Understanding Section 115BAC of the Income Tax Act: Lower Tax Rates and Foregoing Deductions...
Section 115BAC of the Income Tax Act, 1961 is a new section that was introduced by the Finance Act, 2020. This section provides an...
Understanding the Provisos to Section 17(2) of the Income Tax Act: Exemptions for Perquisites...
Section 17(2) of the Income Tax Act lays down the provisions for the taxability of perquisites or fringe benefits provided by an employer to...
Understanding Section 16(2) of the Income Tax Act: Taxation of Salary Income
Section 16(2) of the Income Tax Act, 1961, lays down the provisions related to the salary income of an individual. Salary income is the...
Understanding Section 80EE of the Income Tax Act: A Guide to Deductions for First-Time...
Section 80EE of the Income Tax Act, 1961 is a provision that offers tax benefits to individuals who have availed of a home loan...
Understanding Section 10(26) of the Income Tax Act: Tax Exemption for Specified Persons in...
Section 10(26) of the Income Tax Act provides certain categories of individuals who are exempted from paying tax on their income. These categories of...
Section 44AA of Income Tax Act: A Comprehensive Guide for AY 2020-21
Introduction
Section 44AA of the Income Tax Act, 1961 mandates every person carrying on certain businesses or professions to maintain books of accounts. These books...
Section 80IC of the Income Tax Act: Understanding Tax Benefits for Eligible Businesses
Introduction
Section 80IC of the Income Tax Act is a provision that provides tax incentives for businesses operating in specific industries and locations in India....
Section 56(2) of Income Tax Act 2018: Taxation of Gifts – Rules, Exemptions, and...
Section 56(2) of the Income Tax Act 2018: An Overview
The Income Tax Act 2018 (ITA 2018) is the primary legislation governing taxation in India....
Understanding Section 192: The Basics of TDS on Salaries in India
Section 192 of the Income Tax Act, 1961, deals with the deduction of tax from salaries. It is an essential provision that governs the...
Understanding the Hindu Undivided Family (HUF): Benefits, Taxation, and Succession
What is a HUF?
HUF stands for Hindu Undivided Family. It is a legal entity recognized under Hindu law in India. It is a unique...