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Vivek Malhotra

Latest Posts by Vivek Malhotra

Income Tax Treatment in case of Political Parties under Section 13A

March 22, 2024 600 Views 0 comment Print

Discover the tax treatment of political parties under Section 13A of the Income Tax Act. Learn about exemptions, conditions, and reporting requirements for political party incomes.

TDS Rates for FY 2024-25 (AY 2025-26)

March 22, 2024 3483 Views 0 comment Print

Check out the updated TDS rates for FY 2024-25 (AY 2025-26) for various payment types. Stay informed about individual/HUF and others’ TDS rates.

ITR and ITR U Filing for AY 2022-23

July 21, 2022 14577 Views 2 comments Print

Explore ITR-U for corrections and updates in cases like unfiled returns, incorrect reporting, and more. Be aware of conditions where ITR-U cannot be filed. Pay attention to additional taxes and interest for timely compliance.

Section 24 Deduction – Income From House Property

May 30, 2021 39474 Views 2 comments Print

The list of deduction u/s 24 is exhaustive i.e., no deduction can be claimed in respect of expenditures which are not specified under this section e.g., no deduction is allowed for repairs, collection charges, insurance, ground rent, land revenue, etc. 1. Standard deduction u/s 24(a) 30% of the net annual value is allowed as standard […]

Computation of House Property Income

May 30, 2021 16395 Views 0 comment Print

The chapter is divided into the following categories for the purpose of computation: 1. Let out property [Sec. 23(1)] 2. Property not actually occupied by the owner [Sec. 23(2)(b)] 3. Self-occupied property [Sec. 23(2)(a)]. 4. Partly let out and partly self occupied property [Sec. 23(3)] 5. Deemed to be let out property [Sec. 23(4)]. 6. […]

Computation of Income on Basis of Estimation

May 29, 2021 4017 Views 0 comment Print

To give relief to small taxpayers from maintenance of books of account and from getting the accounts audited, the Income-tax Act has framed the presumptive taxation scheme u/s 44AD, 44ADA and 44AE. Computation of Business Profit on Presumptive Basis [Sec. 44AD] Applicable to : A resident individual, resident Hindu undivided family or a resident partnership […]

Exempted House Properties Under Income Tax Act,1961

May 29, 2021 2862 Views 1 comment Print

Income from the following house properties are exempted from tax: 1. Any one palace or part thereof of an ex-ruler, provided the same is not let out [Sec. 10(19A)]. Tax-point: If the ex-ruler has a house property and the part of which is self-occupied and remaining let out then only the self occupied part of […]

Section 43B: Deduction allowable only on actual payment

May 28, 2021 6225 Views 1 comment Print

Certain deductions Items allowed under Computation of Income to be only on actual payment as per the Provisions of Section 43B of act,1961 : Deduction in respect of following expenses are allowed only if payment is made on or before the due date for furnishing return of income u/s 139(1)1 of the previous year in […]

Recent case laws under section 147 & 148 of Income Tax Act, 1961

May 28, 2021 46140 Views 0 comment Print

1. Palaniammal Palaniappan Vs Income Tax Officer (Madras High Court), Case No : WP No. 12793 of 2018 And WMP No. 15016 of 2018, Dated : April 26, 2021 Reopening of assessment u/s 147 – assessee submitted that notice issued beyond the period of limitation of six years from the end of the relevant assessment […]

CBDT Date Extension Circular VS. Supreme Court Order

May 27, 2021 12018 Views 0 comment Print

Clarification regarding the limitation time for filing of appeals before the CIT(Appeals) under the Income-tax Act,1961 (the Act) Earlier CBDT issued a circular on dated 30th April 2021 regarding the various Extensions of timelines out of that items one item is regarding to extend the timelines for filing CIT appeals: They mentioned in Point no. […]

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April 2024