Income Tax Articles
Benefits of Filing Income Tax Return on time
Filing of tax return within the due date is mandatory to claim specified losses for an individual taxpayer, such as losses from capital gains, business, or profession, etc.
Self Assessment under Sec 140A of the Income Tax Act, 1961
Tax calculated under self assessment is required to be deposited by the assessee before submitting an ITR. The tax so paid shall be adjusted towards the tax liability as ascertained on regular assessment.
Interesting Issues in the Presumptive Taxation Scheme - Part VII
A firm having zero income is not liable for tax audit under section 44AB. It does not make any difference that the loss is after deducting the salary and interest to partners.
Whether Grant By Holding Company To Its Subsidiary Treated As Revenue Receipt
The Appellate Tribunal held that the grant received was not taxable as revenue receipt since the said grant was given to recoup the losses incurred by the assessee and was hence, in the nature of capital contribution.
Whether Fluctuations In Foreign Exchange Considered As Capital Receipt
In respect of income chargeable under Section 4(1), Income Tax shall be deducted at the source or paid in advance, where it is so deductible or payable under any provision of this Act.
What is income and what are the different sources of income
Income is the money received by a person periodically on a daily, weekly, monthly, or yearly basis. Income includes monetary as well as non-monetary values of allowances and perquisites.
Cleaning of Books of Accounts and their Worship on the occasion of Diwali
In business, many tax laws are applicable. Every law prescribes provisions for maintaining books of accounts and relevant records. So, one should discard old books as per provisions of law.
Various Offences Under Income Tax And Penalty Applicable To It
Default in complying with provisions of or with conditions prescribed under the Income-tax Act would attract certain penalty and in critical cases prosecutions as well.
Deductions under Income Tax
Deductions are typically expenses that the taxpayer incurs during the year that can be applied against or subtracted from their gross income to figure out how much tax is owed.
Income from Capital Gains
Any profit which is earned by transferring a capital asset will be known as capital gains, and it will be taxable under the head Income from Capital Gains if the transfer was made in the previous year.
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