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 50c of Income Tax Act

By |2021-11-11T06:40:14+00:00October 21st, 2021|Categories: Accounting|Tags: , , , , |

Due to the country's massive population, there is always a high demand for real estate in India, which usually outnumbers supply. This demand-supply relationship, as well as people's desire to acquire more, causes real estate prices to rise, resulting in significant gains for the seller. Such gains are unlikely to fall outside of the tax rate. [...]

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Section 68 : Unexplained Cash Credit

By |2021-11-11T06:39:36+00:00October 17th, 2021|Categories: Business|Tags: , , , , |

Section 68 deals with unexplained cash credit. According to section 68 of the Income Tax Act of 1961, if any sum is found credited in an assessee's books of accounts for any previous year, and the assessee could not provide any explanation about the source and nature of the sum, or the explanation offered by him [...]

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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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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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Section 269ST of Income Tax Act

By |2021-09-17T06:52:17+00:00September 17th, 2021|Categories: Income Tax|Tags: , , , , , , , , , , , , |

Black money is a major threat to the Indian economy. Section 269St was inserted in Income Tax Act,1961 to curb the problems caused by black money. Black money has been a major threat to our economy. Many taxpayers use only cash transactions in order to evade their tax liabilities and their responsibility towards the country. Cash [...]

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