Tax Articles

Form 12BA applies to perquisites that an employee receives as a benefit or reimbursement for benefits. These benefits are over and above the Employee's salary. Form 12BA income tax applies to such additional benefits, perks or fringe benefits. Form 12BA...

During Budget 2020, the finance minister, Nirmala Sitharaman, recommended the addition of Section 194K to the Finance Act. This clause allows any resident individual to deduct the amount paid on mutual fund units, up to a certain limit. What is...

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...

Every employee receives certain types of leaves throughout the year till they are in a company. Popular types of leaves are sick leaves, casual leaves, ordinary leaves, maternity leaves, earned leaves and others. You can carry forward some of these...

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...

If used efficiently, biodegradable resources can help reduce different types of pollution and bring ecological balance. Section 80JJA of the Income Tax Act provides tax deductions to businesses that have earned gains or profit through efficiently using biodegradable waste. To...

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...