Section 80P (4) of Income Tax Act 1961 A lot of misunderstanding among the ITATs,Income tax authorities,legal practitioners and Chartered accountants on the applicability of the provisions of Section 80P of Income Tax Act 1961. The Section deals with deduction in respect of income of Co-operative Societies which is as follows:-
Category Archives: Income Tax
Income Tax is the tax which directly levy on income of any personal.Central Board of Direct tax manage all the things related Direct Tax.
How to Prepare Statement of Financial Transactions Section 285BA of the IT Act 1961 requires specific reporting persons to furnish statement of financial transaction. Rule 114E of the Income Tax Rules, 1962 specifies that the statement of financial transaction required to be furnished under sub-section (1) of section 285BA of the Act shall be furnished […]
Appeal before High Court Under Income Tax Provisions Part CC of Chapter XX of the Income Tax Act, 1961 (‘Act’ for short) provides the procedure for filing appeal before the High Court. Who can file appeal? Section 260A(1) of the Act provides that an appeal shall lie to the High Court from every order passed […]
Remember to availed new home loan tax benefits of Budget 2016? While doing your tax planning for this financial year, i.e., 2016-17, don’t forget to claim some of the new tax benefits introduced in the last budget. Home loan borrowers should remember to claim these additional benefits if they qualify.Further, those who do not get […]
Presumptive Taxation For Professionals We all know about the Section 44AD of Income Tax Act, 1961s provides for presumptive taxation For Professionals scheme for eligible persons engaged in eligible business. However such scheme is not available for professionals. Hence, for reducing the compliance burden, the Finance Act, 2016 has inserted the section 44ADA being a […]