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Other Income

  • TDS Liability on Rent Payment 

    Sec 194I:- TDS on Payment made for Rent to Resident Person for use of Land, Building, Plant and Machinery and Furniture 

    Any person other than Individual or Hindu Undivided Family (HUF) and Individual or Hindu Undivided Family (HUF) whose Gross Receipts or Sales or Turnover exceeding the Monetary Limit prescribed under sec 44AB of Income Tax Act shall required to deduct TDS on Payment made to

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  • Case Laws- PILCOM Vs Commissioner of Income Tax

    CASE ANALYSIS

    PILCOM v. COMMISSIONER OF INCOME TAX (C.I.T.)

    A.I.R. 2020 S.C. 204

    Bench:

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  • Details on Countrywise Withholding Tax rates as per IT Act vis a vis Tax Treaties/DTAA

    ax Rates DTAA v. Income-tax Act

    Certain income of non-resident, inter-alia, dividend, interest, royalty or fees for technical services shall be taxable as per the rates prescribed under the Income-tax Act or as per the rates prescribed under the DTAAs, whichever is more

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  • Taxation of Political Party and Electoral Trust

    Income Exempted from Income Tax of Political Party

    As per sec 13A of Income Tax Act following Incomes are Exempted from Income Tax upon satisfaction of Certain Conditions : -

    Income Chargeable under Heqd Income from House Property

    Income Chargeable under Head Income from Capital Gains

    Income Chargeable under Head Income from Other Sources including Donation Received.

    But any Income which is Chargeable

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  • Income Tax Return Processing- An Analysis

    Income tax return filing
    The taxpayers should file their income tax returns by the due date to avoid any late fees and the penalty. The ITR processing starts only with the filing of the return; it can be on time or after the due date. However, it is also advisable to file the

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  • Article on Section 194A – TDS on Interest other than Interest on Securities

    What is Section 194A?
    This section is only applicable to a resident. Thus, the provisions of section 194A are not applicable in case of payment of interest to a non-resident.
    Payments made

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  • Deemed Income Under Income Tax Act

    Deemed Income means Income which is actually not earned or received by Asseessee but Income Tax Act consider such as Income deemed to be received in India.

     

    Deemed Income on basis of Certain Past allowances of Deduction but Received Subsequently

    As per sec 59 of Income Tax Act where assessee had claimed any Deduction or allowance in any previous years but in current financial year Asseessee Received any amount of

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  • Reasons for Mismatch of Income in Income Tax Return and Consequences of Such Mismatch

    Every Income Tax Return Filled by Asseessee will be Processed by Income Tax Department at Centralised Processing Centre (CPC) Bangalore without calling Asseessee.

    During Processing of Income Tax Return Income Tax Department will Compute Income of Asseessee after Making Certain Adjustments.

    Following Adjustments will be made in Income of Asseessee During Processing of Income Tax Return: -

    Any Arithmetic Error in Income

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