Income Tax

When you earn income from a property that you have rented out or that is deemed to be rented out, it is subject to taxation under the “Income from House Property” category according to the Income Tax Act, 1961. However, there are certain deductions that can be claimed to calculate the taxable income from the […]

Determining the annual value of a property is a crucial aspect of the Income Tax law, as it helps calculate the taxable income and tax payable on the property. The annual value is the rental income that a property owner can expect to earn in a year, as per the guidelines mentioned in Section 23

Generating income through property ownership is a significant revenue stream for individuals in India. As per the Indian Income Tax Act, 1961, it is classified as one of the five types of income. This refers to the earnings derived by an individual from a property they own, either through renting it out or utilizing it

When individuals are employed, they expect to be remunerated for their labor. One common form of compensation is a salary, which is the predetermined payment an employee receives for their services. However, in addition to salaries, employers may provide their workers with other benefits such as perquisites (commonly known as perks) and profits in lieu

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