Income Tax Articles

Calculation of taxable and non-taxable interests under EPF/GPF accounts

FCS Deepak Pratap Singh 24 February 2022 at 09:05

The Government has changed the rules for calculation of interest on EPF/GPF/RPF Accounts and has set threshold limit for contribution in EPF Rs. 2.50 Lakhs and GPF Rs. 5.00 Lakhs on which interest received will not be taxable.

Unsuccessful Appeal Submissions Turned into Explanatory Memorandum to Finance Bill!!

Mayank Mohanka 24 February 2022 at 09:05

Let us analyse some of these budget amendments proposed in the Finance Bill, 2022, aimed at overturning the well-known and established judgements

TDS on purchase of goods

CA AJIT YADKIKAR 21 February 2022 at 08:40

The Finance Act 2021 has inserted a new section 194Q to provide for TDS by person responsible for paying any sum to any resident for purchase of goods of the value in excess of 50 Lakhs.

Best Judgment Assessment and Income Escaping Assessment

Neethi V. Kannanth 18 February 2022 at 08:56

Best Judgment Assessment under section 144

Sec 35DD: Amalgamation/Demerger expenses will be allowed to resulting company

FCS Deepak Pratap Singh 17 February 2022 at 08:37

The ruling of Delhi High Court will be much-needed support to the corporate world. This will help smooth restructuring of companies and claiming of restructuring expenses

Self Assessment and Enquiry Before Assessment under Income Tax

Neethi V. Kannanth 16 February 2022 at 15:12

The assessee is required to assess his income and determine if any tax is payable on the basis of return required to be furnished under section 115WD, 115WH, 139 142, 148, 153A or 158BC

Section 112A: Tax on long-term capital gains on certain assets

Aarti Maurya 16 February 2022 at 09:00

Sec 112A provides that a concessional rate of tax at 10% will be leviable on long term capital gains exceeding Rs 100000

Additional Tax under section 140B

Neethi V. Kannanth 16 February 2022 at 09:00

A new section 140B has been proposed in the Union Budget,2022. If an assessee opts for filing the return under newly proposed section 139(8A), an additional tax is required to be paid under Section 140B.

Summary Assessment and Regular Assessment under Income Tax

Neethi V. Kannanth 15 February 2022 at 14:08

When a return of income has been filed by the assessee under section 139(1) or in response to a notice issued under section 142(1), the return shall be processed in the following manner

Housing Loans & EMI's Business

CA Ranganatha Achar K 14 February 2022 at 12:07

Now just imagine that he has taken a 2 or 3 bedroom house by outright Purchase /Buying it from a developer and let us assume that he has taken a loan of Rs 50 lakhs at various scenarios given below @7% Rate of interest on a floating basis as explained