Income Tax Articles
Taxability Of Income From Downlinking Television Channels In India By Foreign Companies
Discussing the taxability of income of a foreign company for downlinking television channels in India and income from display of uncut and unassorted diamonds by a foreign citizen in the Bharat Diamond Bourse.
Key changes in ITR Forms for AY 2021-22 - Part 5: ITR 7
Dividend will now be taxable from Rs. 1/‐ as section 115BBDA is omitted. Accordingly, Interest expenditure u/s 57(1) to earn Dividend can be claimed at sl.no.3....
Whether Medical Expenses incurred outside India by an employer will be taxable as a prerequisite?
Perquisite may be defined as any casual emolument or benefit attached to an office or position in addition to salary. This includes rent-free accommodation, concession in the matter of rent or any other amenity.
Computation of Income under Section 44AD - Part IV
Section 44AD provides that if a taxpayer is engaged in an eligible business and having a turnover of Rs. 2 crores or less, its profits are deemed to be 8% of the total turnover or gross receipts.
Whether Upfront Payment of Interest on Debentures Allowed as Deduction in the Year of Payment
Recurring subscriptions paid periodically by shareholders, or subscribers in Mutual Benefit Societies which fulfil such conditions as may be prescribed shall be deemed to be capital borrowed.
Tax implication on self generated goodwill when conversion of proprietor into partnership
Where proprietor business is converted into a partnership, the exclusive interest of the proprietor is reduced and the business assets become sets of the firm in which he becomes a partner.
Deemed Incomes Under The Income Tax Act
Discussing tax treatment of cash credit, unexplained investments, unexplained money, amount of investments not fully disclosed in books of accounts, unexplained expenditure and amount borrowed on hundi in cash.
Can assessee opt for Sec 44AD and Sec 44AE together? - Part III
In Section 44AD, the assessee has to declare a minimum of 8% of the Gross Turnover or Gross Receipts as their deemed income. However, Section 44AD(1) gives an option to claim more than 8%.
Presumptive Taxation Scheme Section 44AD - Part I
Presumptive taxation for businesses is covered under section 44AD of the income tax act. Any business which has a turnover of less than Rs 2 crore can opt to be taxed presumptively.
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.
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