Income Tax Articles
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.
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.
Popular Articles
- Senior Citizen Saving Scheme From 1 July 2026 with 5 New Rules
- Income Tax Slab for Senior Citizens Above 60 Years for AY 2026-27: With Deductions, Rebates and Examples
- TDS on Cash Withdrawals 2026: Excess vs. Entire Amount
- Input Tax Credit Under GST: The One Provision Where a Buyer Pays for a Supplier's Default
- 143(2) Scrutiny Notice Received: What is it and How to Respond Online?
- New Interest Rates on Post Office Schemes from 1 July 2026
- Best Fixed Deposit Interest Rates 2026 for General and Senior Citizens: Check Which Bank Gives Higher Returns?
- F&O, Intraday and Share Trading Losses: How to Claim Maximum Tax Benefit Through ITR-3, Set-off and Carry Forward
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
