Income Tax Articles

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.

Interplay of Sec 44AA, 44AB and 44AD of the Income Tax Act, 1961

Posted by CA.R.S.KALRA 30 August 2021 31750 Views

There are various monetary limits u/s Sec 44AA, 44AB and Sec 44AD relating to maintenance of books of accounts and audit. These provisions have created ambiguity among taxpayers and professionals.

Income Tax (CBDT) Due Date Further Extended on 29th August 2021

Posted by CS Lalit Rajput 30 August 2021 18460 Views

CBDT, in exercise of its power u/s 119 of the Income-tax Act, 1961 has issued a circular w.r.t. Extension of timelines for electronic filing of various Forms under the Income-tax Act, 1961.

Income Tax Updates: Extension of timelines dated 29th August 2021

Posted by CS Tanveer Singh Saluja 30 August 2021 4055 Views

CBDT has announced an extension in the electronic filing of various forms under the Income Tax Act on 29th August 2021. Same has been discussed in a tabular format in this article.

Section 194Q and 206C(1H) - Lets resolve the confusion

Posted by Shivani Dundlodia 26 August 2021 168727 Views

Primarily both the sections seem similar. However, whenever Section 194Q becomes applicable, Section 206C(1H) will not be applicable. Section 194Q is a priority section over Section 206C(1H).

Common Mistakes while Filing an ITR

Posted by Neethi V. Kannanth 26 August 2021 7289 Views

Owing to various complexities, people tend to make many mistakes while filing their Income Tax Return which can be easily avoided if proceeded with more caution.