Income Tax Articles

What is PAN and TAN?

Taxblock 26 October 2021 at 09:36

PAN is a single number that is an electronic system and has all the tax related information of a taxpayer. TAN is a 10 digit alpha numeric number allotted to persons who are responsible for TCS and TDS.

Various Offences Under Income Tax And Penalty Applicable To It

Taxblock 26 October 2021 at 09:36

Default in complying with provisions of or with conditions prescribed under the Income-tax Act would attract certain penalty and in critical cases prosecutions as well.

Exceptions to the provisions of Sec 44AD(4) & Sec 44AD(5) - Part VI

CA.R.S.KALRA 25 October 2021 at 09:46

There are certain cases in which the assessee fails to opt for the provisions of presumptive taxation because they are not eligible, due to an increase in turnover or receipt of any commission.

Whether Penalty Or Fines Or Penal Interests Allowed As Expenditure Under Section 37(1) Of IT Act,1961

FCS Deepak Pratap Singh 25 October 2021 at 09:41

The objective of Section 37 is to claim business expenditure incurred by the assessee which is not covered under sections 30 to 36 as deductions. Thus, this section is as a general section for claiming deductions.

Whether All Incomes From Renting Of Properties Will Be Considered As Income From House Property

FCS Deepak Pratap Singh 25 October 2021 at 09:40

It is clear that any income from renting a property (which is a building and/or land attached to it) by the owner not utilized for its own business and profession will be considered as Income from House Property.

Presumptive Taxation Scheme under Sec 44AE

CA.R.S.KALRA 22 October 2021 at 09:44

The benefit of section 44AE is available to all categories of taxpayers who are engaged in the business of plying, hiring or leasing of goods carriages and who do not own more than 10 goods vehicles.

Section 64 - Clubbing of Income under the Income Tax Act

Taxblock 22 October 2021 at 09:42

Clubbing of Income as the term suggests, means adding the income of another person to the income of the person who is paying the tax. This term is explained under Section 64 of the Income Tax Act.

Section 44AD (4): Consequences of Opting Out of Section 44AD(1) - Part V

CA.R.S.KALRA 21 October 2021 at 09:44

If a person has opted for a presumptive scheme of taxation u/s 44AD in any one year then they have to remain in the umbrella of section 44AD for the next 5 years.

Income from other sources

Taxblock 21 October 2021 at 09:43

Incomes that do not fall under any of the other heads will fall under the head of 'Income from Other Sources'. A taxpayer who receives Income from Other Sources is eligible to deduct expenses.

Income from House Property

Taxblock 21 October 2021 at 09:43

A house property could be your home, an office, a shop, a building or some land attached to the building like a parking lot. All of these are taxed under the head ‘Income from House Property’ in an ITR.