Understanding the Rate of Depreciation Under Section 32 of the Income Tax Act
Depreciation is the reduction in the value of an asset over time due to wear and tear, obsolescence, or other factors. For businesses, depreciation...
Understanding Section 206C(7) of the Income Tax Act
The Income Tax Act, of 1961 is an essential document that regulates the taxation system in India. It outlines various provisions related to the...
Section 35CCD of Income Tax Act: An Overview and Benefits of Investing in NPS
The Indian Income Tax Act, of 1961 provides several tax-saving provisions that taxpayers can use to reduce their taxable income and save on taxes....
Section 54F of Income Tax Act: Landmark Case Laws Explained
Section 54F of the Income Tax Act, of 1961 provides relief to taxpayers from capital gains tax on the sale of a residential property,...
Section 198 of the Income Tax Act: Understanding its Provisions and Implications
The Indian Income Tax Act is a comprehensive legislation that governs the taxation of income in India. Among its various provisions, Section 198 has...
Understanding Section 40BA of the Income Tax Act
Section 40BA of the Income Tax Act, 1961 is a provision that has been introduced to provide clarity on the treatment of certain expenses...
Understanding Section 80CC of the Income Tax Act: A Comprehensive Guide
Paying taxes is one of the essential responsibilities of every citizen. As per the Income Tax Act, individuals can claim various deductions to reduce...
Understanding Section 16 of the Income Tax Act
The Income Tax Act is a crucial piece of legislation that governs how individuals and entities are taxed in India. Section 16 of the...
Understanding Section 11(3) of the Income Tax Act
Section 11(3) of the Income Tax Act is an important provision that pertains to the computation of income of a charitable or religious trust....
Section 89 of Income Tax Act 1961: Relief for Arrears or Advance Salary
Income Tax Act 1961 is the statute that governs the taxation system in India. It outlines the rules and regulations for the calculation and...