To provide the complete details of income for the relevant financial year, all assessee must file income tax returns with the Income Tax Department. Once the assessee has filed such a return, the next step is for the Income Tax Department to examine it and determine whether it is correct. Assessment is the process of […]
Section 16 of the Income Tax Act of 1961 allows for a deduction from taxable income under the heading of “salaries.” It allows for basic deductions, entertainment allowances, and professional tax deductions. A salaried taxpayer can use this deduction to reduce the amount of taxable salary income that is subject […]
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, […]
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. […]
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 […]
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 […]
