Income Tax

The short question that is tried to be answered in this note is ‘whether the provisions of Section 44ADA shall be applicable to the remuneration and other receipts by a partner from a professional services firm?  Before going into specifics, it is important to understand the modus operandi of the

The taxation of charitable activities is quite an interesting area. This further assumes significance when the said taxation is studied from both income tax and goods and services tax laws. In this article, the authors dwell upon the basics of taxation of charitable institutions under income tax and goods and

Insertion of Transfer Pricing Clauses in Tax Audit Report (‘TAR’) for Financial Year (‘FY’) 2017-18 Assessee’s who enter into Specified Domestic Transactions (SDT’s)/ International Transactions with related parties/ Associated Enterprises (AE’s) must furnish the said details and independent CA certificate in Form 3CEB. However, the Govt. of India vide Notification

As per the provisions of Sec 80 of Income Tax Act, 1961 (‘Act’) assessee has to file return as per Section 139(3) of the Act to carry forward Business Loss/ Loss from Speculative Business/ Loss under the head Capital Gains etc. Sec 139(3) requires the assessee to file return of

Sec 268A of the Income-tax Act (‘IT Act’) empowers Central Board of Direct Taxes (‘CBDT’) to issue instructions, orders/ directions to the income-tax authorities for fixing monetary limits as it deem fit for regulating filing of appeal by any income-tax authority. These instructions have to be complied with by income-tax

Finance Act 2017 has introduced sub-section 5A to Sec 45 which provides for chargeability of capital gains on transfer of capital asset being land or building or both under a specified agreement in the hands of assessee being individual or HUF(here in after referred as eligible transferor). This section overrides

Objectives: Introduction. Reasons for Changes in ITR-Forms. Detailed Explanation of ITR-Forms. Other Moderate Changes in ITR-Forms. This article is contributed by Partners of SBS and Company LLP – Chartered Accountant Company. You can be reached at info@sbsandco.com

Section 43A of Income Tax Act, 1961 (ITA/Act) provides that in case, where assessee has acquired any asset in the previous year from country outside India for the purposes of business or profession, the cost of such asset shall be adjusted because of increase or decrease in liability with change

NEW PROVISIONS  Other than Corporate/Business  Sec 16: –  This section provides for deduction from income chargeable to tax under the head Salaries. A new clause (ia) is inserted which provides for Standard Deduction of Rs. 40K subject to the amount of salary as deduction. 

The term ‘income’ defined under Section 2(24) of Income Tax Act, 1961 (ITA/Act) is inclusive one. Charge of tax on income is subject to exemptions provided in Section 10 of ITA, 1961. The receipts mentioned in various clauses of Section 10 are not included in computing gross total income there