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...
Deduction under Section 80JJAA
[Section 80JJAA]: Deduction in respect of Employment of New Employees
Section 80JJAA of the Indian Income Tax Act, 1961 provides a valuable deduction for employers who create...
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...
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,...
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...
Computation of Capital Gains [Section 45(2)
[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...
Capital Gains - Deemed Cost of Acquisition
Deemed Cost of Acquisition of Capital Asset for Computing Capital Gain
Section 55(2) – Cost of Acquisition of Capital Asset for Computing Capital Gain Cost of acquisition...
Valuation of Various Perquisites - for calculating Salary income
Valuation of Various Perquisites – for Calculating Salary Income
1.  Provision by the employer of services of a Sweeper, a Gardener, a Watchman or Personal Attendant...
Section 72: Carry Forward and Set Off of Business Losses
Section 72: Carry Forward and Set Off of Business Losses
(1) Introduction to Section-72 Section 72, which deals with the carry forward and set off of business...
Deduction under Section 80CCD
Section 80CCD : Deduction in respect of Contribution to a National Pension Scheme (NPS)
1.  Introduction to Section 80CCD Section 80CCD of the Indian Income Tax Act, 1961, provides for deductions...
Deduction under Section 80EEB
Section 80EEB: Deduction in respect of Purchase of Electric Vehicle
With the increasing concerns about climate change and the need to reduce pollution, there has been a...
Residential Status [Sections 5 to 9B]
Residential Status [Sections 5 to 9B]
1.  Scope of Total Income / Incidence of Tax [Section 5] Total income of an assessee cannot be computed...
Investment in TERM LIFE INSURANCE
Investment in TERM LIFE INSURANCE for A.Y. 2022-23 & 2023-24
Term life insurance, also known as pure life insurance, is a type of life insurance that guarantees payment...
Section 71- Inter-Head Adjustment of Losses
Section 71: Inter-Head Adjustment - Set Off of Loss from one Head against income from another Head
(1) Introduction to Section-71 (Inter-Head Adjustment) Under the Indian Income Tax Act, 1961, taxpayers...
Section 70 Inter-Source Adjustment
Section 70: Inter-Source Adjustment – Set Off of Loss from one Source against Income from another Source under the same head of Income
1.  Introduction to Section 70 – The Indian Income Tax Act, 1961, provides various provisions for...
Amendments relating to Incomes which do not Form Part of Total Income by The Finance Bill 2022
Amendments relating to ‘Incomes which do not Form Part of Total Income’ by The Finance Bill 2022.
1.  Provision inserted under Clause ( c ) of explanation to Section 10(4D) applicable w.e.f. 2022-23 As...
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...
Deduction under Section 80EE
Section 80EE: Deduction in respect of Interest on Loan taken for Residential House Property
Income tax laws in India provide various deductions and exemptions to taxpayers, helping them reduce...
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...
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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