Income Tax Articles

Exceptions to the provisions of Sec 44AD(4) & Sec 44AD(5) - Part VI

Posted by CA.R.S.KALRA 25 October 2021 23137 Views

There are certain cases in which the assessee fails to opt for the provisions of presumptive taxation because they are not eligible, due to an increase in turnover or receipt of any commission.

Whether Penalty Or Fines Or Penal Interests Allowed As Expenditure Under Section 37(1) Of IT Act,1961

Posted by FCS Deepak Pratap Singh 25 October 2021 8570 Views

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

Posted by FCS Deepak Pratap Singh 25 October 2021 6130 Views

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

Posted by CA.R.S.KALRA 22 October 2021 8412 Views

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

Posted by Taxblock 22 October 2021 3756 Views

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

Posted by CA.R.S.KALRA 21 October 2021 39405 Views

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

Posted by Taxblock 21 October 2021 6373 Views

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

Posted by Taxblock 21 October 2021 2794 Views

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

Posted by CA.R.S.KALRA 20 October 2021 9454 Views

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

Posted by FCS Deepak Pratap Singh 20 October 2021 1317 Views

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?