Discover 5 Major IFSC Tax Amendments 2026 For Investment Funds. Learn About Section 9A, 10(4D), 47(Viiad) & Tax-Neutral Fund Relocation. Have you ever wondered why global fund managers are suddenly flocking to a small patch of land in Gujarat? Or why your financial advisor keeps mentioning “GIFT City” like it’s the next Singapore? Here’s the […]
India IFSC Tax Amendments 2026 | Investment Funds & GIFT City Guide Read More »
Learn What Income Is Chargeable Under Section 15 Income Tax Act 1961. Understand Due Basis Vs Receipt Basis, Advance Salary, Arrears, And Tax Computation Have you ever wondered why your March salary gets taxed even if your employer delays paying it until April? Or why receiving a bonus from last year in your current paycheck
Section 15 Income Tax Act: Complete Guide to Salaries Chargeable to Tax Read More »
Sections 15-17 Guide : Learn How To Compute Income From Salaries Under India’s Income Tax Act. Discover Standard Deductions, Allowances, Perquisites & Save Taxes Legally. Introduction Have you ever looked at your salary slip and wondered, “Why am I paying tax on the full amount when I never received some of these benefits in cash?”
Sections 15-17 Guide : How to Calculate Salary Income Tax Read More »
Learn everything about Section 194K TDS on mutual fund dividends. Discover the new ₹10,000 threshold from Budget 2025, rates, compliance rules, and how to claim refunds. Have you ever checked your mutual fund dividend payout and wondered why you received less than expected? Or perhaps you’ve noticed a mysterious deduction labeled “TDS” on your statement
Section 194K Explained: How TDS on Mutual Fund Dividends Works Read More »
Learn Section 37 Business Expenditure: Which Business Expenses Are Deductible Under The Income Tax Act. Real Court Cases, Practical Examples & Common Mistakes to Avoid. Introduction: Are You Leaving Money on the Table? Have you ever looked at your business expenses and wondered, “Can I actually claim this on my taxes?” If you run a
Section 37 Business Expenditure: What You Can & Cannot Claim (2026 Guide) Read More »
Confused About Blocked ITC Credits under GST Section 17(5) ? Learn The 6 Major Categories, Real Controversies, And What The Supreme Court Recently Ruled. Have you ever paid GST on a business expense and assumed you could claim it back as input tax credit (ITC)? Here’s the catch: not all business expenses qualify for ITC.
Blocked ITC Credits Under GST Section 17(5): What Every Business Owner Must Know Read More »
1. Definition of “Person” under Section 2(31) Section 2(31) of the Income Tax Act, 1961 provides an inclusive definition of the term “person” for taxation purposes, which is much broader than the ordinary meaning of an individual human being. This definition is fundamental as it determines who can be assessed for income tax in India.
Important Concepts of Taxation Read More »
1. Statutory Framework Section 5 defines the scope of total income based on the taxpayer’s residential status, which determines whether income earned within or outside India is taxable. The provision categorizes taxpayers into three classes: Resident and Ordinarily Resident (ROR) Resident but Not Ordinarily Resident (RNOR) Non-Resident (NR). 2. Taxability Based on Residential Status The table below summarizes the scope of
Scope of Total Income / Incidence of Tax [Section 5] under the Income Tax Act, 1961 Read More »
1. Importance of Residential Status Residential status determines: Which incomes are taxable in India (Indian vs. foreign income) Applicable tax rates and compliance requirements Eligibility for certain deductions/exemptions 2. Categories of Residential Status There are 3 categories: Resident and Ordinarily Resident (ROR) Resident but Not Ordinarily Resident (RNOR) Non-Resident (NR) 3. Basic Conditions for Resident
Determination of “Residential Status” under Income Tax Act, 1961 (Section 6) Read More »
The residential status of an individual is crucial for determining tax liability in India. It classifies taxpayers into three categories: Resident and Ordinarily Resident (ROR) Resident but Not Ordinarily Resident (RNOR) Non-Resident (NR) The rules are governed by Section 6(1) (basic conditions) and Section 6(1A) (deemed residency for high-income Indian citizens). 1. Basic Conditions for Resident Status [Section 6(1)] An individual
Rules for Determining Residential Status of an Individual [Section 6(1) & 6(1A)] Read More »
