Income Tax Articles
Key changes in ITR Forms for AY 2021-22 - Part 1: ITR 1 Sahaj and ITR 2
The allowable difference between the full value of consideration u/s. 50C and value of property as per stamp authority has been increased from 1.05 times to 1.10 times.
Why it is important to check Form 26AS before filing Income Tax Return
Form 26AS is the most important statement while filing an ITR. One should always match the details with it for avoiding any notices and intimations from the department.
Key changes in ITR Forms for AY 2021-22 - Part 2: ITR 3
Section 115BBDA is removed from AY 2021‐22 onwards, hence corresponding dropdowns are removed from sl. No. 2c, 2d and 2e of schedule OS and respective changes are done in sl.no.10(i).
Interplay of Section 43CA vs. Section 44AD - Part II
Section 44AD and 43CA of the Act are deeming sections. A legal fiction is created only for a definite purpose and is limited to that purpose and should not be extended beyond it.
Key changes in ITR Forms for AY 2021-22 - Part 3: ITR 4 Sugam and ITR 5
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
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
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
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
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
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.
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