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Income Tax Management

Complete Tax Solutions for Students, Teachers, Salaried, Professional, Executives & Businessman

Capital Gains Accounts Scheme 1988
Capital Gains Accounts Scheme (CGAS) 1988
The Capital Gains Accounts Scheme (CGAS) 1988 is a scheme under the Income Tax Act, 1961, in India. It...
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Tax on Short-term Capital Gains under Section 111A
[Section 111A] : Tax on Short-Term Capital Gains in case of Equity Shares and Units of Equity Oriented Fund
Here we describe all the Provisions towards Calculation of Tax on Short-term Capital Gains under Section...
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Tax on Long-Term Capital Gains under Section 112A
Tax on Long-Term Capital Gains under Section 112A in Certain Cases
(1)      Conditions to be satisfied for applicability of Section 112A [Section 112A(1)]: Notwithstanding...
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[Section 28]-Chargiability-Scope-Meaning of Income
Chargeability/Scope/Meaning of Income [Section 28]-Profits and Gain of Business and Profession
Chargeability/Scope/Meaning of Income under the head “Profits and Gains of Business and Profession” under...
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Expenses allowed as a Deduction [Sections 30 to 35]
Expenses allowed as a Deduction [Sections 30 to 35] -Profits and Gains of Business and Profession
Section 30 to 35 covers the following expenses Allowed as Deduction while computing Profits and Gains...
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Section 36-Other Deductions -Business and Professions
Section 36-Other Deductions -Profits and Gains of Business and Profession
List of all Other Deductions which are specified under section 36 of the Indian Income Tax Act,1961,...
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General Deductions [Section 37(1)]
General Deductions [Section 37(1)] -Profits and Gains of Business or Profession
Any expenditure (not being expenditure of the nature described in sections 30 to 36) and not of capital...
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Amounts Not Deductible [Section 40(a), 40(b), 40(ba)] -Profits and Gains of Business or Profession
Notwithstanding anything contained in sections 30 to 38, the following amounts shall not be deducted...
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Section 40A-Expenses or Payments Not Deductible
Expenses or Payments Not Deductible: [Section 40A] --Profits and Gains of Business or Profession
The provisions, which are being discussed under various sub-sections of section 40A have overriding effect ...
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Section 43B-Deductions Allowed only on Actual Payment
Section 43B- Deductions Allowed only on Actual Payment -Profits and Gains of Business and Profession
Under Section 43B, some of the Expenses are allowed and can be claimed by the Assessee only in the year...
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Undisclosed income and investments Section 69
Section 69- Undisclosed income and investments Taxed as Deemed Income of Business and Profession
Income referred to in Section 68, 69A, 69B, 69C and 69D which are undisclosed income and Investments...
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Deemed Profits Chargeable to Tax
Deemed Profits Chargeable to Tax as Business Income
What are the Deemed Profits and how they chargeable to Tax as Business Income 1. Recovery against any...
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Section 44AA and Rule 6F
[Section 44AA and Rule 6F]- Maintenance of Accounts by Certain Persons carrying on Business and Profession
As per Section 44AA and Rule 6F, persons carrying on Business and Professions specified below are mandatorily...
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Compulsory Tax Audit of Accounts [Section 44AB]
Compulsory Tax Audit of Accounts [Section 44AB] – Profits and Gains of Business and Profession
Following Business are required to get their Accounts compulsory Tax Audited by a Chartered Accountant...
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Estimated Income Method - for Computing Business Income in Certain Cases
Special Provisions for computing Business income in certain cases on the basis of Estimated Income Method...
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Income from House Property-Section-22-to-27
Income From “House Property” [Section 22 to 27]
Income under the head ‘Income from House Property’ under Section 22 to 27 has been described with practical...
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Income under the Head “Salaries” [Sections 15 to 17]
Income under the Head “Salaries” [Sections 15 to 17]
1. Computation of Income under the head Income from “Salaries” The first head of income is...
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Valuation of Allowances – for calculating Taxable Salary
Allowance- Meaning, Types and Treatment for Calculating Taxable Salary Income
1.  Allowances- Income under the head Salaries Allowance is a fixed monetary amount paid by the employer...
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Perquisites [(Section 17(2)] for calculating Salary Income
Perquisites [(Section 17(2)]- Income under the head Salaries
1.  Perquisites [(Section 17(2)]-Definition Section 17(2) of the Income-tax Act, 1961 gives an inclusive...
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Perquisites- Rent Free Accommodation
Perquisites- Rent Free Accommodation or Accommodation provided at Concessional Rate
Accommodation provided to the employee may be— (i)      unfurnished (ii)     furnished Further, such...
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