Tax Ready Reckoner

When it comes to investing in mutual funds, it is important to understand the various tax implications. One such aspect is the income of notified mutual funds, which falls under Section 10(23D) of the Income Tax Act. This section provides certain tax benefits to investors in notified mutual funds. Notified mutual funds are those funds […]

Business trusts have gained popularity in recent years as a unique investment vehicle. They offer investors the opportunity to earn regular income from the trust’s underlying business activities. One of the key benefits of investing in a business trust is the tax treatment of the distributed income received by unit holders. Section 10(23FD) of the

Section 10(23FE) of the Income Tax Act provides an exemption in respect of certain income of wholly owned subsidiaries of Abu Dhabi Investment Authority (ADIA) and Sovereign Wealth Funds (SWFs). This exemption aims to encourage foreign investment and promote economic growth in India. Key Provisions Under Section 10(23FE), the following conditions must be satisfied for

Trade unions play a crucial role in protecting the rights and interests of workers. They negotiate with employers to secure better wages, working conditions, and benefits for their members. But have you ever wondered how trade unions generate income and whether it is taxable? Under Section 10(24) of the Income Tax Act, trade unions enjoy

Section 10(26) of the Income Tax Act provides special provisions for the income of a member of a Scheduled Tribe residing in certain Specified Areas. This provision aims to ensure that the members of Scheduled Tribes living in specified areas receive certain benefits and exemptions regarding their income. Section 10(26) of the Income Tax Act,

Income tax laws can be complex and confusing, especially when it comes to understanding the various exemptions and deductions available for different categories of individuals. One such category is that of Sikkimese individuals, who enjoy certain benefits under Section 10(26AAA) of the Income Tax Act. Section 10(26AAA) provides for exemption of income earned by individuals

Under the Income Tax Act, there are certain provisions that govern the taxation of income earned by minors. One such provision is Section 10(32), which deals with the clubbing of income of a minor child in the hands of a parent. This provision ensures that any income earned by a minor child is included in

Income arising to a shareholder on account of Buy Back of Shares is governed by Section 10(34A) of the Income Tax Act. This section provides certain exemptions and tax benefits to shareholders who receive income from the buyback of shares. Buy Back of Shares refers to the process through which a company repurchases its own

Under Section 10(35A) of the Act, any income received by an investor from a securitisation trust is exempt from tax. This provision was introduced to encourage investments in securitisation trusts and to provide a boost to the securitisation market in India. A securitisation trust is a Special Purpose Vehicle (SPV) that acquires and holds financial

Section 10(37) of the Income Tax Act, 1961 provides for the exemption of capital gains on compensation received on compulsory acquisition of agricultural land situated within specified urban limits. This exemption is available to both resident and non-resident individuals and Hindu Undivided Families (HUFs). This provision aims to support farmers and landowners who are forced