Income Tax Articles

Notional Interest on Security Deposits & Perquisites

Posted by FCS Deepak Pratap Singh 23 March 2022 4124 Views

Discover if notional interest on employer-paid security deposits for employee accommodation counts towards perquisites. Learn about IT rules and court decisions.

Taxation of commission income of insurance agents

Posted by Pooja Prasad 22 August 2023 168313 Views

A lot of confusion arises when it comes to the income tax filing of insurance agents. An insurance agent, although having aggregate turnover below the audit limits, cannot file his Income Tax Return u/s 44AD, i.e., ITR-4. How does he file his ITR then!

Section 79A: No Loss Set-Off on Undisclosed Income

Posted by CA.Mohit Gupta 21 March 2022 10727 Views

Learn about the Finance Bill 2022's Section 79A, preventing loss set-offs against undisclosed income found during searches and surveys. Understand its impact.

Section 68 Income Tax Act 1961: Critical Analysis

Posted by CA. Pushp Kumar Sahu 19 March 2022 11907 Views

Understand Section 68 of the Income Tax Act, 1961. Learn its purpose, applicability, and the onus on assessees regarding cash credits. Avoid hefty penalties.

Advancement of Public Utility: IT Act 1961 Explained

Posted by FCS Deepak Pratap Singh 19 March 2022 2704 Views

Understand 'advancement of any other object of general public utility' under the IT Act 1961. Learn about tax exemptions and commercial activity limits.

Capital Gains Excluded from Book Profit Under Section 115JB

Posted by FCS Deepak Pratap Singh 18 March 2022 8307 Views

Learn how capital gains aren't included in book profit calculations for Section 115JB, based on a Bombay High Court ruling. Understand your tax obligations.

Real Estate Developer Budget for Joint Ventures

Posted by Mohammed Ibrahim 16 March 2022 22854 Views

Learn how to create a real estate developer's budget for joint venture projects. Understand costs, profit, and feasibility for your development.

Residential House: Multiple Units & Tax Exemption

Posted by FCS Deepak Pratap Singh 16 March 2022 3550 Views

Discover if multiple independent units can form 'a residential house' for tax exemption under Section 54/54F. Learn how the courts interpret this.

Section 54 & 54F Tax Exemptions: Key Judgments Explained

Posted by CS Advocate Abhishek Goyal 15 March 2022 10791 Views

Understand Section 54 & 54F capital gains tax exemptions. Explore key judicial decisions on property use, expenses, joint ownership, and HUF investments.