Income Tax
Section 25 AA of the Income Tax Act, 1961: Unrealized rent received subsequently to be charged to IT
Special provision for cases where unrealised rent allowed as deduction is realised subsequently and Unrealised rent received subsequently to be charged to income-tax are defined under section 25A and 25AA of Income Tax Act 1961. The section states that: Where the assessee cannot realise rent from a property let to a tenant and subsequently the […]
Harmehak Kaur Anand
December 18, 2023 at 06:40 AM
Section 32AC of Income Tax Act, 1961: Investment in new plant or Machinery
(1) If a company that is an assessee purchase and installs new equipment after March 31, 2013, but before April 1, 2015, and the total actual cost of those new assets exceeds one hundred crore rupees, the company will be eligible for the following deductions: (a) if the total actual cost of all new assets […]
Swagata Pramanik
December 17, 2023 at 07:28 AM
Unexplained money, etc.
This article talks about unexplained money which is mentioned under section 69A of the Income Tax Act 1961. Section 69A has been reproduced below: “Where in any financial year the assessee is found to be the owner of any money, bullion, jewellery or other valuable article and such money, bullion, jewellery or valuable article is […]
Arpita Maharana
December 15, 2023 at 01:13 PM
Section 80HHA of The Income Tax Act,1961
The Income Tax Act, of 1961 is the main statute of Income Tax in India. It provides for levy, administration, collection, and recovery of Income Tax. As per Section 80HHA of The Income Tax Act, 1961, (1) If the gross total income of an assessee includes any profits and gains from a small-scale industrial undertaking […]
Shalini Koppula
December 15, 2023 at 01:12 PM
Section 22 of the Income Tax Act, 1961- Income from house property
“Income from home property” refers to any income derived from a residential property, whether it comes from a rental income or a sale of the property. In essence, under the Income Tax Act, any property, including a house, a building, an office, or a warehouse, is considered “house property.” One of the five heads of […]
Shree Dashukla
December 15, 2023 at 01:09 PM
SECTION 26 PROPERTY OWNED BY CO-OWNERS
The share of each owner in the property’s income as calculated in accordance with sections 22[1] to 25[2] shall be included in the owner’s total income when the property consists of buildings or buildings and lands attached thereto and is owned by two or more people, and their respective shares of the property are definite […]
Gayathri Madhu
December 15, 2023 at 01:08 PM
Section 35CCA- Payment to Associations and Institutions for Carrying out Rural Development Programme
Subsection (1) of Section 35CCA of the Income Tax Act, 1961 states that when an assessee incurs any expenditure by making payment of any sum:- Suppose an assessee makes payment in any of the above. In that case, he shall be allowed a deduction of the amount equal to the expenditure incurred during the previous […]
June Jashivya
December 15, 2023 at 01:06 PM
Section 34 of the Income Tax Act, 1961–Conditions for depreciation allowance and development rebate
Section 34 of the Income Tax Act, 1961 lays down conditions for depreciation allowance and development rebate. Sub-sections 1 and 2 have been omitted. As per section 34 (3) (a) the deduction mentioned in Section 33 will not be permitted unless a sum equal to 75% of the development rebate that will actually be permitted […]
Shruti Srivastava
December 15, 2023 at 12:55 PM
Section 44D of the Income Tax Act, 1961
Section 44D of the Income Tax Act, 1961 provides for special provisions for computing income by way of royalties, etc., in the case of foreign companies. As per this section regardless of anything to the contrary in sections 28 to 44C, when an assessee is a foreign company, the deductions allowed under these sections in […]
Tanish Karuia
December 15, 2023 at 12:47 PM
Section 54ED-Capital Gain on Transfer of Certain Listed Securities or Unit not be Charged in Some
The Income Tax Act, of 1961 is the main statute of Income Tax in India. It provides for levy, administration, collection, and recovery of Income Tax. (1) Before 1 April 2006, if the capital gain arises out from the transfer of a long-term asset which is being listed securities or units and the assessee invested […]
Harshit Jain
December 15, 2023 at 12:39 PM