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.
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....
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%.
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.
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.
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.
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.
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.
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.
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.
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