Direct and Indirect Taxes with Tax Ready Reckoner.
Section 80QQB of the Income Tax Act provides a deduction in respect of royalty income earned by authors. This section aims to encourage and support the creative pursuits of authors in India by providing them with tax benefits. In this blog post, we will explore the provisions of Section 80QQB and understand how authors can […]
[Section 80QQB]: Deduction in respect of Royalty Income of Authors Read More »
Section 80RRB of the Income Tax Act, 1961, provides for a deduction in respect of royalty income received by an individual or a Hindu Undivided Family (HUF) for a patent registered on or after April 1, 2003 under the Patents Act, 1970. This section is aimed at encouraging research and development in the field of
[Section 80RRB]: Deduction in respect of Royalty on Patents Read More »
Section 80TTA of the Income Tax Act, 1961 provides for a deduction in respect of interest on deposits in savings account. This deduction is available to individuals and Hindu Undivided Families (HUFs). However, senior citizens are not eligible for this deduction as they have a separate deduction under Section 80TTB for interest on deposits in
[Section 80TTA]: Deduction in respect of interest on Deposits in Savings Account Read More »
Section 80TTB of the Income Tax Act, 1961 provides a special deduction to senior citizens in respect of the interest income earned from their deposits. This deduction is applicable only to individuals who are 60 years or above in age. Eligibility Criteria Section 80TTB is applicable to individual taxpayers who are senior citizens. In the
[Section 80TTB]: Deduction in respect of Interest on Deposits in case of Senior Citizens Read More »
Section 80U of the Income Tax Act provides relief to individuals with disabilities by allowing them to claim deductions on their taxable income. This section applies to both resident and non-resident individuals with disabilities. It aims to reduce the financial burden on persons with disabilities and promote their overall well-being. The section outlines the conditions
[Section 80U]: Deduction in case of a Person with Disability Read More »
(1) Introduction to Section-72 Section 72, which deals with the carry forward and set off of business losses. This section allows taxpayers to carry forward their business losses and set them off against future profits, reducing their taxable income. Carry Forward of Business Losses Under Section 72, a taxpayer can carry forward business losses for
Section 72: Carry Forward and Set Off of Business Losses Read More »
1. Section 70: Inter-Source Adjustment – Set Off of Loss from one Source against Income from another Source under the same head of Income (1). Introduction to Section 70 – The Indian Income Tax Act, 1961, provides various provisions for the computation of income and the determination of tax liability. One such provision is Section
Set Off or Carry Forward and Set Off of Losses [section 70 to 80] Read More »
1. Introduction to Section 70 – The Indian Income Tax Act, 1961, provides various provisions for the computation of income and the determination of tax liability. One such provision is Section 70, which deals with inter-source adjustment or the set-off of losses from one source against income from another source under the same head of
(1) Introduction to Section-71 (Inter-Head Adjustment) Under the Indian Income Tax Act, 1961, taxpayers are allowed to set off losses incurred under one head of income against income earned under another head of income. This provision is known as inter-head adjustment and is governed by Section 71 of the Income Tax Act. Section 71 allows
Under the Income Tax Act, individuals and Hindu Undivided Families (HUFs) have the option to be taxed as per the provisions of Section 115BAC. This section allows them to avail certain special provisions for set off of losses, which can significantly impact their tax liability. In this blog post, we will explore the special provisions
