Income Tax Articles

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.

Comparative study of Section 44AD, ADA and 44AE

CA.R.S.KALRA 20 October 2021 at 09:55

Section 44AD is applicable to any business except those eligible for Section 44AE. Section 44ADA is applicable to all professions referred in Section 44AA. Section 44AE is applicable to businesses engaged in plying, hiring or leasing goods carriages.

Whether A Karta Will Be Taxable In Dual Capacity After Separation From HUF

FCS Deepak Pratap Singh 20 October 2021 at 09:54

Discussing an interesting situation and taxability of an individual after his separation from HUF i.e. Whether a person will be taxable under dual capacity as an ‘Individual’ as well as 'Karta' after separation from HUF?

Income from Capital Gains

Taxblock 20 October 2021 at 09:54

Any profit which is earned by transferring a capital asset will be known as capital gains, and it will be taxable under the head Income from Capital Gains if the transfer was made in the previous year.