Treatment of income from different sources Each income has different source of earning and so the provisions for its taxability. Income-tax Act provides for five heads of incomes for computation of taxable income, viz., Salary, Income from House Property, Income from Business or Profession, Capital Gain and Residual Income. Provisions contained under each head of […]
Depreciation Rate Chart under Companies Act, 2013 as per SCHEDULE II, including useful lives for computation. Analysis of Schedule II and guidelines for assets.
Tax calculation under Section 115BBE is a rectifiable error under Section 154, not Section 263, as it’s not derived from an Assessment order
ITAT Ahmedabad orders deletion of Rs. 34.3 lakh addition under Section 68, citing deposits from known sources. Case remanded for further verification.
Stay updated with the compliance due dates for GST, Income Tax, ESI, and PF Acts. This comprehensive calendar includes important dates for GSTR-1, GSTR-3B, ITC-04, GSTR-5 & 5A, GSTR-6, GSTR-7, GSTR-8, TDS/TCS payment, Advance Tax payment, TDS/TCS certificate issuance, Aadhaar-PAN linking, PF/ESIC payment, and PF return filing.
Madras HC rules Settlement Commission orders can’t be rectified under Section 154 of the Income Tax Act, upholding the principles from Brij Lal case.
Learn about tax audit under Section 44AB, including objectives, requirements, forms, and penalties for non-compliance.
Have questions about income tax payment? Read this article to find answers to frequently asked questions about income tax, including payment deadlines, income classification, gross total income, deductions, tax liability computation, and more.
ITAT Raipur held that interest expenditure incurred for earning income chargeable under the head “Income from other sources” is allowable as deduction under section 57 of the Income Tax Act.
ITAT Cochin held that imposition of penalty u/s. 271D and 271E of the Income Tax Act in consolidated manner is unjustified as AO has to point out each entry where such acceptance or repayment is Rs. 20,000/- or more.
