Introduction: Scope of Total Income Filing income tax returns is a significant aspect of financial management for individuals and businesses. Central to this process is understanding the scope of total income, which forms the basis for determining tax liability. In this blog post, we explore the concept of total income, its scope, and implications for … Read more
Introduction: 1. Income-tax Act, 1961: Introduction to Easy Income-tax Act of 1961 2.Annual Finance Acts: 3.Income-tax Rules, 1962: 4.Notifications and Circulars: 5.Judicial Decisions: The Charge of Income Tax: Exploring Section 4 Introduction: Section 4: Charge of Income-tax Scope of Charge: Section 4 establishes the scope of charge by declaring that income tax shall be charged … Read more
claim an Income Tax deduction for Home Loan A standard deduction rate of 30% is applicable to the Net Annual Value (NAV) of a property for taxation purposes. This deduction is advantageous as it is allowed regardless of whether the actual expenditure on the property is higher or lower. The standard deduction covers various average … Read more
Agricultural Income Taxable The Taxation of Agricultural Income is a topic of confusion and misconception among many Taxpayers. While some believe that all income, including agricultural income, is taxable, others are under the impression that agricultural income is entirely tax-free. In this blog post, we’ll delve into the nuances of agricultural income taxation, dispelling myths … Read more
1. Eligibility for Section 10AA Deduction: To qualify for deductions under Section 10AA, businesses must meet certain criteria: Section 10AA Deduction and Special Economic Best Zone Reinvestment Reserve Account 2. Amount of Deduction: Under Section 10AA, eligible businesses can claim deductions on profits derived from export activities: 3. Special Economic Zone Reinvestment Reserve Account: The … Read more
