Capital Gains on Transfer of Shares-Debentures by NRI
Capital Gain in the case of Transfer of Shares/Debentures by Non-Residents (Proviso 1 to Section 4 and Rule 115A)
Understanding of Capital Gain When it comes to the transfer of shares or debentures by non-residents,...
Agricultural Income [Section 2(1A)]
Agricultural Income [Section 2(1A)]
Section 10(1) of the Income-tax Act, 1961 exempts agricultural income from income-tax. However, net agricultural...
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...
Exempted Incomes-Section 10(18)
Pension received by certain Awardees/any Member of their family [Section 10(18)]
Under Section 10(18) of the Income Tax Act, certain awardees and their family members are eligible for...
Income of a Developmental Financing Institution (DFI) to be Exempt [Section 10(48E)]
Income of a Developmental Financing Institution (DFI) to be Exempt [Section 10(48E)]
Developmental financing institutions play a crucial role in promoting economic growth and development...
Investment Planning for Middle Class Family
Investment Planning for Middle Class Family - A.Y. 2022-23 & 2023-24
1.  Investment in Sukanya Samriddhi Yojana for Tax Saving for AY 2022-23 & 2023-24 Sukanya Samriddhi...
Under Section 10(48D), the income of a Notified Institution is exempt from income tax
Income of a Notified Institution established for Financing Infrastructure and Development to be Exempt [Section 10(48D)]
A Notified Institution refers to any entity or body corporate established by the Central Government or...
Exempted Incomes-Section 10(4E)
Exemption of income of a Non-Resident as a result of transfer of non-deliverable forward contracts entered into with an offshore banking unit of International Financial Services Centre (IFSC) [Section 10(4E)] [Inserted W.e.f. A.Y. 2022-23]
Section 10(4E) of the Income Tax Act, 1961 provides an exemption from tax on income arising from the...
Exempted Incomes-Section 10(12A)
Exemption of Amount payable at the time of Closure or Opting Out of National Pension Scheme (NPS) [Section 10(12A)]
Section 10(12A) of the Income Tax Act, 1961 provides that any amount received by an individual from the...
Investment in Kisan Vikas Patra Yojana
Investment in Kisan Vikas Patra Yojana for A.Y. 2022-23 & 2023-24
Kisan Vikas Patra is a certificate scheme from the Indian post office. It doubles a one-time investment...
Computation of Capital Gains [Section 46]
[Section 46] : Capital Gains on Distribution of Assets by Companies in Liquidation
(1)        When a company goes into liquidation, it is important to understand the implications it can...
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...
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...
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...
Exempted Incomes-Section 10(6)
Remuneration to Persons who are not Citizens of India [Section 10(6)]
Section 10(6) of the Income Tax Act, 1961 provides an exemption from income tax for certain income received...
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[Section 56(2)(i)] : Taxability of Dividend under Income from Other Sources
Understanding of Section 56(2)(i) In India, the taxation of dividends is governed by the provisions of...
Depreciation Rate Chat 2023-24
Rates of Depreciation under Companies Act, 2013 [Depreciation Rate Chart]
As per Part “C” of Schedule II of the Companies Act, 2013 after making following assumptions: The...
Amendments relating to Set off or Carry Forward and Set off of Losses by the Finance Bill 2022
Amendments relating to Set off or Carry Forward and Set off of Losses by the Finance Bill 2022
1.  Provisions of Section 79 not to apply In case of Strategic Disinvestment of Public Sector Companies...
Permanent Account Number (PAN)[Section 139A and Rule 114]
Transactions where Quoting of PAN made Compulsory as prescribed by the Board [Section 139A (5)(c) and Rule 114B]
Every person shall quote his permanent account number in all documents pertaining to the transactions...
Amendments relating to Penalties and Prosecutions by the Finance Bill- 2022
Amendments relating to Penalties and Prosecutions by the Finance Bill, 2022
1.  Enabling the Commissioner (Appeals) to levy Penalty under Section 271AAB. 271AAC and 271AAD of the...
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