Rules & Sections

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Section 80CCC of Income Tax Act

What is Section 80CCC? Section 80CCC of the Income Tax Act, 1961 provides for a income tax deduction against the payment made to obtain a new pension policy or renew an existing pension policy. A taxpayer can claim a deduction...

section 80c

Income Tax Deduction Under Section 80C AY 2023-24

What is Section 80C of Income Tax Act? Section 80C of the Income Tax Act provides tax deduction up to Rs1.5 lakhs to individuals and HUF. The tax deductions provide a means for individuals to reduce their gross total income...

section 54 of income tax act

Exemption Under Section 54 of LTCG on Sale of a House Property

In simple terms, a capital asset is a property of any kind which is held by the assessee irrespective of whether the asset is used for personal use or business purposes. Below are certain assets, which are not considered as...

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 44ada of income tax act

Section 44ADA Of Income Tax Act – Presumptive Tax Scheme

Union Budget 2021 Update: Earlier Section 44ADA of income tax act was applicable to every assessee who is a resident of India. With the Budget 2021 announcement, the presumptive taxation scheme under sec 44ADA will be applicable to an assessee...

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section 44ad of income tax act

Section 44AD of Income Tax Act, 1961

Meaning of section 44AD of Income Tax Act In order to reduce the tax burden and to provide relief to the taxpayers from tax compliances, the government of India incorporated a simplified scheme. The scheme of presumptive taxation under section...

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 43b of income tax act

Section 43B of Income Tax Act

Section 43B of income tax act provides for deduction of a few statutory expenses in the year in which the expense is paid. This means an assessee can claim a few expenses on a payment basis and not on an...