Income Tax Articles

Concept of "Deemed Owner" under the Income Tax Act,1961

Posted by CA Mehul Thakker 08 August 2020 12414 Views

The head "Income from house property" is one of the significant heads of income while determining the total income of a taxpayer. This head is a notional head of income.

How to prepare Grounds of Appeal to ITAT

Posted by Heer Gajjar 06 August 2020 10489 Views

An appeal is generally filed with ITAT in either Form 36 / 36A. However the forms by themselves are not self-sufficient to file an appeal. The appeal to be filed with ITAT should also be accompanied by GoA and SoF.

Form 26AS - Know how to check your tax credit

Posted by CA Shrinkhla Gupta 05 August 2020 10965 Views

Issuance of TDS certificate is an obligation for the deductor and you can check the status of TDS deducted from such certificates.

Unexplained Cash Credit- Section 68 of the Income Tax Act

Posted by Amit Rai 05 August 2020 14964 Views

Section 68 of Income Tax Act is one of the debated section which brings huge numbers of litigation and judgments, especially in case of Demonetisation, we have seen a number of assessment orders have been passed by the assessing officer invoking section 68

Compliances to meet in August 2020

Posted by CA Rahul Mittal 04 August 2020 4151 Views

Save the dates, know the compliances to be met by this month, August 2020.

Section 44ADA- Presumptive taxation scheme for assessees engaged in eligible profession

Posted by CA Santhosh Gupta Kethepalli 03 August 2020 18063 Views

Scheme for presumptive taxation was introduced under section 44ADA from the F.Y.2016-17. Section 44ADA provides a simple method of taxation for Specified Small professionals. Earlier, the presumptive scheme of tax was applicable only for small business.

How to save Income tax on sale of residential property?

Posted by CA Rahul Mittal 03 August 2020 5328 Views

Many taxpayers are not aware the provision of the income tax act on how to save the tax on the sale of residential property. They earn profits on the sale of residential property and pay the taxes. They can save the tax.

Section 35D of Income Tax Act - Few technical aspects

Posted by CA Mehul Thakker 01 August 2020 11142 Views

The term "Capital Employed" means the aggregate of the issued share capital, debentures and long-term borrowings, as on the last day of the previous year in which the business of the company commences.

Income Tax deadlines that end on 31st July 2020

Posted by CA Rahul Mittal 30 July 2020 13951 Views

Due to the coronavirus pandemic, the government had extended the various due dates for giving relaxations to the taxpayers.

Consequences of filing ITR(Income Tax Return) after the Due Date

Posted by CA Shubhi Khandelwal 29 July 2020 10617 Views

Non-Filing of the Income Tax Return may result in Penalty under Section 271F of Income Tax Act, 1961, Interest under Section 234A of Income Tax Act, 1961, Non-Carry Forward of Losses, Best judgment assessment, Claim of Refund of Taxes, Prosecution for Failure to Furnish Return of Income etc.