Income Tax Concept - Direct And Indirect Taxes With Tax Ready Reckoner

Interest Incomes which are Exempt under Section 10(15)

Interest incomes which are exempt under section 10(15) could be explained with the help of the following table- Section Income Exemption to 10(15)(i) Interest, premium on redemption, or other payment on notified securities, bonds, certificates, and deposits, etc. (subject to notified conditions and limits) All assesses 10(15)(iib) Interest on notified Capital Investment Bonds notified prior […]

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EXEMPTED INCOMES [Section – 10, 10AA, 11 to 13A]

Income Tax Concept / Exempted incomes

1. Agricultural Income [Section 10(1)] As per Section 10(1) of the Income Tax Act, agricultural income earned by an individual in India is exempt from tax. This includes any income that is generated from agricultural land, such as rent received from leasing out the land or income earned from the sale of agricultural produce. However,

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

Income Tax Concept

Section 9, Income Accrue or Deemed to Accrue or Arise in India : Section 9 describes the Incomes which Accrue or Arise in India or are Deemed to Accrue or Arise in India for the purpose of computation of Taxable Income according to Residential Status of an Assessee as per Income Tax Act. (1) Accrue

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Residential Status [Sections 5 to 9B]

Income Tax Concept

1. Scope of Total Income / Incidence of Tax [Section 5] Total income of an assessee cannot be computed unless we know his residential status in India during the previous year. According to the residential status, the assessee can either be: (i) Resident in India; or (ii) Non-resident in India. However, individual and HUF

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Income Tax (Section 1 To 4)

Income Tax Concept

1. Income Tax Law An understanding of the Income-tax law requires a study of the following: (I) The Income-tax Act, 1961 (amended up-to-date) (II) The Income-tax Rules. 1962 (amended up-to-date) (III) Notifications, Circulars and clarifications issued from time to time by the CBDT (IV) Judicial decisions (I) The Income-tax Act, 1961

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