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Bill to nullify retrospective tax on Capital Gain

The Economy of our country is at a point when quick recovery is necessary and foreign Investment can play one of the most important roles in this. Foreign Investment is necessary for faster economic growth and employment.  We all are pretty much aware of the fact that how China has grown in these past years […]...

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Posted Under: Income Tax |

Demystifying Section 80IBA: 100% Income Tax Deduction for Affordable Housing Projects

Real estate sector is one of the most globally recognized sectors. It comprises of four sub sectors – housing, retail, hospitality, and commercial. Corporate environment and the demand for office space are few of the factors for the growth. This growth in the sector plays a substantial role in the increased prices of the lands [&hel...

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Posted Under: Income Tax |

All about ITR-1(SAHAJ)

ITR-1 (SAHAJ) This return is applicable for a Resident Individual (other than Not Ordinarily Resident) having Total Income from any of the following sources up to Rs. 50 lakhs 1. Salary/Pension 2. One House Property 3. Other sources (Interest, Family Pension, Dividend etc.) 4. Agricultural Income up to Rs. 5,000 Note: ITR-1 cannot be use...

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Posted Under: Income Tax |

Taxability of gifts received from clients as a result of good work

Komal, a renowned fashion designer, is famous across Pune city for designing stylish and elegant ladies wear. She designs suits, dresses, and other clothing & accessories for the middle-to-rich class of society. Once, Namrata, wife of a leading diamond merchant of the city, hired Komal to design a nightgown for a family function. Koma...

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Posted Under: Income Tax |

ITR Forms applicable for individuals for AY 2021-2022

Recently, the Central Board of Direct Taxes (CBDT) in April 2021 notified new ITR forms for the financial year 2021-2022. Later in May 2021, they extended the timeline for submitting direct tax compliances for the current financial year.   In India, every individual has to file for income tax returns i.e. ITR in every financial year. [&...

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Posted Under: Income Tax |

Section 194N: TDS on Cash withdrawal in excess on INR 1 Crore

Section 194N: TDS on Cash withdrawal in excess on INR 1 Crore This section applies to any Banking Company, Co-operative Society or Post office who is responsible to pay any sum being amount or aggregate of amounts, in cash, in excess of INR 1 Crore during the Previous Year to any person from one or […]...

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Posted Under: Income Tax |

Taxability of Compensation & Interest on compensation received from Govt or Insurance companies

Taxability of Compensation and interest on compensation received from Govt or Insurance companies Generally compensation is paid by insurance company or Govt on account of any damage to property or human being on an accident or similar incidents. Example of compensation paid by Govt: On compulsory acquisition of land for development of in...

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Posted Under: Income Tax |

Transportation Revenue Vis-A-Vis Sections 44AA, 44AB, 44AD & 44AE

Transportation Revenue Vis-A-Vis Sections 44AA, 44AB, 44AD AND 44AE of The Income Tax Act, 1961- A Critical Analysis In this Article, the Author has made an attempt to analyse the provisions of Section 44AA, Section 44AB, Section 44AD and Section 44AE of the Income Tax Act, 1961 in the context of requirements and applicability of [&hellip...

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Posted Under: Income Tax |

Due Date for tax return filing u/s 139 & for payment of SA- Tax u/s 140A- Taxpayer Pushed to the Wall !

Due Date for tax return filing u/s 139 & for payment of SA- Tax u/s 140A- Taxpayer Pushed to the Wall ! Preamble Attention is drawn to the write-ups displayed @ Solution to Problems of New Income Tax Portal (04 Aug) Income Tax Return, Tax Audit due date & Other dates extended (20 May) https://taxguru.in/income-tax/interest-section...

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Posted Under: Income Tax |

Deemed dividend provisions not applicable – What do we understand by ordinary course of business and substantial part of business

Deemed dividend provisions not applicable – What do we understand by ordinary course of business and substantial part of business A legal backdrop: The concept of deemed dividend under Section 2(22)(e) of the Income-tax Act, 1961, (the Act) is applicable in respect of loan or advance given by a closely held company to its shareholder[1]...

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Posted Under: Income Tax |