is in direct tax laws which is for companies, it is the provision for limit the tax exemptions which is availed by the companies.

Whether Fluctuations In Foreign Exchange Considered As Capital Receipt

FCS Deepak Pratap Singh 01 November 2021 at 09:39

In respect of income chargeable under Section 4(1), Income Tax shall be deducted at the source or paid in advance, where it is so deductible or payable under any provision of this Act.

Presumptive Taxation For Professionals under Section 44ADA

CA.R.S.KALRA 30 October 2021 at 10:03

In case of a person adopting the provisions of section 44ADA, income will be computed on a presumptive basis, i.e. @ 50% of the total gross receipts of the profession.

Whether Grant By Holding Company To Its Subsidiary Treated As Revenue Receipt

FCS Deepak Pratap Singh 30 October 2021 at 09:33

The Appellate Tribunal held that the grant received was not taxable as revenue receipt since the said grant was given to recoup the losses incurred by the assessee and was hence, in the nature of capital contribution.

Interesting Issues in the Presumptive Taxation Scheme - Part VII

CA.R.S.KALRA 29 October 2021 at 10:04

A firm having zero income is not liable for tax audit under section 44AB. It does not make any difference that the loss is after deducting the salary and interest to partners.

Self Assessment under Sec 140A of the Income Tax Act, 1961

Ritik Chopra 28 October 2021 at 09:49

Tax calculated under self assessment is required to be deposited by the assessee before submitting an ITR. The tax so paid shall be adjusted towards the tax liability as ascertained on regular assessment.

Benefits of Filing Income Tax Return on time

CA Tejinder Pal Singh 28 October 2021 at 09:48

Filing of tax return within the due date is mandatory to claim specified losses for an individual taxpayer, such as losses from capital gains, business, or profession, etc.

Cleaning of Books of Accounts and their Worship on the occasion of Diwali

CA Umesh Sharma 27 October 2021 at 09:42

In business, many tax laws are applicable. Every law prescribes provisions for maintaining books of accounts and relevant records. So, one should discard old books as per provisions of law.

What is income and what are the different sources of income

Taxblock 27 October 2021 at 09:42

Income is the money received by a person periodically on a daily, weekly, monthly, or yearly basis. Income includes monetary as well as non-monetary values of allowances and perquisites.