Income Tax Articles
Exempted Incomes in the new tax regime
A new tax law would require a single taxpayer to ignore 70 tax exemptions and deductions. These include the following deductions: section 80C for cumulative Rs 1.5 lakh reported by expenditure in specified financial products, section 80D for health insurance premiums charged, the 80TTA excluded from interest on savings deposits from a bank or post office, etc.
Concept of "Deemed Owner" under the Income Tax Act,1961
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.
Clarification on Section 269SU
Clarification on newly inserted section 269SU of the Income Tax Act, 1961
Section 44ADA- Presumptive taxation scheme for assessees engaged in eligible profession
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.
Relevant Income Tax Updates in Finance Bill, 2020
Relevant Income Tax Updates in Finance Bill, 2020
Section 35D of Income Tax Act - Few technical aspects
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.
Deduction for Interest on Education Loan
Q.1 Who can claim deduction?Only Individual can claim deduction under section 80E.Q.2 What is Expenditure Qualified for deduction under section 80E?Interest paid on Loan.Loan should be taken:1. for Study after Senior Secondary or its equivalent2. fro
Encyclopedia on Gratuity
Encyclopedia on Gratuity Gratuity – Meaning of – Gratuity refers to the gracious payments made to the employee in appreciation of the prolonged services rendered by the employee to the employer and is normally payable at the
A Word of caution to Charitable Institutions
Historically those institutions created with the main object of serving the general public without the aim to earn profits or distribute any income to the promoters of such institutions are called charitable institutions.
Income Tax deadlines that end on 31st July 2020
Due to the coronavirus pandemic, the government had extended the various due dates for giving relaxations to the taxpayers.
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