Tax Implications of Owning Multiple Properties under Section 54 of the Income Tax Act
When it comes to buying a house, many individuals opt to purchase more than one property for various reasons. However, owning more than one...
Understanding Section 50 of the Income Tax Act: Computation of Capital Gains for Depreciable...
Section 50 of the Income Tax Act, 1961 is a provision that deals with the computation of capital gains in case of depreciable assets....
Understanding Section 45 of the Income Tax Act: Everything You Need to Know
The Income Tax Act is an essential piece of legislation that governs the taxation of income in India. It provides the legal framework for...
Maximizing Tax Savings: A Comprehensive Guide to Section 80 of the Income Tax Act
Section 80 of the Income Tax Act, of 1961 is a provision that allows taxpayers to claim certain deductions from their taxable income, thereby...
Section 10(10a) of Income Tax Act: Understanding Gratuity Tax Exemption
Section 10(10a) of the Income Tax Act, 1961 provides a tax exemption on the death-cum-retirement gratuity received by employees. A gratuity is a monetary...
Understanding Section 263 of the Income Tax Act: Procedure and Conditions
Section 263 of the Income Tax Act is a provision that empowers the Commissioner of Income Tax to revise any order passed by an...
Understanding Section 194B of the Income Tax Act: A Comprehensive Guide
Section 194B of the Income Tax Act is a provision that requires the deduction of tax at source (TDS) on winnings from lotteries, crossword...
Understanding Section 145(2) of the Income Tax Act and its Importance for Taxpayers
Section 145(2) of the Income Tax Act, 1961, deals with the method of accounting to be followed by a taxpayer while computing their income...
Section 115BAB of Income Tax Act: Boosting Manufacturing in India with Lower Corporate Tax...
Section 115BAB of the Income Tax Act, introduced in September 2019, offers a lower corporate tax rate for newly incorporated domestic companies engaged in...
Section 11(5) of the Income Tax Act: Understanding Tax Treatment for Charitable and Religious...
Section 11(5) of the Income Tax Act is a provision that deals with the tax treatment of income derived from properties held for charitable...