Direct & Indirect Taxes, Tax Ready Reckoner for AY 2022-23 & 2023-24

Any profits or gains arising from the transfer of a capital asset effected in the previous year, shall be chargeable...

Capital Gains

[Section 54GB]: Exemption of Long-Term Capital Gains Tax on Transfer of Residential Property if Invested in a New Manufacturing SME Company

Other Sources

[Section 56(2)]: Incomes included under ‘Income from Other Sources’

Proviso to Section 17(2)- Treatment of Medical Facilities

Salaries

Treatment of Medical Facilities [Proviso to Section 17(2)]

Direct Taxes

Transfer of Capital Assets for Capial Gain

Transfer of Capital Asset for Calculation of Capital Gain

[Section 54F] : Exemption of Capital Gain on Transfer of Asset, other than a Residential House.

Section 36-Other Deductions -Profits and Gains of Business and Profession.

Investment in Senior Citizen Savings Scheme (SCSS) for A.Y. 2022-23 & 2023-24.

February 1, 2023

Section 80-IE: Deduction in respect of Certain Undertakings in North Eastern States

March 8, 2023

Section 9-Income Accrue or Deemed to Accrue or Arise in India

Section 9: Incomes which Accrue or Arise in India or are Deemed to Accrue or Arise in India

March 4, 2023

Tax Management :

Taxation in Companies

Special Provisions relating to Tax on Distributed Income of Domestic Company for Buy Back of Shares [Section 115QA to Section 115QC]

Under Section 115QA to Section 115QC, all the Special Provisions relating to Tax on Distributed Income of Domestic Company for...

Section 80D : Deduction in respect of Medical Insurance Premia

March 9, 2023

Section 80EEB: Deduction in respect of Purchase of Electric Vehicle

March 9, 2023

[Section 115BAA]: Special Provisions of Tax on Income of Certain Domestic Companies

Perquisites [(Section 17(2)]- Income under the head Salaries

Tax Ready Reckoner-2022-23 & 2023-24

Capital Gains

[Section 111A] : Tax on Short-Term Capital Gains in case of Equity Shares and Units of Equity Oriented Fund.

Here we describe all the Provisions towards Calculation of Tax on Short-term Capital Gains under Section 111A in case of...

Capital Gains

Computation of Capital Gain in Certain Special Cases

Here we discuss all the Provisions towards Computation of Capital Gain in certain Special Cases and the method of Computation...

Investment Planning

Investment in Senior Citizen Savings Scheme (SCSS) for A.Y. 2022-23 & 2023-24.

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February 1, 2023

SCSS is a savings product available for senior citizens aged 60 or above. On the date of opening an SCSS...

Agricultural Income

Tax on Non-Agricultural Income if the assessee earns Agricultural Income also

March 10, 2023

Investment Planning

Investment in Public Provident Fund (PPF) towards Tax Saving for A.Y. 2022-23 & 2023-24.

December 23, 2022

Capital Gains

[Section 54GA] : Exemption of Capital Gain on Transfer of Assets of Shifting of Industrial Undertaking from Urban Area to any Special Economic Zone (SEZ)

Amendments Bill 2022

Amendments relating to Penalties and Prosecutions by the Finance Bill, 2022

November 3, 2022

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Rates of Income Tax for Assessment Year 2022-23 & 2023-24

January 12, 2023

Exempted Incomes under Section 10 to 13A under Income Tax Act. 1956

March 13, 2023

Residential Status [Sections 5 to 9B]

March 4, 2023

Amendments relating to Incomes which do not Form Part of Total Income by The Finance Bill 2022

Amendments relating to ‘Exempted Incomes -Section-10’ by The Finance Bill 2022

November 2, 2022

Investment in TERM LIFE INSURANCE for A.Y. 2022-23 & 2023-24.

Rates of Income Tax for Assessment Year 2022-23 & 2023-24

Amendments relating to ‘Exempted Incomes -Section-10’ by The Finance Bill 2022

Amendments relating to Income under the Head Profits and Gains of Business or Profession - By Finance Bill 2022

Amendments to Profits and Gains of Business or Profession – By Finance Bill 2022

Types, Definitions and Residential Status of Companies

March 21, 2023

(Section 115JH): Special Provisions Relating to Foreign Company said to be Resident In India

March 21, 2023

Special Provisions in case of Closely Held Company

Special Provisions applicable to a Closely Held Company in which Public are Not Substantially Interested

March 21, 2023

Tax on Total Income of a Company

March 21, 2023

Taxation

Amendments Bill 2022

Rates of Income Tax for Assessment Year 2022-23 & 2023-24

January 12, 2023

Exempted Incomes

Exempted Incomes under Section 10 to 13A under Income Tax Act. 1956

Current Update :

Types, Definitions and Residential Status of Companies

(Section 115JH): Special Provisions Relating to Foreign Company said to be Resident In India

Special Provisions applicable to a Closely Held Company in which Public are Not Substantially Interested

Tax on Total Income of a Company

Business and Profession

Section 41-Deemed Profits Chargeable to Tax as Business Income

Capital Gains

[Section 54F] : Exemption of Capital Gain on Transfer of Asset, other than a Residential House.

Salaries

Income under the Head “Salaries” [Sections 15 to 17]

Capital Gains

Section 55(2) – Cost of Acquisition of Capital Asset for Computing Capital Gain

Residential Status

Residential Status [Sections 5 to 9B]

March 4, 2023

Other Sources

Section 56: Taxability of Income From ‘Other Sources’

As per Section 56 : Taxability of Income from Other Sources, income of every kind, which is not to be...

Undisclosed income and investments Taxed as Deemed Income under Section 69

Section 69- Undisclosed income and investments Taxed as Deemed Income of Business and Profession

Assessment of Firm (Including LLP-Limited Liability Partnership)

Section 80GG: Deduction in respect of Rent Paid

March 9, 2023

[Section 54GA] : Exemption of Capital Gain on Transfer of Assets of Shifting of Industrial Undertaking from Urban Area to any Special Economic Zone (SEZ)

Assessment

Partition of Hindu Undivided Family (HUF)

Exempted Incomes

Exempted Incomes (Section 13A)-Incomes of Political Parties

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Taxation in Companies

Types, Definitions and Residential Status of Companies

Types-Definitions and Residential Status of Companies with all Tax Implications are described below in details. 1. Company: As per section...

Taxation in Companies

(Section 115JH): Special Provisions Relating to Foreign Company said to be Resident In India

All Special Provisions under Section 115JH relating to Foreign Company said to be Resident in India are Described in details...

Taxation in Companies

Special Provisions applicable to a Closely Held Company in which Public are Not Substantially Interested

The following are the Special Provisions under the Income Tax Act which are applicable to a company in which Public...

Taxation in Companies

Tax on Total Income of a Company

Tax on Total Income of A Company is assessed like any other Assessee. However, its liability differs in two respects...

Section 115BA - Tax on Manufacturing Domestic Company

Taxation in Companies

[Section 115BA]: Tax on income of Certain Manufacturing Domestic Companies

Section 115BA: All Special Provisions relating to Rate of Income-Tax on Income of Certain Manufacturing Domestic Companies are described below:...

Taxation in Companies

[Section 115BAA]: Special Provisions of Tax on Income of Certain Domestic Companies

Section 115BAA: All Special Provisions relating to Rate of Income-Tax on Income of Certain Domestic Companies are described below: (1)...

Section 115BAB- Tax on New Domestic Company

Taxation in Companies

[Section 115BAB]: Special Provisions relating to Tax on Income of Certain New Manufacturing Domestic Companies

Section 115BAB: All Special Provisions relating to Rate of Income-Tax on Income of Certain New Manufacturing Domestic Companies are described...

Taxation in Companies

[Section 115JB] : Minimum Alternative Tax (MAT) – Deemed Income relating to Certain Companies

Provisions of Minimum Alternate Tax (MAT) under Section 115JB for payment of Tax on Deemed Income relating to Certain Companies....

Taxation in Companies

[Section 115JAA]: Allowing Tax Credit in respect of Tax Paid on Deemed Income under MAT Provisions against Tax Liability in Subsequent Years

Section 115JAA: Allowing Tax Credit in respect of Tax paid on Deemed Income of any Domestic Company under MAT Provisions...

Section 115JB - How to Compute Book Profit

Taxation in Companies

How to Compute Book Profit in case of Companies