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How Many Times Can I Revise the IT Return how many times revised return can be filed: If a person (Taxpayer) after furnishing the Income tax return finds any mistake, omission or any wrong statement (defective return), then return should be revised within prescribed time limit.A return can be revised before the end of the […]
Section 80EEA of Income tax Act, Deduction in respect of interest on loan taken for certain house property. In computing the total income of an assessee, being an individual not eligible to claim deduction under section 80EE of income tax act, there shall be deducted, in accordance with and subject to the provisions of this […]
What is limited scrutiny in Income Tax? In case of Income Tax assessment two types of cases have been selected for scrutiny ‘Limited Scrutiny‘ ‘Complete Scrutiny’. The Income tax assess concerned have duly been intimated about their cases falling either in Limited Scrutiny’ or Complete Scrutiny’ through notices issued by department under section 143 (2) of […]
Taxability of life insurance maturity amount As per section 10(10D) of income tax act, any amount received under a life insurance policy, including bonus is exempt from tax. However, following receipts would be subject to tax: Any sum received under sub-section (3) of section 80DD of income tax act; or Any sum received under Key […]
Eligible Business under section 44AD The presumptive taxation scheme of section 44AD of income tax Act 1961 can be adopted by following persons: Resident Individual Resident Hindu Undivided Family (HUF) Resident Partnership Firm (not LLP (Limited Liability Partnership Firm) Section 44ADA of Income Tax Act for AY 2018-19 {Section 44AD in Hindi} In other words, […]
What is pre-construction period? While computing income chargeable to tax under the head “Income from house property” in case of a let-out property, the taxpayer can claim deduction under section 24(b) of income tax act on account of interest on loan taken for the purpose of construction of home, purchase, repair, renewal or reconstruction of […]
Capital Gain on Gifted Assets Capital gain arises if a person transfers a capital asset. (land, building or jewelry or share etc). section 47 of the Income-Tax Act, 1961 excludes various transactions from the definition of ‘transfer. Thus, transactions covered under section 47 are not deemed as ‘transfer’ and, hence, these transactions will not give […]
Mainly two benefits are available :- Section 80TTB of the Income Tax law Section 80TTB of the Income Tax law gives provisions relating to tax benefits available on account of interest income from deposits with banks or post office or co-operative banks of an amount up to 50,000 rupees earned by the senior citizen (i.e., […]
Compute Income from house property Income chargeable to tax under the head “Income from house property” in the case of a let-out property is computed in the following manner: Particulars Amount Gross annual value XXX Less:- Municipal taxes paid during the year XXX Net Annual Value (NAV) XXX Less:- Deduction under section 24 -Deduction under section 24(a)) […]
Who is covered by tax audit ? FAQ deals with Income Tax Audit Provisions in India. As per section 44AB, following persons are compulsorily required to get their accounts audited:- A person carrying on business, if his Gross/total sales, turnover or gross receipts (as the case may be) in business for the year exceed or […]
