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 […]
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 […]
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 […]
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 […]
