Direct and Indirect Taxes with Tax Ready Reckoner.
Cases or situations of Tax Relief under section Section 89/Rule 21A when Salary is Paid in Arrears or in Advance for calculating taxable salary income for assessment year 2022-23 & 2023-24. Where, by reason of any portion of an assessee’s salary being paid in arrears or in advance or by reason of his having received […]
[Section 89/Rule 21A]- Tax Relief when Salary is Paid in Arrears or in Advance Read More »
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,
EXEMPTED INCOMES [Section – 10, 10AA, 11 to 13A] Read More »
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
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
Residential Status [Sections 5 to 9B] Read More »
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
Income Tax (Section 1 To 4) Read More »
(A) In the case of every Individual or Hindu Undivided Family (HUF) (A1) If the individual or HUF opts to be taxed under OLD REGIME (I) In the case of every Individual (other than those covered in part (II) or (III) below) or Hindu Undivided Family (HUF) Total income (Rs.) Rate of
Rates of Income Tax for Assessment Year 2022-23 & 2023-24 Read More »
1. Provision inserted under Clause ( c ) of explanation to Section 10(4D) applicable w.e.f. 2022-23 As per Clause (c) of the explanation to Section 10(4D)m “Specified Fund” means – (i) A Fund established or Incorporated in India in the form of a Trust or Company or a Limited Liability Partnership or a Body Corporate
1. Clarification in respect of Disallowance under Section 14A in absence of any Exempt Income during an Assessment Year [Explanation to Section 14A inserted by the Finance Bill, 2022 w.e.f. 1-4-2022 and Amendment of Section 14A(1) w.e.f. AY 2022-23] (A) Reason for making Amendment The existing section 14A(1) provides that for the purposes of
1. Section 35(1A) relating to Filing Of Statement of any sum received by a Research Association, University, College, A Company, etc. amended w.e.f. AY 2021-221 (A) Reason for making Amendment Section 35(1A) of the Act was inserted by the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 w.e.f. 1-4-2021. It mandated
1. Source of the funds or any other sum provided by the lender to the borrower and credited in hooks of the assessee also to be explained [ First proviso inserted under Section 68 and existing proviso under Section 68 to be treated as second proviso, applicable w.e.f. AY 2023-24] (A) Reason for making Amendment
