Frequently Asked Questions (FAQs) on Income Tax e-Verification Scheme 2021. The FAQs on the e-Verification Scheme, 2021 (hereafter ‘FAQs’) aim to provide general guidance in understanding the procedures and processes of the e-Verification Scheme, 2021 issued vide CBDT Notification no. 137/2021 dated 13.12.2021. According to …
There is no legal authority by or under which the revenue-authorities can make a lump-sum disallowance. Lump sun disallowance made without rejecting books of account deleted. ABCAUS Case Law CitationABCAUS 3652 (2023) (02) ITAT Important Case Laws relied upon:ACIT vs. Genda Lal Hazarilal & Company 134 Taxmann 384 …
Capital Gain Exemption u/s 54 and 54F for investment in residential house limited to Rs. 10 crores Section 54 and section 54F of the Income-tax, 1961 allows deduction on the Capital gains arising from the transfer of long-term capital asset if an assessee, within a period of one …
Increase in threshold limits for presumptive taxation schemes u/s 44AD and section 44ADA Under the existing provisions of Section 44AD of the Income Tax Act 1961 a presumptive income scheme is provided for small businesses. This scheme applies to certain resident assessees (i.e.,an individual, HUF or a …
Income Tax basic exemption limit and tax slabs for individuals & HUFs for AY 2024-25 as per Union Budget 2023-24 The basic income tax exemption limit and tax slabs for individuals can be broadly categoriesd as under: (i) Optional Simplified Personal Tax Regime (New Tax Regime) under section …
Section 87A Rebate for AY 2024-25 as per Union Budget 2023-24. Amendment, amount and eligibility The section 87A of income tax rebate was reintroduced by the Finance Act 2013 w.e.f. 1st April 2014. Earlier the section was omitted by the Finance (No. 2) Act 1967. The present 100 …