Income Tax Management

Section 80TTB of the Income Tax Act, 1961 provides a special deduction to senior citizens in respect...

Section 80U of the Income Tax Act provides relief to individuals with disabilities by allowing them to...

(1) Introduction to Section-72 Section 72, which deals with the carry forward and set off of business...

1.  Section 70: Inter-Source Adjustment – Set Off of Loss from one Source against Income from another...

1.  Introduction to Section 70 – The Indian Income Tax Act, 1961, provides various provisions for...

(1) Introduction to Section-71 (Inter-Head Adjustment) Under the Indian Income Tax Act, 1961, taxpayers...

Under the Income Tax Act, individuals and Hindu Undivided Families (HUFs) have the option to be taxed...

1.  Introduction to Clubbing of Income The Indian Income Tax Act, 1961, has provisions that prevent taxpayers...

1.  [Section 56(2)]: List of Incomes included under ‘Income from Other Sources’ There are many incomes...

There are many incomes which are taxable under the head ‘Income from Other Sources’. However, section...

Understanding of Section 56(2)(i) In India, the taxation of dividends is governed by the provisions of...

Under Section 56(2)(ib) of the Indian Income Tax Act, 1961, income from winnings is subject to taxation....

Interest income is one of the common sources of income for individuals and businesses alike. When it...

Under the Indian Income Tax Act, 1961, the taxability of income from letting out of machinery, plant,...

The Indian Income Tax Act, 1961, governs the taxation of various sources of income in India. One such...

While the income from other sources is taxable, there are certain amounts that are not deductible while...

Any profits or gains arising from the transfer of a capital asset effected in the previous year, shall...

Here we discuss all the Provisions towards Computation of Capital Gain in certain Special Cases and the...

Section 55(2) – Cost of Acquisition of Capital Asset for Computing Capital Gain Cost of acquisition...

Where any person receives at any time during any  previous year any money or other assets under an insurance...