Maintenance of Books under Section 44AA
Every business /profession assesse has to maintain books of accounts so as to enable computing his total income for the previous year. The provisions regulating compulsory maintenance of books are…
Interest Payable under Section 234A, 234B, 234C
Under the Income-tax Act, different types of interests are levied for various kinds of delays/defaults. Section 234A - delay in filing the return of income Section 234B - non-payment or…
Income from Capital Gain in India
Every Person when he /she sells any immovable property shares, mutual funds, or any other asset capital asset , then that income proceeds are subject to capital gain taxation. Section…
Exemptions available under Capital Gain
Exemptions available under Capital Gain To give some relied to tax payers on tax payable towards long term capital gain or short term capital gain few exemptions or deductions are…
Disallowance under Section 40A
Disallowance under Section 40A This section provides us with the expenses or amount not deductible in certain circumstances. This section shall have an effect of notwithstanding anything to the contrary…
Deductions and Disallowances under Section 36
This section deals with various expenses that are allowed as deductions while computing the income under the heads “Profits or Gains from Business or Profession.” List of Expenses dealt with…
All about Form 15G and Form 15H
Form 15G and Form 15H are a declaration statements that can be filled out by fixed deposit holders to ensure that no TDS is deducted from their interest income in a…
When To File Form 15CA, Form 15CB
As per Section 195 of Income tax Act, 1961, every person liable for making a payment to non-residents shall deduct TDS from the payments made to non-residents if such sum is…
Union Budget 2021: Impact on Individual Tax payers
Let's Know How the Union Budget 2021 Impacts on Individual Tax Payers. The Union Finance Budget 2021 has been passed recently by the central government. With a mix of benefits…
CBDT Holds One More Month to File ITRs
The Central Board of Direct Taxes, or CBDT, has announced its extension of the date of filing returns of income tax (I-T) cases that demand to be audited by a…