Articles by Ritik Chopra

Calculation Of Capital Gain In Special Cases

Posted by Ritik Chopra 02 September 2021 16038 Views

Discussing Calculation Of Capital Gain In Special Cases like Amount received from Insurer, Deemed Transfer, and Transfer of Capital Assets by a person to firm, AOP or body of individuals, etc.

Section 44AD: Computation of Income on presumptive Basis

Posted by Ritik Chopra 28 August 2021 7052 Views

Under Section 44AD, small taxpayers with less than 2 crores of turnover are not required to maintain books of accounts and their profits are presumed to be 8% of their turnover.

Section 35ABB: Expenditure for Obtaining a License to Operate Telecommunication Services

Posted by Ritik Chopra 18 August 2021 7277 Views

In case any capital expenditure is incurred for acquiring a license to operate telecommunication services and payment has been made, a deduction of an amount equal to the appropriate fraction shall be allowed.

Section 41: Deemed Profits

Posted by Ritik Chopra 18 August 2021 37518 Views

Any loss of a business incurred during the year in which it ceased to exist and which could not be set off against any other income of that previous year shall be set off against deemed incomes.

Section 44AA: Maintenance of accounts by certain persons carrying on profession or business

Posted by Ritik Chopra 18 August 2021 10552 Views

Maintenance of books of accounts is one of the most important tasks for any business or profession. Discussing the provisions u/s 44AA of the Income Tax Act, 1961 related to maintenance of accounts.

Section 37: General Deductions under the Income Tax Act

Posted by Ritik Chopra 11 August 2021 27390 Views

Section 37(1) says that any expenditure, laid out or expended wholly and exclusively for the purpose of business or profession shall be allowed in computing the income chargeable under the head PGBP.

Important Points While Computing Income Under Profits And Gains Of Business Or Profession

Posted by Ritik Chopra 06 August 2021 10417 Views

Profits and Gains of Business or Profession is considered as an important head of income while computing taxable income. Let us discuss the guiding points that should be kept in mind while computing income under PGBP.

Section 36: Other Deductions Under The Income Tax Act

Posted by Ritik Chopra 03 August 2021 6177 Views

While computing the income of a business or profession, other expenses in the nature of Insurance Premium, Health Insurance Premium, Bonus, Interest on Borrowed Capital and 9 others are admissible for deduction.

Section 24: Deductions Allowed While Calculating House Property Income

Posted by Ritik Chopra 21 July 2021 9776 Views

While calculating income from house property, deductions are allowed out of Net Annual Value. Discussing deductions under Section 24 which are allowed while calculating House Property Income.

Exceptions to Restriction on Cash Payments under Section 40A(3) of the Income Tax Act, 1961

Posted by Ritik Chopra 21 July 2021 11300 Views

Rule 6DD provides certain cases under which no disallowance u/s 40A(3) shall be made where any payment of sum exceeding 10,000 or 35,000 is made otherwise than by a crossed cheque or a crossed bank draft.