Meaning of Business or Profession as per income tax act
Tax Knowledges
Wednesday, January 18, 2023
In view of section 2(13) of income tax act business includes (a) trade, (b) commerce, (c) manufacture, or (d) any adventure or concern in th...
Wednesday 18 January 2023
Depreciation under the income tax act, 1961 Section 32
Tax Knowledges
Wednesday, January 18, 2023
Depreciation as per income tax act shall be determined according to the provisions of section 32. Income tax act Section 32 provides for de...
Saturday 12 December 2020
Deduction under section 24 for house property income
Tax Knowledges
Saturday, December 12, 2020
Income under the head house property deduction under section 24: two deductions are available under section 24 -- • Standard deduction sect...
Wednesday 9 December 2020
Section 23(2)(a) tax treatment of self occupied house property
Tax Knowledges
Wednesday, December 09, 2020
Where the house property consists of one house is the occupation of the owner for his own residence, the annual value (AV) of such house pro...
Sunday 6 December 2020
Section 44AE business of playing, leasing or hiring goods carriages
Tax Knowledges
Sunday, December 06, 2020
Income on estimated basis in the case of taxpayers engaged in the business of playing leasing or hiring truck section 44AE is applicable, if...
Wednesday 2 December 2020
Procedure for cancellation of registration under GST
Tax Knowledges
Wednesday, December 02, 2020
The proper officer may cancel GST registration. It can be done by him either on his own motion or on an application filed by the registered ...
Monday 2 November 2020
Bad debt written off claim deduction section 36(1)((vii) of income tax act
Tax Knowledges
Monday, November 02, 2020
Bad debts section 36(1)(vii) amount of any debt or part is allowable as deduction subject to the following conditions: (a) the debt has bee...
Friday 30 October 2020
Professional income on presumptive tax scheme section 44ADA
Tax Knowledges
Friday, October 30, 2020
Income tax Section 44ADA is applicable from the assessment year 2017-18 relating to the previous year 2016-17. If a resident taxpayer is en...
Tuesday 27 October 2020
Briefly explain transfer of a capital assets section 2(47)
Tax Knowledges
Tuesday, October 27, 2020
Capital gains arises on transfer section 2(47) of a capital asset. If the asset transfered is not a capital asset, no capital gains will ar...
Sunday 18 October 2020
What assets are excluded from capital assets status?
Tax Knowledges
Sunday, October 18, 2020
Capital asset section 2(14) means – • Any kind of property held by an taxpayer, whether fixed or circulating, moveable or immovable, tangibl...
Tuesday 13 October 2020
Tax collection at source section 206C of income tax act
Tax Knowledges
Tuesday, October 13, 2020
Every person, being a seller collect from the buyer of goods specified in section 206C tax at source. Tax will also be collected by a perso...
