Section 44ADA – Presumptive Tax Scheme for Professionals

By |2021-12-02T08:23:40+00:00December 2nd, 2021|Categories: General, Income Tax|Tags: , , , , , , |

India has a wide variety of businesses, and India's economy is strong. India is the world's fastest-growing major economy with its booming industries, including construction, automobile manufacturing, and mining production. India is also one of the largest importers and exporters in the world. With such a diverse range of businesses happening in India--and so many opportunities [...]

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Section 112A of Income Tax Act, 1961

By |2021-12-01T08:55:58+00:00November 30th, 2021|Categories: Income Tax|Tags: , , , , , , |

INTRODUCTION Through the Finance Bill 2018, the govt has presented Section 112A under the tax Act, 1961. The new section 112A has been embedded to collect long-term capital gain charges on the exchange of value share, units of value arranged assets, and units of a business trust. The justification behind the presentation of new section 112A, [...]

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Section 43b of Income Tax Act,1961

By |2021-11-11T06:48:01+00:00October 14th, 2021|Categories: Income Tax|Tags: , , , , , , |

Individuals can claim certain payments as an expense under the rules of the Income Tax Act of 1961 when their income is produced under the heading of profits and gains of business or profession (PGBP). Specific criteria, on the other hand, bind such a tax provision. The provision of Section 43B of the Income Tax Act [...]

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How to generate income tax return(itr)in xml file

By |2021-11-11T06:47:54+00:00October 13th, 2021|Categories: Income Tax|Tags: , , , , , , |

There are two ways to file income tax returns (ITR): online and offline. In the first approach, you can fill out an online form with all of the essential information and submit it. You must download the corresponding income tax tool in either excel or java format, fill out the form, save your changes, generate an [...]

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Equalisation Levy

By |2021-11-02T10:58:24+00:00October 2nd, 2021|Categories: Income Tax, Uncategorized|

Equalisation Levy was introduced in India in 2016, with the intention of taxing the digital transactions i.e. the income accruing to foreign e-commerce companies from India. It is aimed at taxing business-to-business transactions. This levy has been imposed only on companies whose revenue exceeds Rs 1 crore per year and will be charged at 6% on [...]

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Section 24 of Indian Income Tax Act – Income tax deductions from house property

By |2021-10-01T08:48:13+00:00October 1st, 2021|Categories: Income Tax|Tags: , , , , , , , , , |

The Indian Income-tax Act, 1961 (hereinafter referred to as the "Act") provides for deduction in respect of certain expenses incurred by an individual or a Hindu undivided family. Section 24 deals with income tax deduction from house property. The section specifies that any person who is a resident and owns a residential accommodation shall be entitled [...]

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