Expert Knowledge,
Straight from Practitioners.
Tax tips, legal guides, and financial advice written by the same verified CAs, Advocates, and Advisors you can consult on ConsultEase.
Deductions for Medical Treatment under Income Tax
Deductions for Medical Treatment under Income Tax “A simple provision for claiming the deduction for medical treatment is not so simple to understand. Various intricacies which arises have been discussed in this Article” I. Preamble: Deduction from taxable income in respect of Medical Expenditure or
Income Tax Search and Seizure Assessments- No universal application of the “extrapolation technique” in Search Assessments
Income Tax Search and Seizure Assessments- No universal application of the “extrapolation technique” in Search Assessments Introduction: During the course of a Search and Seizure action, it is seen in practice that incriminating material in the form of documents, diaries and other evidences are found
QR – 72 Extension of Actions of Completion
QR – 72 Extension of Actions of Completion Regarding Extension of actions of completion under the Income Tax Act, 1961 1. The Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 dated 31.3.2020 had classified various actions under the specified Act (as defined in
QR – 71 234A Interest for Extended ITRs
QR – 71 234A Interest for Extended ITRs {As per CBDT Press Release dated 24.10.2020} {The necessary notification in this regard shall be issued in due course – says press release} Regarding extension of due dates for the purpose of charging of interest u/s 234A
Compilation of Case Laws for Income Tax Department Officers
Compilation of Case Laws for Income Tax Department Officers S.N. Case Citation Section Gist / Important point for consideration 1 G. Venkataswamy Naidu & Co [1959] 35 ITR 594 (SC) 2(13), 28 Characters of “Adventure in the nature of trade”: Even an isolated and
QR – 70 ITR & Audit Further Extension
QR – 70 ITR & Audit Further Extension 30th December 2020 & 31st December 2020 and 31st January 2021 {As per CBDT Press Release dated 24.10.2020} {The necessary notification in this regard shall be issued in due course – says press release} Regarding further extension
Issuance of notice u/s 131 (1A) of the Income Tax Act 1961
Issuance of notice u/s 131 (1A) of the Income Tax Act 1961 after the conclusion of Income Tax Search and Seizure u/s 132 of the Income Tax Act 1961 – Legal Paradox Introduction: Ever since the enactment of the original Income-tax statute of 1922, the
[watch video] Section 44AD – Presumptive Taxation for small businesses
Section 44AD – Presumptive Taxation for small businesses Section 44AD – Presumptive Taxation for small businesses.This is special scheme for small businesses. They can pay tax easily with simplified return. No need to calculate the profit. It is fixed on a percentage. Although they can
Section 44ADA – Presumptive Taxation for small professionals
Presumptive Taxation for small professionals – Section 44ADA SPECIAL PROVISION FOR COMPUTING PROFITS AND GAINS OF PROFESSION Applicability Section 44ADA shall apply if all the following conditions are satisfied: The assessee is resident in India and he is engaged in a specified profession (i.e. legal,
QR – 69 furnishing of Quarterly TCS statement
Regarding furnishing of Quarterly TCS statement in Form No. 27EQ u/s 206C(3) of the Income Tax Act, 1961 & Rule 31AA of Income Tax Rules, 1962 for the financial year 2020-21 1. Section 206C(3) of the Income Tax Act, 1961 provides that any person collecting
QR – 68 No Extension for Form No. 26QB, 26QC & 26QD
QR – 68 No Extension for Form No. 26QB, 26QC & 26QD Regarding furnishing of monthly Challan-cum-TDS statements in Form No. 26QB, 26QC and 26QD u/s 200(3) of the Income Tax Act, 1961 & Rule 31A of Income Tax Rules, 1962 for the financial year
QR – 67 Furnishing of Quarterly TDS Statements
QR – 67 {One must know Choti Choti Baten about the tax law} Regarding furnishing of Quarterly TDS statements in Form No. 24Q, 26Q and 27Q u/s 200(3) of the Income Tax Act, 1961 & Rule 31A of Income Tax Rules, 1962 for the financial