Income Tax Articles
Sec 115BAC: New system for calculation of income tax liability of individual and HUF
The Budget 2020 introduced section 115BAC in the Income Tax Act, 1961. The section is applicable for income earned for the periods starting from 01.04.2020 i.e. from the assessment year 2021-2022 this new system (optional) takes effect for the calculation of income tax liability of an individual and HUF.
Statutory Tax Compliance Calendar for the month of December, 2021
This Article contains compliance requirements under various statutory Act for which the due date falls in the month of December, 2021. The due dates are very crucial for compliances of the statutory provision under various act in order to avoid penalty, interest or late fee
Short term capital loss
When the amount received from the sale of capital asset is less than cost of acquisition plus expenses on transfer can be termed as capital losses. The loss can be earned from any of the Short-Term Capital loss or Long Term Capital loss depending upon the period of holding.
Automated Income Tax Arrears Relief Calculator u/s 89(1) with Form 10E for the FY 2021-22
30 November 2021
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Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E for the F.Y.2021-22| a pay structure that can help you reduce your tax burden.
FAQs on Annual Information Statement (AIS)
FAQ's on Annual Information Statement
Will profit on sale of a car used for personal purposes be taxable under the IT Act?
Whether the profit on sale of a car in personal use for 6 years be taxable under provisions of the Income Tax Act, 1961
What is tax planning and why it is so important for individuals or businesses
Tax planning is a process of analyzing one's financial situation during the year and coming up with various exemptions and deductions that reduces tax liability in a legitimate manner.
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
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