Articles by Ritik Chopra

What is income under the head Salary?

Posted by Ritik Chopra 01 June 2021 11836 Views

Generally, salary is considered as a fixed payment from an employer to an employee. However, the term 'salary' has a larger scope. Let us discuss the term 'salary' in this article.

An Introduction to Income Tax

Posted by Ritik Chopra 29 May 2021 10437 Views

Income tax was introduced in India in 1860 and is generally described as a tax on income, gains or profits earned by a person such as individuals and other entities.

Section 94: Bond Washing Transactions

Posted by Ritik Chopra 14 May 2021 62948 Views

A bond washing transaction can be defined as a transaction where some securities are sold sometime before the due date of Interest and reacquired after the due date is over. In order to discourage such transactions Section 94 was introduced.

Sec 35AD: Deduction in respect of capital expenditure incurred on setting up of a specified business

Posted by Ritik Chopra 07 May 2021 4203 Views

Deduction u/s 35AD is available towards any capital expenditure, wholly and exclusively, incurred for carrying on a specified business. This deduction has been applicable since AY 2010-11.

Section 35D: Amortisation of Certain Preliminary Expenses

Posted by Ritik Chopra 07 May 2021 5179 Views

As per section 35D of the Income Tax Act, 1961, preliminary expenses incurred prior to the commencement of business, extending an existing business, setting up a new unit etc. are eligible to be amortized.

Section 43B: Deduction of certain payments only if actually paid

Posted by Ritik Chopra 06 May 2021 1436 Views

In case a deduction has already been claimed on an accrual basis in any earlier previous year, it will not be allowed again in the year in which it is actually paid.

Section 115BAD: Alternate Taxation Scheme for Co-Operative Societies

Posted by Ritik Chopra 02 May 2021 5664 Views

Section 115BAD provides the benefit of a lower tax rate to Resident Cooperative Societies. It allows them to pay tax at 22% and is applicable for any PY relevant to the AY beginning on or after 01.04.2021.

Articleship from Big 4 - Is it worth it?

Posted by Ritik Chopra 02 May 2021 40361 Views

As part of the CA curriculum, every CA student has to undergo 3 years of articleship after clearing one or both groups of CA Inter. However, is worth it to do an articleship from the Big 4s? Let us understand.

Pros and Cons of CA Industrial Training

Posted by Ritik Chopra 29 April 2021 27063 Views

This inclusion of industrial training in the CA curriculum is meant to provide industries with candidates who are adaptable to the industrial setups and are compatible with their peculiar working structure.

Deductions under Section 57

Posted by Ritik Chopra 21 April 2021 70934 Views

The taxable income under the head 'Income from Other Sources' shall be computed after allowing deductions as provided in Section 57 of the Income Tax Act. Discussing such deductions in this article.