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 »
