Section 112A of Income Tax Act, 1961

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, […]

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

Section 43b of Income Tax Act,1961

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 […]

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

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

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 […]

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

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 54 – Capital Gain Exemption | Section 54 vs Section 54 F

Section 54 – Capital Gain Exemption: A residential home sale is a capital asset sale, and the profit is taxed as a capital gain.

Property of any sort, moveable or immovable, tangible or intangible, owned by the assessee for whatever purpose is included in the definition of capital asset under section 2(14) of the Income Tax […]

By |2021-10-01T07:55:47+00:00October 1st, 2021|Business|
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