Deduction in respect of purchase of electric vehicle u/s 80EEB of income tax Act.
(1) In computing the total income of an assessee, being an individual, there shall be deducted, in accordance with and subject to the provisions of this section, interest payable on loan taken by him from any financial institution for the purpose of purchase of an…
Deduction in respect of interest on loan taken for certain house property under senction 80EEA
After section 80EE of the Income-tax Act, sections 80EEA shall be inserted with effect from the 1st day of April, 2020. (1) In computing the total income of an assessee, being an individual not eligible to claim deduction under section 80EE, there shall be deducted,…
Maintenance of accounts by certain persons carrying on profession or business.
44AA. (1) Every person carrying on legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or interior decoration or any other profession as is notified by the Board in the Official Gazette shall keep and maintain such books of account and…
Penalty when accounting records as required are not maintained as per Section 44AA
If the taxpayer fails to maintain accounting records as per the requirements of Section 44AA, a penalty may be levied under section 271A. The maximum penalty that can be charged is Rs. 25,000. However, if the taxpayer can prove there is a reasonable cause for…
BUDGET HIGHLIGHTS 2021
DIRECT TAX Exemption from filing tax returns for senior citizens over 75 years of age and having only pension and interest income; tax to be deducted by paying bank Time limit for re-opening cases reduced to 3 years from 6 years Serious tax evasion cases, with evidence of concealment…