Rates of Income Tax for Assessment Year 2022-23 & 2023-24
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 or HUF...
Exempted Incomes-Section 10(43)
Exemption of amount received by an individual as Loan under Reverse Mortgage Scheme [Section 10(43)]
Reverse mortgage is a financial scheme that allows senior citizens to convert their home equity into...
Deduction under Section 80GG
Section 80GG: Deduction in respect of Rent Paid
Section 80GG of the Income Tax Act allows individuals to claim deductions for the rent paid when they...
Deduction under Section 80DDB
Section 80DDB : Deduction in respect of Medical Treatment, etc.
Section 80DDB of the Income Tax Act in India provides a deduction for individuals and Hindu Undivided...
Investment in National Saving Certificate (NSC)
Investment in National Saving Certificate (NSC) for A.Y. 2022-23 & 2023-24
The National Savings Certificate (NSC) is a fixed Income Investment scheme that you can open with any...
Exempted Incomes-Section 10(48A-48B)
Exemption in respect of income of a foreign company on account of storage of Crude Oil in a facility in India and sale of Crude Oil therefrom [Section 10(48A) & 10(48B)]
Section 10(48A) of the Income Tax Act provides an exemption in respect of income earned by a foreign...
Section 16 - Deduction from Salary Income
Section 16 – Deductions from Salaries
So far, we have discussed what are the various incomes, allowances and perquisites which are exempt and...
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...
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...
Exempted Incomes-Section 10(2)
Sum received by a Member from HUF [Section 10(2)]
Under Section 10(2) of the Income Tax Act, 1961, the sum received by a member from a Hindu Undivided...
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...
Tax Treatment of Provident Fund for Calculating Taxable Salary
Tax Treatment of Provident Fund for Calculating Taxable Salary Income
Provident Fund Scheme is a welfare scheme for the benefit of the employees. Under this scheme, certain...
Exempted Incomes-Section 10(11)
Provident Fund [Section 10(11)]
Provident Fund (PF) is a social security scheme in India that provides financial assistance to employees...
Exempted Incomes-Section 10(22B)
Income of Specified News Agency [Section 10(22B)]
Section 10(22B) of the Income Tax Act, 1961, exempts the income of a specified news agency from tax....
[Section 89/Rule 21A]- Tax Relief
[Section 89/Rule 21A]- Tax Relief when Salary is Paid in Arrears or in Advance
Cases or situations of Tax Relief under section Section 89/Rule 21A when Salary is Paid in Arrears or...
Exempted Incomes-Section 10(10AA)
Leave Encashment [Section 10(10AA)]
Leave encashment refers to the practice of converting accumulated leave into cash. Many organizations...
Income of an Electoral Trust shall be Exempt [Section 13B]
Income of an Electoral Trust shall be Exempt [Section 13B]
An Electoral Trust is a unique entity that plays a crucial role in the political funding of political...
Exempted Incomes-Section 10(15)
Interest, Premium or Bonus on Specified Investments [Section 10(15)]
The tax treatment of interest, premium, or bonus on specified investments is governed by Section 10(15)...
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...
Investment in Post Office Savings Account for Tax Saving
Investment in Post Office Savings Account for Tax Saving for AY 2022-23 & 2023-24
A Post Office Savings Account is one of the most popular and accessible savings accounts in India. The...
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