Income Tax Articles

Taxation of Mutual Fund SIP

CA Umesh Sharma 19 October 2021 at 09:48

An investor can claim deduction up to Rs. 1,50,000/- u/s 80C for investments made in SIP. However, deduction is available only if the SIP is of an Equity Linked Savings Scheme Mutual Fund.

Rebate and Reliefs under income tax

Taxblock 19 October 2021 at 09:48

Rebate under section 87A of the Income Tax Act is a provision that helps taxpayers to reduce their tax liability. This section is available to people whose income do not exceed Rs. 5 Lakhs.

Deemed Incomes Under The Income Tax Act

Ritik Chopra 18 October 2021 at 15:20

Discussing tax treatment of cash credit, unexplained investments, unexplained money, amount of investments not fully disclosed in books of accounts, unexplained expenditure and amount borrowed on hundi in cash.

Taxability Of Income From Downlinking Television Channels In India By Foreign Companies

FCS Deepak Pratap Singh 18 October 2021 at 09:50

Discussing the taxability of income of a foreign company for downlinking television channels in India and income from display of uncut and unassorted diamonds by a foreign citizen in the Bharat Diamond Bourse.

Tax implication on self generated goodwill when conversion of proprietor into partnership

FCS Deepak Pratap Singh 16 October 2021 at 08:54

Where proprietor business is converted into a partnership, the exclusive interest of the proprietor is reduced and the business assets become sets of the firm in which he becomes a partner.

Whether Upfront Payment of Interest on Debentures Allowed as Deduction in the Year of Payment

FCS Deepak Pratap Singh 16 October 2021 at 08:34

Recurring subscriptions paid periodically by shareholders, or subscribers in Mutual Benefit Societies which fulfil such conditions as may be prescribed shall be deemed to be capital borrowed.

Computation of Income under Section 44AD - Part IV

CA.R.S.KALRA 15 October 2021 at 23:07

Section 44AD provides that if a taxpayer is engaged in an eligible business and having a turnover of Rs. 2 crores or less, its profits are deemed to be 8% of the total turnover or gross receipts.

Whether Medical Expenses incurred outside India by an employer will be taxable as a prerequisite?

FCS Deepak Pratap Singh 14 October 2021 at 10:23

Perquisite may be defined as any casual emolument or benefit attached to an office or position in addition to salary. This includes rent-free accommodation, concession in the matter of rent or any other amenity.

Key changes in ITR Forms for AY 2021-22 - Part 5: ITR 7

Neethi V. Kannanth 13 October 2021 at 09:55

Dividend will now be taxable from Rs. 1/‐ as section 115BBDA is omitted. Accordingly, Interest expenditure u/s 57(1) to earn Dividend can be claimed at sl.no.3...

Can assessee opt for Sec 44AD and Sec 44AE together? - Part III

CA.R.S.KALRA 12 October 2021 at 09:24

In Section 44AD, the assessee has to declare a minimum of 8% of the Gross Turnover or Gross Receipts as their deemed income. However, Section 44AD(1) gives an option to claim more than 8%.