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Tarique Aziz Khichi

Latest Posts by Tarique Aziz Khichi

Residence in India Section 6 of Income Tax Act, 1961

June 21, 2021 127320 Views 4 comments Print

Section 6 of Income Tax Act, 1961 contains provision relating to Residence in India. The taxability of an assessee is dependent on the Residential status during any Previous Year. INDIVIDUAL Income tax Act classifies Individual into 3 categories for the purpose of taxation in any Previous Year which are as follows: Resident and Ordinarily Resident (“ROR”) Resident […]

Section 28: Profits and gains of business or profession

June 4, 2021 126603 Views 0 comment Print

Section 28 of Income Tax Act, 1961 – Profits and gains of business or profession. The following income shall be chargeable to income-tax under the head “Profits and gains of business or profession” 1. Income of Business or Profession carried on by the assessee. 2. Compensation received by any person in following cases: a. In […]

Presumptive Taxation Scheme | Section 44AD/44ADA/44AE/44B/44BB/44BBB/44BBA

June 1, 2021 74886 Views 0 comment Print

Learn about the Presumptive Taxation Scheme (Section 44AD/44ADA/44AE/44B/44BB/44BBB/44BBA) and how it provides relief for small taxpayers.

Section 44AA of Income tax Act,1961- Maintenance of accounts

May 28, 2021 168288 Views 1 comment Print

Section 44AAof Income tax Act,1961- Maintenance of accounts by certain persons carrying on profession or business 1. Section 44AA prescribes two categories of books of accounts and other documents:-   Category A: Such books of accounts as may enable the Assessing Officer to compute total income in accordance with the provisions of Income Tax Act, 1961. […]

Section 80D of Income tax Act, 1961

May 23, 2021 9972 Views 3 comments Print

Understand Section 80D of Income Tax Act, 1961. Learn about the applicability, definitions, and deductions available for individuals and families.

Forex Gain in Personal Loan repayment are not taxable – ITAT

May 19, 2021 2358 Views 0 comment Print

Aditya Balkrishna Shroff Vs ITO (ITAT Mumbai) In the present case, it is not even in dispute, and rightly so, that the receipt is in question is in the capital field but the Assessing Officer has taxed it on the basis that “the gain on realization of loan would partake character of an income under […]

Marginal Relief under Income Tax Act, 1961

May 18, 2021 6045 Views 0 comment Print

Understand the concept of marginal relief under the Income Tax Act, 1961. Learn how it provides relief on surcharges and reduces the tax burden.

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