Section 23 of the Income Tax Act prohibits, in relation to any year of assessment, a deduction of 'the cost incurred in the maintenance of any taxpayer, his family or establishment' as well as any 'domestic or private expenses'. The cumulative effect of these prohibitions is that, for ...
The assessment for income of tax year (financial year) 2026-27 of a taxpayer shall be done as per the provisions of the Income Tax Act 2025 for tax year 2026-27. The Income Tax Act 2025 consists of 536 sections across 23 chapters and includes 16 schedules. It applies to the Tax Year...
[As per the Income Tax Act, 2025 (this Act) w.e.f. 1st April, 2026.] Section 412(1) of Income Tax Act 2025 (1) When an assessee is in default or is deemed to be in default in making a payment of tax, he shall, in addition to the amount of the arrears and the amount of...
Thus, different subsections of Section 10 allow different types of exemptions for different types of assessees. So, let’s understand the list of various exemptions under Section 10 of the Income Tax Act, 1961 Exemption under Section 10 (1) on agricultural income If you earn any type of ...
Income-taxAct,1961:Notificationunderundersection2(1A)(c),poviso,clause(ii)(B)and section2(14)(iii)(b);Urbanisationofareas WhereasadraftnotificationwaspublishedbytheCentralGovernmentinexerciseofthepowersconferred byitem(B)ofclause(ii)oftheprovisotosub-clause(c)ofclause(1A),anditem(b)ofsub-clause(...
Clubbing of Income as the term suggests, means adding the income of another person to the income of the person who is paying the tax. This term is explained under Section 64 of the Income Tax Act.
So, the parameters for the eligibility of this rebate under section 87A of the Income Tax Act 1961 are mentioned below in steps. Step 1: To begin with, the income to be taken into consideration for the access to a rebate under section 87A is arrived at after setting off the ‘brought...
DEDUCTION OF TAX AT SOURCE INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2022-2023 income-tax as per Finance Act, 2022
clauses. There werenew tax rules amendmentsto the sub-section(1) of the section 12A of the Income-tax Act 1961. According to this new rule, all trusts or religious organizations or institutions that have been registered under section 12A or 12AA and have undertaken changes s...
Section 13(7.1) of the Income Tax Act requires, generally speaking, that a taxpayer reduce the capital cost of a fixed asset by the amount of government assistance received by the taxpayer with respect to the asset. In two recent ... Parsons,B Robert - 《Journal of Canadian Petroleum Techn...