When relief under section 89 of the Income Tax Act 1961 is available? Section 89– Relief under section 89 of Income tax act is available to an individual if he has received Received Salary or family pension in arrears or in advance [Rule 21A (2)] Received Gratuity in excess of exemption under section 10(10)(ii)/(iii) […]
Do any clubbing provisions exist in case of transfer of income without transfer of asset in Income tax Law ? As per section 60 of income tax act, if a person transfers income from an asset owned by him without transferring the asset from which the income is generated, then the Housing income from such […]
What is the time limit for making the assessment under section 143(3)of income tax act i.e. scrutiny assessment? Section 143 (3) Assessment mean:- This is a detailed assessment and is referred to as scrutiny assessment. At this stage, a detailed scrutiny of the Income tax return of income will be carried out. The scrutiny is […]
Scope of assessment under section 143(1) Income Tax Assessment under section 143(1) of IT Act is like preliminary checking of the Income Tax Return. At this stage no detailed scrutiny of the Income tax return is carried out. At this stage, the total income (profit) or loss is computed after making the following adjustments (if […]
Presumptive Taxation Scheme of section 44AD Section 44AD:- Meaning of presumptive taxation scheme- As per sections 44AA of the Income tax Act, 1961, a person engaged in business or profession is required to maintain regular books of account under certain circumstances. To give relief to small taxpayers from this tedious work, the Income-tax Act has […]
Payment of advance tax on Senior Citizen Payment of advance tax–As per section 208 of Income Tax Act, every person whose estimated tax liability for the year is 10,000 Rupees. or more, shall pay his tax in advance, in the form of “advance tax“. However, section 207 of income tax act gives relief from payment of advance tax […]
