Income Tax Articles

Income Tax Questions & Answers Series Part II: Section 50C

Posted by FCS Deepak Pratap Singh 02 October 2021 4839 Views

Section 50C was introduced vide Finance Act. 2002 w.e.f. 01.04.2003, and prescribes similar provisions in the case of transfer of land or building or both, held in the nature of ‘Capital Assets’.

Is Depreciation allowed when vehicle is not registered in the name of leasing company?

Posted by FCS Deepak Pratap Singh 02 October 2021 3601 Views

As per the Motor Vehicles Act, the registration of a leased motor vehicle should be in the name of the lessee. However, as per the Income Tax Act, the asset must be owned by the person claiming depreciation.

What is Income Escaping Assessment?

Posted by Varsha Nayyar 01 October 2021 5174 Views

In technical terms, the income which is not disclosed at the time of filing returns is referred to as the income escaping assessment. As such, a valid notice must be served before an assessment or reassessment.

Investing abroad through mutual funds

Posted by Ritik Chopra 30 September 2021 5276 Views

Many of you might not know that you can actually invest in abroad companies through mutual funds. Funds of Funds, Feeder Fund, and Actively Managed Funds are the different channels to invest.

Transfer of Immovable Properties on Sale Consideration less than Stamp Duty Valuation

Posted by FCS Deepak Pratap Singh 30 September 2021 3743 Views

Where the consideration for transfer of the asset is less than the stamp duty value, the value so adopted shall be deemed to be the full value of the consideration, for computing income under PGBP.

Vlogging New Industries and Tax Applicability on Vlogging

Posted by Taxblock 30 September 2021 2648 Views

If you are pursuing YouTube as your full time profession, you will be taxed under Income from Business or Profession. If it’s a part time earning, the income will be taxable under Income from Other Sources.

Understanding Loans, Types of Loans For Individuals & Businesses and Tax Benefits around Them

Posted by Taxblock 30 September 2021 2945 Views

Business loan interest is eligible for exemption, however, the principal amount of the loan is not provided with any tax benefit. The interest is usually deducted from gross income.

Sukanya Samriddhi Yojana Scheme and its Tax Benefits

Posted by Taxblock 30 September 2021 3523 Views

Investments made under Sukanya Samriddhi Yojana Scheme are eligible for deduction under Section 80C. The interest accrued on the investment is also eligible for tax exemption.

Side Effects of poor functioning of New Income Tax Portal

Posted by CA Umesh Sharma 29 September 2021 12111 Views

Due to technical glitches on the new Income Tax portal, taxpayers have failed to file Income Tax Return, Audit Report and there is a delay in submission of Financials in the bank for loan purposes.