Income Tax Articles

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%.

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.