Rules & Sections

section 24 of income tax act

Section 24 Of Income Tax Act – Deduction For Interest On Home Loan

Owning your own house is a dream that many Indians wish to fulfill. With property rates rising rapidly, it becomes difficult to buy a house without a home loan. It is quite hassle-free to a home loan from a banking...

section 234b

Section 234B of Income Tax Act – Interest for Default in Advance Tax Payment

What is an advance tax? Advance tax refers to paying a part of your tax liability before the end of the relevant financial to the income tax department. Advance tax is also known as pay-as-you-earn tax. Every taxpayer needs to...

section 44ae

Section 44AE

What is Section 44AE of The Income Tax Act, 1961? Section 44AE of the income tax act, 1961 is an income scheme introduced by the Income Tax Department for small and medium enterprises. The aim is to simplify the taxation...

section 44aa

Section 44AA of Income Tax Act

For most of the people carrying on a business or profession, maintenance of books of accounts has always been a trick question. There are many misconceptions about the maintenance of accounts under section 44AA of Income Tax Act,1961. An assessee...

section 10 of income tax act

Section 10 of Income Tax Act

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...

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Relief Under Section 89

What is Section 89? For the purpose of the Income Tax Act, income tax is levied on the total income earned or received during the previous year by the assessee. There are cases where in the past dues are paid...

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Section 80TTB of Income Tax Act

What is Section 80TTB? Section 80TTB of the Income Tax Act, 1961 allows a resident senior citizen to claim a deduction against interest on the deposit. Section 80TTB is popular for claiming deduction against interest income on a fixed deposit...

section 195

Section 195 of Income Tax Act

What is Section 195? Section 195 of the income tax act mandates deduction of tax at source before making payments to a non-resident. It provides for deduction of tax on payments such as interest or any other sum chargeable to...