Income Tax Articles
Which individuals are required to file ITR and which ITR form is to be used?
Any individual or HUF whose total income before deducting CH VI A deductions and Sec 54/54B/54D/54EC/54F/54G/54GA/54GB is more than the basic exemption limit
Capital gains and its taxability
Capital gains are the amount of net profits(gains) that the investor makes from selling of any capital assets over the purchase price of that assets. The entir...
Whether Notional Interest on Security Deposit paid by employer for accommodation of its employee will also be included while calculating perquisites
Perquisite value of a residential accommodation provided by the employer to its employee will be calculated on the basis of actual rent paid or payable and no notional interest on Security Deposit deposited by employer
What is Tonnage Taxation?
21 March 2022
16981 Views
Tonnage taxation is a presumptive taxation scheme under which qualifying shipping companies operating qualifying ships are given this option.
Income Tax Search and Seizure: Irregularity versus an illegal Income Tax Search- Analysis
Rule 112 of the Income Tax Rules'1962 lays down the procedure, forms of authorization, manner and other procedural effects of carrying out search and seizure action as enumerated u/s 132 of the act.
Insertion of Section 79A - Plugging of lacuna by the Finance Bill 2022
In the Union Budget 2022-23 through Finance Bill 2022, among other tax measures, the Hon'ble Finance Minister recommended "Insertion of New Section 79A: No set-off of losses consequent to search, requisition and survey".
Individuals - Residential Status & Amended Income Taxability
An Indian Citizen who leaves India during the PY for the purpose of employment or as a member of the crew of an Indian Ship
Section 14A and Rule 8D of the Income Tax Act
Method for Determining Expenditure Incurred Towards Earning Income Not Forming part of Total Income - Section 14A and Rule 8D
Critical analysis of section 68 of Income Tax Act, 1961
There was a great need and importance for introducing the provisions of section 68 under the income tax act, 1961 to safeguard and protect the interest of revenue, as assessee was engaged in harmful tax practices to evade tax in the form of Black Money, Accommodation Entries, Cash Credit Entries etc.
Analysis of word "Advancement of any other object of general public utility" under IT Act 1961
As you are aware subject to the provisions of Sections 60 to 63, the income of a religious or charitable trust or institution, to the extent specified in the Act, is exempt from tax when certain prescribed conditions are fulfilled
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