Income Tax Articles
Whether A Karta Will Be Taxable In Dual Capacity After Separation From HUF
Discussing an interesting situation and taxability of an individual after his separation from HUF i.e. Whether a person will be taxable under dual capacity as an ‘Individual’ as well as 'Karta' after separation from HUF?
Comparative study of Section 44AD, ADA and 44AE
Section 44AD is applicable to any business except those eligible for Section 44AE. Section 44ADA is applicable to all professions referred in Section 44AA. Section 44AE is applicable to businesses engaged in plying, hiring or leasing goods carriages.
Income from House Property
A house property could be your home, an office, a shop, a building or some land attached to the building like a parking lot. All of these are taxed under the head ‘Income from House Property’ in an ITR.
Section 44AD (4): Consequences of Opting Out of Section 44AD(1) - Part V
If a person has opted for a presumptive scheme of taxation u/s 44AD in any one year then they have to remain in the umbrella of section 44AD for the next 5 years.
Section 64 - Clubbing of Income under the Income Tax Act
Clubbing of Income as the term suggests, means adding the income of another person to the income of the person who is paying the tax. This term is explained under Section 64 of the Income Tax Act.
Presumptive Taxation Scheme under Sec 44AE
The benefit of section 44AE is available to all categories of taxpayers who are engaged in the business of plying, hiring or leasing of goods carriages and who do not own more than 10 goods vehicles.
Whether All Incomes From Renting Of Properties Will Be Considered As Income From House Property
It is clear that any income from renting a property (which is a building and/or land attached to it) by the owner not utilized for its own business and profession will be considered as Income from House Property.
Whether Penalty Or Fines Or Penal Interests Allowed As Expenditure Under Section 37(1) Of IT Act,1961
The objective of Section 37 is to claim business expenditure incurred by the assessee which is not covered under sections 30 to 36 as deductions. Thus, this section is as a general section for claiming deductions.
Exceptions to the provisions of Sec 44AD(4) & Sec 44AD(5) - Part VI
There are certain cases in which the assessee fails to opt for the provisions of presumptive taxation because they are not eligible, due to an increase in turnover or receipt of any commission.
Rebate and Reliefs under income tax
Rebate under section 87A of the Income Tax Act is a provision that helps taxpayers to reduce their tax liability. This section is available to people whose income do not exceed Rs. 5 Lakhs.
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