Income Tax Articles
Summary Assessment and Regular Assessment under Income Tax
When a return of income has been filed by the assessee under section 139(1) or in response to a notice issued under section 142(1), the return shall be processed in the following manner
Housing Loans & EMI's Business
Now just imagine that he has taken a 2 or 3 bedroom house by outright Purchase /Buying it from a developer and let us assume that he has taken a loan of Rs 50 lakhs at various scenarios given below @7% Rate of interest on a floating basis as explained
Decoding Implications of Crypto Tax in India
The Indian union budget 2022 came with much joy and anxiety for the crypto industry in India. While it is unclear if the much awaited crypto regulations will be tabled in the parliament this month, there is plenty to decode from the tax related announcements.
Taxation of Virtual Digital Assets
In this blog, I have tried to explain taxation of Virtual Digital Asset and yes crypto has not been given status of currency and it’s an asset on that to I have doubt of legality as taxing something does not make it "legal" as Income Tax Act tax income from betting and smuggling, also never the less it’s another topic of debate.
Whether non-refundable grants be considered as Capital Expenditure and not allowed as expenditure for deduction
The appellant-Corporation, National Co-operative Development Corporation, was established under the National Cooperative Development Corporation Act, 1962 (hereinafter referred to as the ‘NCDC Act’).
The Tale of 'Arth', 'Shashtri' and the 'New TDS on Perks'
Yes, it was the Budget Day. Two close friends, 'Arth'- a businessman and 'Shastri' - a CA, went out for a stroll in late evening.
Some facts related to applicability of DTAA
The Income Tax Act,1961 provides for taxation of a certain income earned in India by Mr. X a non-resident. The DTAA, which applies to Mr. X provides for taxation of such income in the country of residence. Is Mr. X liable to pay tax on such income earned by him in India?
Need of Revisional Authorities under Tax laws
There is an utmost importance of Revisional authorities under Tax laws (both under Income Tax Law and GST Law) to safeguard and protect the interest of revenue as they act as a reviewer of the orders passed by the lower authorities which fall under their respective jurisdictions.
Updated Return: A thorough Analysis
Till 31.01.2022 we had heard of terms like Original Return, Revised return and Belated Return, but with Finance Bill 2022 came a new concept of Return which is named as Updated Return.
Whether court has power to review order, proceedings or actions of IT department
Section 293 of the Income Tax Act,1961-provides that no suits in any civil court shall be filed to set aside any order made, proceedings or action taken by the department or any officer of the government or anything done in good faith.
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