INCOME TAX CATEGORY
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Section 80EEA of Income tax Act, Deduction in respect of interest on loan taken for certain house property. In computing the total income of an assessee, being an individual not eligible to... Read more
Taxability of life insurance maturity amount As per section 10(10D) of income tax act, any amount received under a life insurance policy, including bonus is exempt from tax. However, followi... Read more
Eligible Business under section 44AD The presumptive taxation scheme of section 44AD of income tax Act 1961 can be adopted by following persons: Resident Individual Resident Hindu Und... Read more
What is pre-construction period? While computing income chargeable to tax under the head “Income from house property” in case of a let-out property, the taxpayer can claim deduct... Read more
Capital Gain on Gifted Assets Capital gain arises if a person transfers a capital asset. (land, building or jewelry or share etc). section 47 of the Income-Tax Act, 1961 excludes various tra... Read more
Mainly two benefits are available :- Section 80TTB of the Income Tax law Section 80TTB of the Income Tax law gives provisions relating to tax benefits available on account of interest income... Read more
Compute Income from house property Income chargeable to tax under the head “Income from house property” in the case of a let-out property is computed in the following manner: Par... Read more
Who is covered by tax audit ? FAQ deals with Income Tax Audit Provisions in India. As per section 44AB, following persons are compulsorily required to get their accounts audited:- A person... Read more
Amendment of section 54 In section 54 of the Income-tax Act, in sub-section (1), after clause (ii), the following provisos shall be inserted with effect from the 1st day of April, 2020, name... Read more