Income Tax Articles

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%.

Key changes in ITR Forms for AY 2021-22 - Part 4: ITR 6

Neethi V. Kannanth 11 October 2021 at 15:38

Option of Filing ITR in response to notice u/s 153A and 153C is removed from ITR as the requirement to file ITR under these sections is omitted. Dividend will now be taxable from Rs.1/‐ as section 115BBDA is omitted.

Dividend Income Taxability From AY 21-22 Onwards

Varsha Nayyar 11 October 2021 at 09:35

Finance Act, 2020 made the amendment that dividend income shall be taxable in the hands of the shareholders and the burden of tax payment is shifted from the company to the shareholders.

Tax Treatment on Conversion of Self Occupied Property into Joint Family Stock

FCS Deepak Pratap Singh 11 October 2021 at 09:35

It should be kept in mind that while transferring a self-occupied property in the common stock of a Joint Family, you should be a coparcener of the Joint family.

Whether Commissioner has Power to Revise Matters Before CIT (Appeals ) - Section 263 & 264

FCS Deepak Pratap Singh 11 October 2021 at 09:35

The tax authority can send an order under Section 154 either of their own volition or based on an incongruity noticed by the Income Tax Department.

Whether AO disallowed increase in remuneration within terms of Partnership Deed

FCS Deepak Pratap Singh 11 October 2021 at 09:35

As per section 40(b)(v) any payment that exceeds the amount of remuneration to any partner who is a working partner and in accordance with the terms of the partnership deed, will be disallowed.

Key changes in ITR Forms for AY 2021-22 - Part 3: ITR 4 Sugam and ITR 5

Neethi V. Kannanth 09 October 2021 at 15:17

Schedule DI is removed from ITR 4. Option of Filing ITR in response to notice u/s 153A and 153C is also removed as a requirement to file ITR under these sections is omitted.

Interplay of Section 43CA vs. Section 44AD - Part II

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

Section 44AD and 43CA of the Act are deeming sections. A legal fiction is created only for a definite purpose and is limited to that purpose and should not be extended beyond it.

Key changes in ITR Forms for AY 2021-22 - Part 2: ITR 3

Neethi V. Kannanth 08 October 2021 at 15:59

Section 115BBDA is removed from AY 2021‐22 onwards, hence corresponding dropdowns are removed from sl. No. 2c, 2d and 2e of schedule OS and respective changes are done in sl.no.10(i).