Investment Planning for Middle Class Family
1.  Investment in Sukanya Samriddhi Yojana for Tax Saving for AY 2022-23 & 2023-24 Sukanya Samriddhi...
[Section 45(1A)]: Capital Gain in case of amount received from an insurer on account of Damage or Destruction of any Capital Asset
Where any person receives at any time during any  previous year any money or other assets under an insurance...
House Rent Allowance [Section 10(13A)]
House Rent Allowance (HRA) is a common component of most employees’ salary packages. It is provided...
TDS on Income Payable "Net of Tax" [Section 195A]
Section 195A of the Income Tax Act, 1961, governs scenarios where the payer agrees to bear the tax liability on...
Section 9: Incomes which Accrue or Arise in India or are Deemed to Accrue or Arise in India
Section 9 of the Income Tax Act, 1961, is a critical provision that determines when income is considered...
[Section 211]: Instalments of Advance Tax & Due Dates
Section 211 of the Income Tax Act, 1961, mandates the payment of advance tax in four instalments during...
[Section 234H]: Fee for Default in Intimation of Aadhaar Number
Section 234H of the Income Tax Act, 1961 imposes a fee for failure to intimate/link one’s Aadhaar...
Special Provisions for Tax on Buyback of Shares (Sections 115QA to 115QC)
Under the Income Tax Act, 1961, Sections 115QA to 115QC impose a tax on distributed income when a domestic...
Section 10(10CC)- Tax Exemption on Perquisites Paid by Employer
Section 10(10CC) provides a unique tax benefit where certain perquisites paid by employers are exempt...
Treatment of Business Income of a Charitable/Religious Trust
The treatment of business income for a charitable or religious trust under the Income Tax Act, 1961 is...
Section 15: Incomes Chargeable to Income-Tax Under the Head "Salaries"
Section 15 of the Income Tax Act, 1961 defines what constitutes taxable salary income and specifies the...
Computation of Tax on Long-Term Capital Gains (Other Than Section 112A Assets) Under Section 112
Overview of Section 112 Section 112 of the Income Tax Act, 1961 governs the taxation of long-term capital...
Set Off of Loss from One Source Against Income from Another Source Under the Same Head of Income [Section 70]
Section 70 of the Income Tax Act, 1961, allows taxpayers to adjust losses from one source against income...
Provisions and Amendments Relating to “Simplification and Rationalisation” under Finance (No.2) Bill, 2024.
1. Introduction of Block Assessment Provisions in cases of Search under Section 132 and Requisition under...
Section 10(12B)- Tax Exemptions on Partial Withdrawals from the National Pension System (NPS) Trust for Employees
Section 10(12B) of the Income Tax Act, 1961 provides tax exemptions on partial withdrawals from the National...
Tax Relief Under Section 89(1) Read with Rule 21A, for Salary Received in Arrears or In Advance
Here’s a detailed explanation of tax relief under Section 89(1) read with Rule 21A of the Income Tax...
Transfer of Capital Asset for Calculation of Capital Gains
1. Definition of ‘Transfer’ [Section 2(47)] A transfer includes: Sale, exchange, or relinquishment Compulsory...
Amendments to Other Proposals Involving Changes in Basic Customs Duty Rates in Notifications under Finance (No.2) Bill, 2024.
A.   Changes in Basic Customs Duty (to be effective from 24.07.2024) S. No. Chapter, Heading, sub-...
What Is Total Income Under Income Tax Act? A Simple Guide for Everyday Taxpayers
Learn How Total Income Under Income Tax Act Is Calculated For The 1961 Law. Discover The 5 Heads Of Income,...
[Section 54EC] : Exemption of Capital gain on Transfer of Long-Term Capital Assets being Land or Building or Both not to be charged on Investment in Certain-Bonds
Long-term capital gain arising on the transfer of any capital asset being land or building or both is...
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