Income Tax

Staying abreast of current tax laws and regulations is imperative for investors to maximize their investment returns. One such provision that can aid in tax savings is the Investment Allowance outlined in Section 32A of the Income Tax Act. Implemented in 2014, the Investment Allowance enables businesses to claim a deduction of 15% on newly […]

Depreciation, a term frequently used in the fields of finance and accounting, refers to the decline in value of an asset over a certain period. In the context of income tax, it is an expenditure that businesses can claim as a deduction to decrease their taxable income and ultimately their tax burden. This blog post

Maintaining and repairing machinery, equipment, and furniture is of paramount importance in ensuring the functionality and productivity of any business. However, these maintenance and repair costs can pose a significant financial burden that may affect the profitability of the business. Luckily, Section 31 of the Income Tax Act provides some respite by allowing businesses to

When it comes to owning property, there are several expenses that must be considered, such as rent, fees, taxes, upkeep, and insurance. In India, these expenses are recognized as tax-deductible under section 30 of the Income Tax Act, 1961. Let us explore each of these expenses and their treatment under this section. Rent is eligible

Are you looking to understand Income from profits and gains of business or profession, how computed?  This detailed article will tell you all about Income from profits and gains of business or profession, how computed. Hi, my name is Shruti Goyal, I have been working in the field of Income Tax since 2011. I have

The imposition of taxes on profits and gains is a critical factor that businesses and professionals must consider. These taxes are based on the revenue earned from any trade, profession, or business activity carried out by an individual or a company, which can include various sources such as sales proceeds, service fees, rent, interest, or

In India, the ownership of a property is governed by the Income Tax Act of 1961, which has provisions for taxing income earned by individuals, corporations, and other entities. Owning a house property comes with specific tax implications, and the yearly charge associated with it is defined under Section 27 of the Act. Let’s examine

When multiple individuals jointly own a property, it is known as co-ownership. In India, the rules regarding such ownership are outlined in Section 26 of the Income Tax Act, which describes the tax implications of owning a property jointly. Section 26 applies to cases where a property is owned by two or more individuals who

Section 25A of the Income Tax Act offers specific provisions to landlords in India who experience issues related to non-payment or delayed payment of rent by their tenants. These provisions are relevant in situations where landlords are entitled to receive unpaid rent from their tenants, which is referred to as arrears of rent, or when

Earning a rental income from a property that is leased out is liable for taxation under the section “Income from House Property” according to the Indian Income Tax Act, 1961. The Act offers certain deductions from the gross rental income, thereby reducing the taxable income from the property. Section 24 of the Act lays down