Income Tax articles

CRUX of Section 80JJAA of Income Tax Act 1961

Applicability of of Section 80JJAA of Income Tax Act 1961: -Assessee who are covered under Section 44AB. -Profit & Gains derived from business. Amount of Deduction under Section 80JJAA of Income Tax Act 1961: 30% of additional employee cost. Three Assessment years including assessment year relevant to the previous year in which such e...

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Section 193 & Section 194A : An insight into some Issues

There are some issues under these sections which need discussion; an effort has been made on my part to cover some of them in the form of this article. Firstly, whether discount portion of certificate of deposits /commercial papers etc is covered under these sections and whether TDS is required to be made on that […]...

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New Income Tax Regime vs Old Tax Regime

The new tax regime was seems to be a gift for the taxpayers by offering the lowest tax rates. But unfortunately it came with a  lots of drawbacks. It has created a lot of confusions among the tax payers to choose between these two schemes. However,Salaried and pensioners have the option to change according to […]...

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Some Important Aspects of HUF under Income Tax Act 1961

HUF means HINDU UNDIVIDED FAMILY. HUF is taxed separately from an individual i.e. its members. Only Hindu, Janis, Buddhists and Sikhs family can come together and form a HUF. HUF is a separate entity under the Income Tax Act and has its own PAN and files Income Tax Returns independent of its member. Hindu Succession […]...

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Section 144 Assessment based on credit entries in bank- Draft Submission

Looking only at the credit entries of the bank and assessment made u/s 144. The assessment framed is vague without looking at the complete bank of the assessee. This article contains the written submissions regarding how important it is looking at the complete material for reopening of assessment and assessment framed u/s 144 of the [&hel...

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Section 50C of Income Tax Act & new Pandora of Litigation

Section 50C, 43CA of the Income Tax Act and Safe Harbour Rule thereof The idea to write this piece came to my mind while I was going through the capital gain provisions and a recent judgment of Mumbai ITAT, pronounced on 15.01.2021 in the matter of Maria Fernandes Cheryl came to my notice and my […]...

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Investment options available post EPF taxability

Until now, one of the best savings and investment option for a salaried person was investment in the employees’ provident fund (EPF) scheme. It inculcates the habit of compulsory savings with a relatively higher interest rate backed by government when compared to other similar investment options. It also provided tax-free income in the ...

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Reporting of Futures & Options in ITR

Futures & Options, or we say F&O, transactions are treated as a separate business activity. It is a non-speculative business. Classifying it as a non-speculative business means that all those provisions of Income Tax Act will apply to F&O business also which apply to normal business activities. But the point that stands apart ...

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Perquisite Valuation under Clause (vii) & (viia) of Section 17

Note on Perquisite Valuation under Clause (vii) & (viia) of Section 17of Income Tax Act, 1961 Finance Act, 2020 had made amendment in Sec 17 of the Income Tax Act which deals with valuation of perquisite. It had introduced two new sub- classes, Sub Clause (vii) & (viia) Under Clause 2 of the section 17. […]...

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TDS on Purchase of Properties | Section 194IA ,271C, 273B

This article can be useful to those persons who purchased the properties and failed to deduct TDS u/s 194IA taking benefit of section 273B of the Act if show cause notice under Section 271C of the Income Tax Act, 1961 is issued and they failed to deduct TDS innocently and revenue is safe in the […]...

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