Category: Income Tax

Financial Year Change in India from Apr-Mar to Jan-Dec

Changing Financial Year to Calendar Year i.e, from existing April-March to January-December is in consideration. Latest update on changing the Financial Year of India to Jan-Dec is that, the committee formed to decided on this change of financial year will meet this Sept and give a final decision. Why India follows April to March financial […]

Section 10 of Income Tax Act 10(10D) 10(23C) 10(38) 10(34)

Section 10 of the Income Tax Act 1961 deals with exemptions from gross total income of an Assessee. In other words, Section 10 states that, Certain incomes falling under specified clauses are exempt from Income Tax and shall not be added to the Total Income of the Assessee. Section 10 is one of the largest […]

Highest Tax Payer Celebrity India 2017 (Top 10 List)

The List of Highest Tax Payer Celebrity in India for the previous year is provided below. These Celebrity Tax payers are from multiple industries. It is known fact that Movies and Cricket enjoy the highest following in India and it is no shock that most of the Highest Individual Tax Payers in┬áthe list are from […]

Section 87A of Income Tax Act Rebate for Small Tax Payers

Section 87A of Income Tax Act provides rebate for Small Tax Payers. The Rebate under section 87A was introduced only a couple of years back. This Rebate is available only to Indian Residents. Section 87A Rebate will not be available to other Assessees like HUF, Companies etc. The Rebate is available to the extent of […]

Set off Loss from Business Capital Gain House Property

Under Income Tax Act, Can Business Loss be Set off against Capital Gain. Can it be Set off against both Long Term Capital Gain and Short Term Capital. Business loss set off means, we erase the loss accrued from our Non-Speculative business against Incomes from other Heads. In this Article, we will discuss on issues […]

Section 80G of Income Tax Act Donations

Section 80G of the Income Tax Act, 1961 is pretty famous section among salaried employees. What Section 80G gives is both Divine Benefits and Tax Benefits. In this article, we will clear every doubt you will probably have about Section 80G. We also have earlier written analysis for other Income tax provisions like Section 10, […]

Tax Deduction for Heart Surgery of a Professoinal

Read one of the landmark Judgement where a legal professional has claimed IT Deduction expenditure for his Hear Surgery. MR.Shanti Bhushan (Father of AAP MLA M.Prashant Bhushan) has claimed that his heart shall be considered as a Plant and Machinery under the Income Tax Act. If a cricket bowler gets income tax deduction for expenses […]

Section 10 of Income Tax Act 10(10D) 10(23C) 10(38) 10(34)

Section 10 of the Income Tax Act 1961 deals with exemptions from gross total income of an Assessee. In other words, Section 10 states that, Certain incomes falling under specified clauses are exempt from Income Tax and shall not be added to the Total Income of the Assessee. Section 10 is one of the largest […]

Section 80D of Income Tax Act AY 2016-17 Analysis

Deduction for Medical Insurance under section 80D of Income Tax Act was amended last year. As the Medical Costs are drastically increasing across the country, there is every need to increase the Deduction limit u/s 80D of Income Tax Act. All Payments towards Medical Insurance Premiums are provided in this section. Recently a amendment is […]

Section 89 of Income Tax Act Relief on Salary Arrears

Section 89 and Section 89(1) of the Income Tax Act provides for Relief on Salary Arrears or Salary Advanced received by an Employee in the Previous Year. Section 89 is relatively new section to the Income Tax Act. When an employee receives arrears salary in the current year, automatically this will increase their Tax liability. […]

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