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Income Tax

Excellent commerce point > Income Tax
Deductions, Rebate and Reliefs
13
Oct
1

Deductions, Rebate and Reliefs Question 1.Write short flotes on deduction under Section  TTA in respect of interest from banks. (June 2014, 4 marks)Answer:80TTAIndividual/HUF – Eligible AssesseeInterest on savings account with a Scheduled Bank, or a Co-operative Bank or Post Office Upto ₹ 10,000.Section – 80 TTB(Deduction in respect of Interest on Deposits in case of Senior […]

Posted in: CMA updates ,
Tags: Deductions , Financial Relief , Income Tax , Tax Benefits , Tax Deductions Explained , Tax Filing , Tax Laws , Tax Planning , Tax Rebate Benefits , Tax Rebates , Tax Reduction , Tax Reduction Tips , Tax Relief , Tax Relief for Individuals , Tax Reliefs , Tax Savings , tax strategies ,
Set Off & Carry Forward of Losses​
13
Oct

Set Off & Carry Forward of Losses Question 1.Write short note on the following:Losses which cannot be carried forward for set 6ff when the return of income Is not filed within the ‘due dEW specified under section 139(1). (June 2019, 5 marks)Answer: .Losses which cannot be carried forward where ROI is flied belatedly: Section 8.0 […]

Posted in: CMA updates ,
Tags: Business Losses , Carry Forward of Losses , Financial Planning , Income Tax , Income Tax Act , Indian Tax System , Loss Adjustment , Set Off of Losses , Tax Deductions , Tax Filing Tips. , Tax Liabilities , Tax Planning , tax rules , Tax Savings , Taxation ,
Clubbing of Income
13
Oct

Clubbing of Income Question 1.Write short note on the following:(a) Clubbing of Minor Child (Dec 2022, 5 marks) Descriptive Question Question 2.Explain the tax incidence in the case of a transfer of a let-out property, which is not revocable during the lifetime of the transferee. (Dec 2015, 3 marks)Answer:Section 62 of Income Tax Act, 1961 […]

Posted in: CMA updates ,
Tags: Clubbing of Income , income clubbing provisions , income from different sources , Income Tax , Indian tax laws , tax calculation , tax exemptions , Taxable Income , taxation rules ,
Advance Tax, TDS and TCS
17
Jun

Advance Tax, TDS and TCS Question 1.Answer the following with reference to the provisions of the Income-tax Act, 1961 for the assessment year 2021-22:When will tax not required to be deducted at source on interest payable to a resident on any bond or security issued by a company though the aggregate amount of interest exceeds […]

Posted in: ca intermediate notes ,
Tags: Advance Tax , CA Foundation Taxation , cma foundation , Direct Tax , Income Tax , Income Tax Act , Tax Collected at Source , Tax Compliance , Tax Deducted at Source , Tax Filing , TCS , TCS Rules , TDS , TDS Rates ,
Income from House Property
13
Jun

Income from House Property Introduction   Question 1.Explain the concept of Municipal Value, Fair Rent and Standard Rent. Quality properties for rent Answer:Municipal ValueIt refers to the value that the Municipal Authorities deems as the value of the property for the purpose of assessment of property taxes. Fair RentIt is the rent fetched by a […]

Posted in: ca intermediate notes ,
Tags: Annual Value , CA Foundation Taxation , cma foundation , Deductions under Section 24 , Direct Tax , House Property Income , Income from House Property , Income Tax , Income Tax Act , Let-Out Property , Property Tax Rules , Rental Income Taxation , Self-Occupied Property , Tax Computation , Tax on Property Income ,