Income Tax Articles
An Brief Overview of Section 80P
An overview of Section 80P:- Following income are available for deduction to Co-operative societies A. Income from Banking Business:- In Case of a cooperative society providing credit facilities to its members, the whole of the amount of profit
New Section 44AD - Text and Discussion
An overview of New Section 44AD of the Income Tax Act, 1961 that comes into effect from A.Y. 2011-2012 Section: 44AD Special provision for computing profits and gains of business on presumptive basis. (1) Notwithstanding anything
Loss arising in case of Bonus Stripping
According to Section 97(8) if all the following conditions are satisfied then loss arising on account of purchase and sale of units(hereinafter referred to as original units) shall be ignored for computing income chargable to tax 1) Any person buys
Income Tax Amendments by Finance Act, 2011
The following changes have been effected in the Income Tax Act,1961 by way of Finance Act, 2011 : 1. Rates of Income Tax: Rates under the various categories have changed. INDIVIDUAL (EXCL. WOMEN) BELOW 65 YEARS OF AGE/HUF/AOP/BOI/AJP :
Residence & Scope of Income In Cross Border Situations
As a general principle, law of a State has effect only within its own boundaries. This general principle, however, has a very important exception.
A short note on section 80CCC of Income Tax Act 1961
Section 80CCC of Income Tax Act 1961 deals with the deductions and income in respect of contributions to certain Pension funds by an individual assessee. Herebelow the relevant provisions of section 80CCC are discussed. To whom the deduction is av
Taxation Aspect of Mergers and Amalgamation
Taxation Aspects of Mergers and Amalgamations Under Income Tax Act, 1961 Section 2(1B) of Income Tax Act defines amalgamation as merger of one or more companies with another company or merger of two or more companies to from one c
Most Ignored Section 80GG - Deductions in Respect of Rents
SECTION 80GG DEDUCTIONS IN RESPECT OF RENTS PAID Section 80GG is a little ignored Section of the Income Tax Act, 1961. This section provides deductions to those individuals who dont get any benefit of the amount paid towards rented accomm
Section 50c applies to immovable depreciable assets
ITO vs United Marine Academy(Mumbai ITAT) Brief Facts: The assessee sold an office building for Rs. 49.43 lakhs. As the WDV of the said building was also Rs. 49.43 lakhs, no STCG was offered to tax. The AO held that as the stamp duty valuation of t
Failure to voluntarily apply sec 50C does not attract penalty
The ITAT Mumbai has given an important decision on levy of penalty u/s 271(1)(c) of Income Tax Act when a person fails to declare capital gain as per the deeming fiction of section 50C, I find this Judgment very useful and sharing it for the benefit
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