Income Tax Articles

Key changes in ITR Forms for AY 2021-22 - Part 3: ITR 4 Sugam and ITR 5

Posted by Neethi V. Kannanth 13 October 2021 5937 Views

Schedule DI is removed from ITR 4. Option of Filing ITR in response to notice u/s 153A and 153C is also removed as a requirement to file ITR under these sections is omitted.

Whether AO disallowed increase in remuneration within terms of Partnership Deed

Posted by FCS Deepak Pratap Singh 13 October 2021 1573 Views

As per section 40(b)(v) any payment that exceeds the amount of remuneration to any partner who is a working partner and in accordance with the terms of the partnership deed, will be disallowed.

Whether Commissioner has Power to Revise Matters Before CIT (Appeals ) - Section 263 & 264

Posted by FCS Deepak Pratap Singh 13 October 2021 1409 Views

The tax authority can send an order under Section 154 either of their own volition or based on an incongruity noticed by the Income Tax Department.

Tax Treatment on Conversion of Self Occupied Property into Joint Family Stock

Posted by FCS Deepak Pratap Singh 13 October 2021 2255 Views

It should be kept in mind that while transferring a self-occupied property in the common stock of a Joint Family, you should be a coparcener of the Joint family.

Dividend Income Taxability From AY 21-22 Onwards

Posted by Varsha Nayyar 13 October 2021 15005 Views

Finance Act, 2020 made the amendment that dividend income shall be taxable in the hands of the shareholders and the burden of tax payment is shifted from the company to the shareholders.

Key changes in ITR Forms for AY 2021-22 - Part 4: ITR 6

Posted by Neethi V. Kannanth 13 October 2021 5416 Views

Option of Filing ITR in response to notice u/s 153A and 153C is removed from ITR as the requirement to file ITR under these sections is omitted. Dividend will now be taxable from Rs.1/‐ as section 115BBDA is omitted.

Overview of Form 35 for CIT(A) - Rule 45 of the Income Tax Rules

Posted by Sahil Dhingra 11 October 2021 8893 Views

The Provisions relating to the form of appeal to Commissioner (Appeals) are contained under Rule 45 of the Income Tax Rules. As per the said rule 45, an appeal to the Commissioner of Income Tax (Appeals) needs to be made in Form No. 35.

Side Effects of poor functioning of New Income Tax Portal

Posted by CA Umesh Sharma 08 October 2021 12111 Views

Due to technical glitches on the new Income Tax portal, taxpayers have failed to file Income Tax Return, Audit Report and there is a delay in submission of Financials in the bank for loan purposes.

Sukanya Samriddhi Yojana Scheme and its Tax Benefits

Posted by Taxblock 08 October 2021 3524 Views

Investments made under Sukanya Samriddhi Yojana Scheme are eligible for deduction under Section 80C. The interest accrued on the investment is also eligible for tax exemption.

Understanding Loans, Types of Loans For Individuals & Businesses and Tax Benefits around Them

Posted by Taxblock 08 October 2021 2945 Views

Business loan interest is eligible for exemption, however, the principal amount of the loan is not provided with any tax benefit. The interest is usually deducted from gross income.