Income Tax Articles
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.
Overview of Form 35 for CIT(A) - Rule 45 of the Income Tax Rules
The Provisions relating to the form of appeal to Commissioner (Appeals) are contained under Rule 45 of the Income Tax Rules. As per the said rule 45, an appeal to the Commissioner of Income Tax (Appeals) needs to be made in Form No. 35.
Side Effects of poor functioning of New Income Tax Portal
Due to technical glitches on the new Income Tax portal, taxpayers have failed to file Income Tax Return, Audit Report and there is a delay in submission of Financials in the bank for loan purposes.
Sukanya Samriddhi Yojana Scheme and its Tax Benefits
Investments made under Sukanya Samriddhi Yojana Scheme are eligible for deduction under Section 80C. The interest accrued on the investment is also eligible for tax exemption.
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