Agricultural Income – Tax treatment / Taxability

Agriculture income is exempt under the Indian Income Tax Act. This means that income earned from agricultural operations is not taxed. The reason for exemption of agriculture income from Central Taxation is that the Constitution gives exclusive power to make laws with respect to taxes on agricultural income to the State Legislature. Howev...

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Posted Under: Income Tax |

House Rent Allowance – Deduction u/s. 10(13A)

House rent allowance (HRA) is received by the salaried class. A deduction is permissible under Section 10(13A) of the Income Tax Act, in accordance with Rule 2A of the Income Tax Rules. You can claim exemption on your HRA under the Income Tax Act if you stay in a rented house and get a HRA from your employer....

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Posted Under: Income Tax |

CPC Helpline Number – Income Tax dept, Bangalore with FAQs

To assist taxpayers CPC has established Customer care helpline, a limited call center service at ITD-CPC, Bangalore for queries related to ITR-V Receipt Status, Refund /Refund re-issue, Rectification, Income tax /PAN/TAN, e-Filing of returns, e-Filing Login, Form 26AS and Form 16. ...

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Section 80D Deduction for Mediclaim Insurance Premium

Section 80D: Deduction Under Section 80D for Mediclaim Insurance Premium to Individual, HUF, Senior Citizens....

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Depreciation Rate Chart as per Companies Act 2013 with Related Law

CA Sandeep Kanoi In this Article we have compiled depreciation rates Under Companies Act 2013 under Written Down Value (WDV) Method and as per Straight Lime method (SLM).  We  have also compiled Changes to Schedule II- Useful Lives to Compute Depreciation read with  section 123 of Companies Act,2013 made vide Notification No.G.S.R. 237...

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Posted Under: Company Law |

Carry Forward and Set Off of Losses with FAQs

Article covers Income Tax Act provisions related to Carry Forward and Set Off of Losses with Frequently asked Question and Answers.Loss from exempted source of income cannot be adjusted against taxable income...

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Section 44ADA – Presumptive Tax Scheme for Professionals

Section 44ADA is inserted with effect from financial year 2016-17 and deals Special provision for computing profits and gains of profession on presumptive basis for Certain professionals referred to in section 44AA(1) of the Income Tax Act whose total gross receipts from profession does not exceed Rs. 50 lakhs in a financial year....

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S.194C TDS On Payment To Transporter Owing More Than 10 Goods Carriage

As there is no rationale for exempting payment to all transporters, irrespective of their size, from the purview of TDS, it is proposed to amend the provisions of section 194C of the Act to expressly provide that the relaxation under sub-section (6) of section 194C of the Act from non-deduction of tax shall only be applicable to the payme...

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Deduction under section 80DDB with FAQ

Medical treatment of specified ailments under section 80DDB:-Deductions of expenses on medical treatment of specified ailments (such as AIDS, cancer and neurological diseases) can be claimed under Section 80DDB. The maximum amount of deduction allowed from gross total income is restricted to Rs 40,000 (which goes up to Rs 60,000 if the ag...

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Income Tax Deduction Under section 80CCC and 80CCD

As per section 80CCC, where an assessee being an individual has in the previous year paid or deposited any amount out of his income chargeable to tax to effect or keep in force a contract for any annuity plan of Life Insurance Corporation of India or any other insurer for receiving pension from the Fund referred to in clause (23AAB)...

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