Tax Ready Reckoner – Direct and Indirect Taxes with Tax Ready Reckoner

Tax Amendments-Finance Bill 2022

Rates of Income Tax for Assessment Year 2022-23 & 2023-24

(A) In the case of every Individual or Hindu Undivided Family (HUF) (A1) If the individual...

Budget & Finance

Amendment of Sections (Union Territory Goods and Services Tax-UTGST) under Finance Bill (No.2), 2024.

Amendment of section 7. 151. In the Union Territory Goods and Services Tax Act, 2017 (14 of 2017.) (hereinafter...

Income Tax Concept

Residential Status [Sections 5 to 9B]

1. Scope of Total Income / Incidence of Tax [Section 5] Total income of an assessee cannot be computed...

Blog Knowledge Base

Income-Tax Deduction from Salaries During the Financial Year 2024-25 Under Section 192 of the Income-Tax Act, 1961

Circular No. 03/2025 [F. No. 275/107/2024-IT(B)] Dated 20th February, 2025 Government of India Ministry...

Budget & Finance

Provisions and Amendments Relating to “Measures to Promote Investment and Employment” under Finance (No.2) Bill, 2024.

Tax incentives to International Financial Services Centre International Financial Services Centre (IFSC)...

Blog Income-Tax Article Knowledge Base

Major TDS Amendments Effective from 1st April 2025: A Comprehensive Overview

To simplify tax compliance and enhance the ease of doing business, the Finance Act has proposed significant...

Income Tax Concept

Any payment from an Approved Superannuation Fund [Section 10(13)]

When it comes to retirement planning, superannuation funds play a crucial role in providing financial...

Letting Out of Machinery-Plant or Furniture Section 56(2)(ii)

Income from Other Sources

[Section 56(2)(ii)]: Taxability of Income from Letting Out of Machinery, Plant or Furniture

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

Knowledge Base

Exemption on Sale of Agricultural Land Under Section 54B

Introduction Section 54B of the Income Tax Act, 1961, provides an exemption on capital gains arising...

Amendments Relating to Changes in Basic Customs Duty Rates under Finance (No-2) Bill-2024

Budget & Finance

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- heading,...

Capital Gains

[Section 45(2)] : Capital Gain on Conversion of Capital Asset into Stock-in-Trade

(1) In the world of business and taxation, there are various provisions and regulations that govern...

Budget & Finance

Amendment of Goods and Services Tax (Compensation to States) under Finance Bill (No.2), 2024.

Insertion of new section 8A. 153. In the Goods and Services Tax (Compensation to States) Act, 2017 (15...

Deductions

Deductions Under 'Chapter VI-A' in respect of 'Incomes' are Allowed from Section 80-IA To 80U

1. Section 80-IAC: Deduction in respect of Eligible Business or Eligible Start Up Understanding of Section...

Press Release by PIB- Income Tax Management

PIB Press Release

Capital Gains Taxation Simplified and Rationalised under Budget 2024-25-Press Release by PIB

Ministry of Finance CAPITAL GAINS TAXATION SIMPLIFIED AND RATIONALISED SHORT TERM GAINS TO ATTRACT A...

Blog Orders, Circulars & Notifications

Central Government Notifies that No Deduction of Tax shall be made under the Provisions of Section 194Q of the Income Tax Act, 1961 – ‘03/20525’

Notification No. 03/2025 [F. No. 275/109/2024-IT(B)] Dated 2nd January, 2025 MINISTRY OF FINANCE (Department...

Orders-Circulars-Notifications-by IT Depatment

Blog Orders, Circulars & Notifications

Income-Tax (Second Amendment) Rules, 2025

Notification No. 10/2025 [F. No. 370142/26/2024-TPL] Dated 27th January, 2025 MINISTRY OF FINANCE (Department...

Income Tax Concept

Residential Status of an Individual [Section 6(1) & 6(1A)]

An individual may either be a: (a) Resident in India; or (b) Deemed to be Resident In India...

Knowledge Base

Income Tax Implications on Gratuity: A Comprehensive Guide

Gratuity is a significant part of an employee’s remuneration package. It is a payment made by an employer...

Income Tax Concept

Exemption of income of New Pension Scheme Trust [Section 10(44)]

Section 10(44) of the Income Tax Act, 1961 provides for exemption from income tax in India in respect...

Business or Profession

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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