Tag: Income

What are the Income Tax Deductions under Section 80 CCD(1B)?

Section 80 CCD (1B) gives an additional deduction of ₹ 50,000 over and above the ₹1,50,000 deduction permitted under Section 80C. The Income Tax Act allows you a variety of deductions that can assist you lessen your income. There are a number of approved investments and expenses that you can deduct from your taxable income. […]

Tax consequences if professional income exceeds 50 lakhs

If a person’s professional income exceeds Rs. 50 lakhs – benefit Estimated tax under section 44ADA can’t be taken. In such a case, the person would be required to prepare an income statement and a balance sheet, and be audited by a practicing certified public accountant. Compliance to be met if professional income exceeds Rs. […]

Filling-up of Income Tax Return  Forms for the Financial Year 2022-23 – FAQs

Filling-up of Income Tax Return  Forms for the Financial Year 2022-23 – FAQs I am a non-resident. The Taxpayer Identification Number (TIN) is not allotted in my jurisdiction of residence. How do I report the same in the column on “residential status”? In case TIN has not been allotted in the jurisdiction of residence, the […]

Income Tax for First-Time Tax Return Filers – FAQs

Income Tax for First-Time Tax Return Filers – FAQs  What is the definition of income tax? ANS : It is a tax charged by the Indian government on all individuals’ earnings. The Income-tax Act of 1961 contains the provisions governing income tax. What is the income-tax administrative framework? ANS : The Ministry of Finance is […]

Architect Fee Paid for Transfer of Development Rights is allowable under Income Tax Act

Facts and Issue of the case The present appeal is filed by the assessee is directed against the order passed by the Ld. Commissioner of Income Tax (Appeals)-8, Mumbai [in short ‘CIT(A)’], which in turn arises from the assessment order passed by the AO u/s 143(3) of the Income Tax Act, 1961, dated 14.12.2019 for […]

Charitable Institution Can’t Be Denied Income Tax Exemption For Collecting Service Charges From Its Donors To Defray Administrative Cost: Delhi High Court

Facts and issue of the case Present appeals have been filed challenging the orders dated 22nd March, 2021 passed by Income Tax Appellate Tribunal (hereinafter referred to as ‘the ITAT’) in ITA No.7449/Del./2017 & ITA No.7450/Del./2017 for the Assessment Years 2013-14 & 2014-15 respectively. Learned counsel for the Appellant submits that the ITAT was not justified in […]

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