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

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 […]

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

Section 269ST of Income Tax Act

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 transactions […]

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

Depreciation Rate For Plant, Furniture, and Machinery

Depreciation rate is mentioned in the Income Tax Act for investments made in furniture, plant, and machinery by an assesses during the FY. The concept of depreciation is mainly used for writing off the cost of an asset over its useful life. It is a compulsory deduction either in the Straight-Line method or […]

By |2021-02-10T11:59:09+00:00December 11th, 2020|Accounting|

Section 44AB of the Income Tax Act: Objectives, Applicability & Criteria

Section 44AB of the Income Tax Act imbibes in itself provisions regarding the tax audit under the Income Tax Audit. A tax audit is an analysis of a taxpayer’s accounts book. The analysis is conducted to make sure that the taxpayer has accurately maintained the books of accounts and other records. Apart from this, […]

By |2021-06-30T05:23:19+00:00December 9th, 2020|Accounting|
Go to Top