Updated: As per the amended finance act 2020 Any gain arising on the transfer (by sale or exchange) of the capital asset is known as a capital gain. Capital gains are calculated on the cost of acquisition and cost of improvement expenses of a capital nature incurred in making any additions or alterations to the…
Acceptance of deposits and maintenance of deposit accounts is the core activity in any bank. Para banking activities are the activities carried out by the bank which are apart from its normal day-to-day activities. Banks can undertake certain eligible financial services or para-banking activities either departmentally or by setting the subsidiaries. Some examples of the para-banking…
IntroductionUnder Section 14 of the Income Tax Act, 1961, the total income of an individual is classified under five distinct heads. This classification facilitates proper computation of taxable income and ensures compliance with tax laws. The five heads of income are: 1. Income from Salaries Income under this head is reported in Schedule S of…
Introduction The Indian Income Tax system encompasses a wide array of concepts, procedures, and compliance requirements. To assist taxpayers and students of taxation in navigating this complex framework, the following is a formal glossary of essential terms and commonly used forms under the Income Tax Act, 1961. Each entry has been defined succinctly to enhance…
(This post evaluates 10 widely preferred tax-saving instruments eligible for tax deductions under old tax regime- section 80C and also discusses here some of the important deductions under Section 80C, 80CCC, 80 CCD(1A), 80 CCD (1B), 80CCE, 80D, 80DD, 80 DDB,80E,80EEE,80G, 80GG,80TTA, 80TTB, 80U, 87(A) & Sec 24 an individual taxpayer is eligible to claim.…
Revised Income Tax Slab Rates for FY 2025-26 In Budget 2025, Finance Minister Nirmala Sitharaman announced significant changes to the income tax structure. One of the most notable highlights was the increase in the tax exemption limit, which is expected to boost disposable income and simplify tax compliance for individuals. New tax slabs under new…
Updated on 01.02.2025 The taxpayers who opt for a New regime are still eligible to claim certain tax exemptions. Here are the details of incomes that are as well exempted from income tax in the event you opt for the new tax regime. Relief under Section 87A: For the Financial Year 2025-26 (AY 2026-27), an…
The concept of residential status is pivotal under Indian income tax laws, as it determines the scope of taxable income in India. Residential status for income tax purposes may vary from year to year and differs significantly from the definitions under other Indian laws such as the Citizenship Act, Foreign Exchange Management Act (FEMA), Aadhaar…
Updated on July 18, 2022 The tax slabs and tax rates for the financial year 2020-21, 2021-22, and 2022-2023 remain the same. The rules for the old tax regime and the new tax regime are also the same as in previous years. The amount of rebate u/s 87A has been kept unchanged under both the…
In accordance with Article 265 of the Constitution of India, “No tax shall be levied or collected except by the authority of law.” This provision establishes that taxation can only be imposed under duly enacted legislation by the appropriate legislative authority—be it the central or state governments, or local governing bodies such as municipal corporations.…
