Income Tax

Understanding Clubbing of Income under Section 64 of the Income Tax Act

Understanding Clubbing of Income under Section 64 of the Income Tax Act

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Section 64 of the Income Tax Act deals with the clubbing of income. This section specifies the cases where the income of one person...
Section 44AA of the Income Tax Act: Requirements for Maintenance of Books of Accounts

Section 44AA of the Income Tax Act: Requirements for Maintenance of Books of Accounts

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Section 44AA of the Income Tax Act, 1961, lays down the provisions related to maintenance of accounts by certain taxpayers. The section applies to...
Section 56(ii) of Income Tax Act

Section 56(ii) of Income Tax Act: Understanding the Taxation of Gifts

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Section 56(ii) of the Income Tax Act, 1961 deals with the taxation of income from other sources, specifically with regards to gifts received by...
Understanding Section 32 of the Income Tax Act: Depreciation on Assets

Understanding Section 32 of the Income Tax Act: Depreciation on Assets

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Section 32 of the Income Tax Act is a crucial provision that deals with the deduction of depreciation on assets used for business or...
Notice under Section 142(1) of the Income Tax Act 1961: A Comprehensive Guide for Taxpayers

Notice under Section 142(1) of the Income Tax Act 1961: A Comprehensive Guide for...

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The Income Tax Act, 1961 provides various provisions to ensure that taxpayers comply with their tax obligations. One such provision is Section 142(1) of...
Understanding Section 115TD of the Income Tax Act: Impact on Business Trusts and Investment Funds

Understanding Section 115TD of the Income Tax Act: Impact on Business Trusts and Investment...

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Introduction: The Income Tax Act, 1961, has various provisions to ensure that taxpayers pay their taxes appropriately. One such provision is Section 115TD, which deals...
Section 194H of Income Tax Act

Understanding Section 194H of Income Tax Act 2017-18: An Overview

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Section 194H of the Income Tax Act, 1961 is an important provision that deals with the deduction of tax at source on commission or...
Financial Year

Income Tax Rates for Financial Year 20-21 & Financial Year 21-22

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Introduction We are heading towards the new Financial Year 21-22. In this article you will get to know about Tax Rates, Surcharge, Health & Education...
Understanding Section 10(35) of Income Tax Act and its Impact on Tax Liability and the Stock Market

Understanding Section 10(35) of Income Tax Act and its Impact on Tax Liability and...

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Introduction Section 10(35) of the Income Tax Act, 1961 provides exemption to certain income earned by a specified entity. In this blog post, we will...
Understanding Section 24 of the Income Tax Act: A Guide to Deduction on Home Loan Interest

Understanding Section 24 of the Income Tax Act: A Guide to Deduction on Home...

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Understanding Section 24 of the Income Tax Act: A Comprehensive Guide Income tax is one of the most significant sources of revenue for the government,...