Income Tax Articles

Mistakes one should avoid while filing Income Tax Return (ITR)

Posted by Taxblock 08 September 2021 2173 Views

While the filing of ITR has several advantages but committing minor mistakes may sometimes attract huge penalties therefore one should be cautious while filing his own ITR.

Benefits and Procedure of Linking Aadhaar with PAN

Posted by Taxblock 08 September 2021 1978 Views

As per Section 139AA of the Income Tax Act, every person who has PAN as on July 1, 2017, is required to link their PAN with their Aadhaar number within the due date notified by the government.

Understanding LTA & its benefits

Posted by Taxblock 08 September 2021 3710 Views

This allowance is provided by the employer to cover the travel expenses of the employee when he is gone for a holiday trip. Leave Travel Concession is another name of LTA.

Presumptive Taxation Does Not Create a Privileged Class of Taxpayers

Posted by CA.R.S.KALRA 07 September 2021 3876 Views

It is the minimum rate u/s 44AD that has to be considered and higher income option is open for the taxpayers which has to be used if taxpayers have higher income.

Taxability of Interest Accrued on Employee Contribution to Recognized Fund

Posted by MOHIT JAIN 07 September 2021 3348 Views

The annual interest computed on employee contribution in excess of Rs. 2.50/5.00 lacs is taxable only at the time when the accumulated balance is paid to the employee.

Section 48: Method Of Computing Capital Gain

Posted by Ritik Chopra 06 September 2021 8615 Views

The income chargeable under “Capital gains” shall be computed by deducting the amounts discussed in this article from the full value of the consideration received or accruing as a result of the transfer of the capital asset.

Tax treatment of interest income on PF contributions

Posted by Ajay Kumar Maggidi 06 September 2021 9453 Views

Interest portion on PF contributions exceeding 2.5L is taxable under the head "Income from Other Sources". Taxable Contributions = ((Contributions in excess of 2.5L/5L*)+(Interest accrued thereon)-( Withdrawals)).

Section 194P: Recent Updates - Specified Bank & Form of Declaration

Posted by CS Tanveer Singh Saluja 04 September 2021 6436 Views

There were a lot of practical difficulties which were faced by individuals and professionals. However, CBDT has published two notifications that give clarity regarding the meaning of a specified bank and form of declaration.

Section 44 AE: Profit from the business of carriage of goods for truck owners

Posted by Ritik Chopra 03 September 2021 4842 Views

To provide relief to persons who are engaged in the business of plying, hiring or leasing goods carriages Section 44 AE of the Income Tax Act was introduced.

Calculation Of Capital Gain In Special Cases

Posted by Ritik Chopra 01 September 2021 16038 Views

Discussing Calculation Of Capital Gain In Special Cases like Amount received from Insurer, Deemed Transfer, and Transfer of Capital Assets by a person to firm, AOP or body of individuals, etc.