In this article we have discussed Income Tax deduction available to Taxpayers from various sources of Income for A.Y. 2025-26 / F.Y. 2024-25 and subsequent Years. Deductions include deduction Against Salaries, Against ‘income from house properties‘, Against ‘profits and gains of business or profession‘ Against ‘capital gains‘ and Against ‘income from other sources’. Also Read-Allowances […]
ITAT Bangalore directed AO that claim in respect of interest on fixed deposits if any is not allowed u/s. 80P(2)(d) of the Income Tax Act has to be considered in accordance with law by allowing the expenditure u/s. 57 of the Income Tax Act.
Kerala High Court rules that police lack authority to resolve civil disputes, emphasizing such matters must be addressed by civil courts, not law enforcement.
Learn about the tax-exempt allowances for Armed Forces personnel working in challenging conditions under Section 10(14), including hilly areas, high altitude, and more.
Learn about tax benefits for senior and super senior citizens, including deductions on health insurance, medical expenses, interest income, and filing exemptions.
Income-tax Act contains provisions for taxability of various allowances received by a taxpayer. These allowances are either in the nature of income which is exempt from tax or is an expenditure which provides weighted deductions to the taxpayer. This list gives a glimpse of tax treatment of various allowances available to a taxpayer. Allowances available […]
Understand Section 194-IA on TDS for property purchases. Learn tax deduction, rates, conditions, and compliance under the Income Tax Act, 1961.
MCA imposes a penalty of ₹2.5 lakh on Eravanchery Nidhi Limited for not filing Form MGT-14 for board resolutions, as per Sections 117(3)(g) and 179(3)(g).
Learn about taxable incomes under Income from Other Sources with provisions, deductions, and exceptions. Stay updated on tax guidelines.
Computation of capital gain depends upon the nature of the capital asset transferred during the previous year, vis-à-vis, short-term capital asset, long-term capital asset or depreciable asset. Capital gain arising on transfer of short-term capital asset or depreciable asset is considered as short-term capital gain, whereas transfer of long-term capital asset gives rise to long-term capital gain.
