Income Tax Articles
Assessment of incriminating material found during Income Tax Search u/s 153A
Section 153A provides the procedure for completion of assessment in case of a person where a search is initiated under Section 132 or books of account or other documents or any assets are requisitioned under Section 132A after 31st May, 2003 but on or before the 31st Day of March'2021.
Whether sum paid through MODVAT credit is not allowed as deduction u/s 43B
Section 43B(a), deduction is allowed on "any sum payable by the assessee by way of tax, duty, cess or fee." The scheme of s. 43B is to allow deduction when the sum is actually paid.
Section 194K- TDS on Income from Mutual Funds
TDS of 10% will be applicable only on dividend income earned by investors in mutual funds and capital gain on sale of mutual funds is not covered in this section
Direct taxes v/s Indirect taxes in India
Indirect and direct taxes are the two most common types of taxes in India. In India, all taxes must be preceded by legislation passed by both the Parliament and State Legislatures.
Deductions to look out for while filing your Income Tax Return
In this article, the author has discussed the deductions to look out for while filing your Income Tax Return.
Some Facts Related to Fixed Deposits
We know that Bank Fixed Deposits /Recurring deposits are the most trusted instruments for savings in our country. The people generally wants to deposit their hard earned money in bank in FDs/RDs.
Section 80EEB of Income Tax Act: Interest on Electric Vehicle
A new section 80EEB of Income Tax Act, 1961 has been introduced allowing a deduction for interest paid on loan taken for the purchase of electric vehicles from the AY 2020-21.
Income Tax Benefits Available to Individuals and HUF - Part 4
This is the last part of the article series related to Income Tax Benefits Available to Individuals and HUF. We will now be discussing about the remaining deductions under Chapter VIA, TDS and advance tax provisions and about exemption from Filing of Income Tax Return
Section 10AA: Provisions Related To Newly Established Units In Special Economic Zones
Section 10AA provides a deduction from total income of such profits and gains derived by an assessee being an entrepreneur from the export of articles or things or services for certain consecutive assessment years.
Major Amendment in Registration Procedure u/s 12A & 80G
Section 12A of the Income Tax Act, 1961 is the stepping stone for every charitable organization. It enables non-profit entities such as Charitable Trusts, Non-Profit Organization, Welfare Societies, Religious Institutions, etc. to claim full tax exemption as per Section 11 and 12 of the Income Tax Act, 1961.
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