April 2023

To calculate income tax, it’s essential for salaried individuals to be aware of the various deductions they can claim from their earnings. The Indian Income Tax Act, 1961 allows for several exemptions and deductions to reduce taxable income and ultimately lower the tax liability. Here are some of the most prevalent deductions that employees can […]

Salaries are an indispensable source of income for many individuals and are subject to taxation according to Section 15 of the Income Tax Act. This section lays out the various constituents of a salary and their associated tax implications. Section 17 of the Income Tax Act defines salary as any remuneration received by an individual

The Income Tax Act implemented in 1961 mandates that certain types of income are not to be counted as a part of a taxpayer’s overall income. However, any expenses incurred in connection with such income can be considered for deduction while computing the taxable income. This article aims to discuss the expenses that can be

The taxation system in India classifies income into five different categories, commonly referred to as “heads of income.” It is crucial to have a proper understanding of these categories for effective tax planning and filing of income tax returns. In this article, we will delve into each of these five heads of income in detail.

Electoral trusts, which were established to foster transparency in political funding in India, receive voluntary donations from contributors. These donations are subsequently allocated to political parties or candidates to cover expenses related to elections. The Income Tax Act’s Section 13B outlines specific provisions regarding the voluntary contributions that electoral trusts receive, which we will discuss

Political entities play a crucial role in shaping the future of India by representing the interests of various sections of society. However, they require financial resources to carry out their activities, and as such, they are obligated to raise funds to meet their expenses. Under the provisions of the Income Tax Act, 1961, political parties

he Income Tax Act, 1961 encompasses Section 11 and Section 13, which serve to regulate the taxation of profits earned by charitable trusts or institutions. These entities are permitted to enjoy tax exemptions for their revenue as long as certain conditions are met. However, there are specific scenarios where Section 11 may not be applicable,

If you’re planning to establish a charity or philanthropic organization in India, it’s crucial to register for Section 12AB of the Income Tax Act to avail the tax exemptions and benefits provided under Indian tax laws. In this blog post, we’ll outline the steps involved in the process of fresh registration for income tax Section

If a benevolent or spiritual trust wishes to avail tax exemption on its earnings, it must register under Section 12AA of the Income Tax Act, 1961. Registration under this section is crucial to receive tax benefits as per Section 80G of the Income Tax Act. Here is a stepwise guide on how to register under

Income tax is a direct tax that is imposed on individuals or entities based on their revenue. The Income Tax Act of 1961 contains a multitude of provisions and sections that govern the taxation of income. Sections 11 and 12 of the Income Tax Act provide exemptions and deductions for income earned by charitable trusts