There are three different sections of the IT Act under which a home loan is eligible for deductions. A home loan is made up of two components- principal and interest. It is possible for you to claim deductions on repayment of both of these components as per the income tax laws. Let us...
Non-Resident Indian or NRI under the Income Tax Act, 1961 (IT Act) is tied to number of days of an individual’s stay in India during a particular financial year. Residential status is determined for every year separately. India includes territorial waters of India and Employment includes self...
Assessment Reopening Under Section 147 Denied Due To Time Bar And Lack Of Independent Investigation February 1, 2025 Case Laws Income Tax Income Declared Under Chapter XIX-A Before Black Money Act Implementation Cannot Face Fresh Proceedings Under BM Act ...
Exempt income refers to income which though is earned and received during the financial year is not taxable. Certain type income can be exempted from tax provided certain conditions are met which are defined in Income Tax Act. Exempt income includes tax-free sources of income, such as ...
(c) introducing a team-based revision of orders, with dynamic jurisdiction. (2) The Central Government may, for the purpose of giving effect to the scheme made under sub-section (1), by notification in the Official Gazette, direct that any of the provisions of this Act shall not apply ...
within the time period when the Scheme remains in force. A valid declaration made under the Scheme would protect the declarants from: (i) the rigours of Benami Transactions (Prohibition) Act, 1957; (ii) scrutiny, enquiry and prosecution under the Income-tax Act, 1961 and Wealth Tax ...
Form 12BA income tax applies to such additional benefits, perks or fringe benefits. Form 12BA... Section 194K of Income Tax Act: TDS on Dividend During Budget 2020, the finance minister, Nirmala Sitharaman, recommended the addition of Section 194K to the Finance Act. This clause allows ...
QUESTION: the Income Tax Act,1961 provides for taxation of a certain income earned in India by Mr. X a non-resident. The DTAA ,which applies to Mr. X provides for taxation of such income in the country of residence. Is Mr. X liable to pay tax on such income earned by him in Indi...
The advanced income tax is calculated in the same manner as normal income tax and the sametax slabsapply to respective taxpayers. However, the method of filing advance income tax is different. Who pays advance income tax in India? Advance income tax applies to all taxpayers, whether salaried,...
INCOMETAXACT1961 (Amended-FinanceAct.13) CHARGEABILITYU/S45 2 Anyprofitorgainarisingfromthesaleor transferofaCapitalAssetischargeabletotax underthehead“capitalgains”.Itisdeemedtobe incomeofthepreviousyearinwhichtransferof capitalassettakesplace. Besidesabove,CapitalGainalsoariseundercertainspecified ...