CA Arjun Dhorajiya

When computing taxable income under the head “Profits and Gains of Business or Profession”, certain expenses or payments may not be deductible under specific circumstances. Section 40A of the Income Tax Act, 1961, provides a framework for disallowing expenses that do not meet the prescribed conditions. This article provides an in-depth analysis of Section 40A, […]

Setting up a new business or expanding an existing one involves significant preliminary expenses. The Income Tax Act, under Section 35D, provides relief to businesses by allowing amortization of certain preliminary expenses over a specified period. This article explains the provisions of Section 35D, its applicability, eligible expenses, and the benefits available to businesses. Applicability

Maintaining business assets such as machinery, plant, and furniture is essential for smooth operations. The Income Tax Act allows deductions for expenses incurred on repairs and insurance of these assets, provided they are used for business or professional purposes. Understanding these deductions can help businesses optimize their tax liability while ensuring proper maintenance of assets.

When running a business or profession, expenses related to rent, rates, taxes, repairs, and insurance for premises are significant. The Income Tax Act provides specific provisions allowing deductions for such expenses, helping taxpayers reduce their taxable income. This blog delves into the eligibility criteria and scope of deductions available under this provision. Understanding Section 30

Rental income is a crucial component of income for many taxpayers. However, there are instances where tenants fail to pay rent on time, leading to arrears or unrealised rent. To address such situations, Section 25A of the Income Tax Act provides specific provisions for taxing arrears of rent and unrealised rent when received subsequently. This

Owning property jointly with others is common, whether among family members, business partners, or investors. However, the taxation of such co-owned property is subject to specific rules under the Income Tax Act. This blog explains the tax implications of co-owned property and how income from such property is assessed under the law. Understanding Co-Ownership of

The concept of annual value is crucial in determining the taxable income from house property under the Income Tax Act, 1961. Section 23 of the Act lays down the provisions for computing the annual value of a property, which forms the basis for taxation under Section 22. Whether the property is self-occupied, let out, or

The Union Budget 2025, presented by Finance Minister Nirmala Sitharaman, introduces significant reforms in India’s direct tax structure, primarily benefiting the middle class and aiming to stimulate economic growth. Below are the key highlights: Revised Income Tax Slabs  The budget proposes a substantial increase in the tax exemption threshold. Individuals earning up to ₹12 lakh

Tax Deducted at Source (TDS) plays a crucial role in ensuring tax compliance in India. One of the key sections governing TDS on professional and technical fees is Section 194J of the Income Tax Act, 1961. This section mandates TDS deduction on payments related to professional and technical services, royalty, and director’s fees. In this

Income from house property is one of the five heads of income under the Income Tax Act, 1961. If you own a house or any other property, you may be liable to pay tax on the rental income or deemed rental value of the property. However, the Act allows certain deductions to reduce the taxable