Section 112A of the Income Tax Act, 1961, deals with the taxation of long-term capital gains (LTCG). It simplifies the taxation process for gains on listed securities, units of equity-oriented mutual funds, and units of a business trust. What is Section 112A? This Section was introduced in the Finance Act, 2018. It addresses the taxation …
Section 111A is a provision in Indian tax law that deals with taxation of Short Term Capital Gains. This section outlines how the gains you make from selling certain assets in a short period are taxed. Let’s break it down into easy terms. What is Short-Term Capital Gain? Capital gains are the profits you make …
Section 195 of the Income Tax Act, is a crucial provision that deals with the taxation of payments made to non-residents. It requires individuals and businesses in India to deduct (TDS) when making payments to non-residents for certain types of income. What is Section 195? ection 195 mandates that if a person or entity in …
#46 – On TDS on payments of Non-Resident Indians. Read More »
Section 194J of the Income Tax Act, 1961, deals with the TDS (Tax Deducted at Source) on payments made to professionals and technical service providers. This section is essential for businesses and individuals who make payments to professionals, as it outlines the tax deduction requirements to ensure compliance with Indian tax laws. What is Section …
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Section 192 of the Income Tax Act, 1961, deals with TDS from Salary. This an important provision that ensures taxes are collected from employees’ earnings before they receive their salary. Here’s a simple guide to understanding this section: What is Section 192? According to Section 192, employers are responsible for calculating the TDS based on …
The Income Tax Act contains various sections dealing with taxation of different types of income. One important section is Section 17(2), Perquisits in Income Tax. This is the part of the rules governing the taxation of employee benefits. These perquisites are an essential part of an employee’s income. What is Section 17(2)? Section 17(2) of …
In India, Section 10(13A) of the Income Tax Act governs the tax treatment of HRA. House Rent Allowance (HRA) is a key benefit provided by employers to help employees manage their rental expenses. Let’s break down how this works: What is Section 10(13A)? Section 10(13A) provides tax relief on the HRA component of your salary. …
In India, income is classified under various heads for tax purposes, and one of them is “Income from Other Sources.” This category includes any income that doesn’t fall under traditional categories like salaries, business profits, or property rental income. What Is Income from Other Sources? Income from Other Sources is a catch-all category for various …
In India, income from capital gains is a key part of the Income Tax Act. This income arises from the sale of assets like property, stocks, or mutual funds. Here’s a simple guide to help you understand how it works. What Are Capital Gains? Capital gains refer to the profits earned from the sale of …
In India, your income is taxed based on different categories, and one important category is “Income from Business & Profession.” This category includes earnings that are derived from running a business or practicing a profession like medicine, law, or accountancy. Let’s break it down in simpler terms: What Counts as Business Income? This is the …