Section 37 of income tax act general Deduction allowed for business and profession. Contents 1. Overview of section 37 of income tax act? 2. What are the conditions required to be satisfied to claim deduction under section 37 of income…
Section 54 of income tax act prescribes exemption of capital gain from sale/transfer of residential house property. Content 1.What is section 54 of income tax act? 2.Who can claim exemption under section 54 of income tax act? 3.What are the…
Sukanya Samriddhi Yojana(SSY) is for the benefit of girl child as a part of beti bachao beti padhao campaign (BBBP). Content 1.What is SSY (Sukanya Samriddhi Yojana) ? 2.Where can you open SSY account? 3.What are the documents required to…
Section 154 of income tax act provides for rectification of mistakes. Again, it is a rectification of a mistake apparent from the record. Content 1.What is section 154 of income tax act? 2. What mistake can be corrected by filing…
Default in filing income tax return If a return of income is furnished after the due date or is not furnished, the assessee is liable to pay interest u/s 234A of income tax act. Index : What is section 234A…
Section 40A(3) of income tax act state amount not deductible in respect of expenditure exceeding Rs. 10,000. What is section 40A(3) of income tax act? It means if assessee incurs any expenditure in respect of which payment in excess of…
House Rent Allowance is received by the salaried individual. The assessee can claim deduction of house rent allowance under section 10(13A) in accordance with rule 2A of income rules. 1.What is House Rent Allowance under section 10(13A)? House rent is…
section 139(9) defective/incomplete return states that assessing officer considers that the return of income furnished by the assessee is defective if return form has not been duly filed. Content 1.What is section 139(9) defective/incomplete return? 2. What is the time…
If return is not furnished within the time allowed under section 139(1) or within time allowed under notice issued under section 142(1) . Then section 139(4) of income tax act enables a taxpayer to file a belated return. What is…
TDS on fees for professional or technical services As per section 194J of income tax act, 10% TDS is to be deducted on fee for professional or technical service, if the payment exceeds Rs.30,000. Points covered: What is section 194J…