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, […]
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 […]
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 […]
For the most part, people need to finish a few formalities when choosing to join another organization in a financial year. On a very basic level, such formalities incorporate the issuance and accommodation of different forms like Form 12B of Income Tax and archives to smooth out the whole cycle.
Gone […]
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 […]
