What is Section 112A? Section 112A provides for long term capital gains on the sale of listed equity shares, equity-oriented mutual funds, and the units of a business trust. The said section was introduced in Budget 2018 after the removal...

The Finance Act 2020 includes a range of policies and reforms with the objective of boosting economic growth and improving tax administration. Section 80M was introduced to help corporates reduce their tax and compliance burdens under the Income Tax Act,...

What is the Meaning of Income From Business and Profession? As per section 2(13) of the Income Tax Act, a business includes any trade, commerce or manufacture or any adventure or concern like trade, commerce or manufacture. The term profession...

What is Section 10 of Income Tax Act? Section 10 of Income Tax Act, 1961 includes such income that does not form part of the total income while calculating the total tax liability of any person. These incomes are also...

Agricultural income in India is a major source of the rural population. Moreover, agricultural income is the primary source of income in India. To promote agriculture, the Central Government of India has taken many measures and launched schemes, loan concessions,...

The income tax department mandates payment of advance tax for taxpayers whose total tax payable exceeds Rs 10000 in a financial year. The income tax department makes it easier for a taxpayer to pay the tax due amount in four...

Many times we come across allowances such as transport, conveyance, uniform allowance, etc. These are special allowances that an employer offers to its employees regularly. These allowances have specific requirements and conditions for taxability. In this article we have covered...

Income from other sources is one of the heads for the classification of income as per the income tax. It can be considered as a residuary head of income that covers all the incomes which are outside the scope of...