Latest Additions
Income Tax || Data Feeding - Capital Gain
What is Capital Gains Tax in India: Capital Gains Tax is a tax on the profit or gain that an individual or a business entity earns from the sale of capital assets. The capital assets can include property, stocks, bonds, gold, or any other asset. The ...
ZenIT || ITR-U Rectification process
What is the ITR-U and How to File: Go to The Process: Click Here For Filing the ITR-U Case 1: User filed the original return and then filed ITR U or wants to submit Rectification. Case 2: User filed only ITR U and then submitting Rectification. ...
ZenIT || How to Calculate Income Tax Rebate under Section 87A for AY 2024-25
A tax rebate on an income of Rs 7 lakh has been introduced in the New Tax Regime (applicable for FY 2023-24). The tax rebate under Section 87A for FY 2021-22 and FY 2022-23 (AY 2022-23 and AY 2023-24) remains the same. However, from FY 2023-24, the ...
Specified Business under section 35AD
Specified Business under section 35AD for AY 2020-21 What is section 35AD? It is basically a deduction available towards expenditure on specified business under section 35AD of the Income Tax Act. As per provisions of section 35AD, the deduction is ...
MAT Rate & its Applicablity
What to Do If MAT applicable rate is 9%? MAT stands for Minimum Alternate Tax and AMT stands for Alternate Minimum Tax. Initially the concept of MAT was introduced for companies and progressively it has been made applicable to all other taxpayers in ...
Income Tax || Pre construction Interest in House Property
Deduction for Pre-Construction Interest: What is pre construction Interest? Pre-construction interest is the interest paid on a home loan while the residential house is “under construction.” According to section 24 of the Income Tax Act, the interest ...
Portuguese Civil Code
What is Portuguese Civil Code? The Portuguese Civil Code in India is applicable only to the state of Goa and the Union territories of Dadra & Nagar Haveli and Daman & Dui. As per the Portuguese Civil Code, Income earned by the husband and the wife ...
UDIN Generation Procedure
UDIN Generation Procedure the Institute of Chartered Accountants of India (ICAI), has developed a method of securing the documents issued by a Chartered Accountant by issuing a Unique Document Identification Number (UDIN), It is a 18 digit unique ...
ITR 6 Latest Additions made as per the new changes applicable for AY 2019-2020
ITR- 6 - New change implementation in the Income Tax Auditor for A.Y. 2019 - 2020 ITR-6 Form is exclusively used by companies which are not claiming exemption under section 11 (Income from property held for charitable or religious purposes) while ...
Section 112A – Income Tax on Long Term Capital Gain
Introduction to Section 112A – Income Tax on Long Term Capital Gain Vide Finance Bill 2018, the Government has come up with an insertion to section 112A under the Income Tax Act, 1961. The new section 112A has been inserted in order to levy ...
Unlisted equity share details- Where to enter as per the new changes?
The new income tax return forms (All ITR's except ITR 1 ,4 and 6) for the assessment year 2019-20 come with a set of changes where more detailed disclosures have been asked by the taxpayer. If you have held unlisted equity shares during the previous ...