Income Tax

Section 148 of Income Tax Act | Income Tax Act Section 148, Assessment or Reassessment Notice

Section 148 of Income Tax Act: Section 148 of the Income Tax Act deals with issuing a notice when if any income has escaped assessment or taxation. This section also mentions that an Assessing Officer will reach out to the assessee who is being questioned by issuing him or her a notice wherein he or …

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Transport Allowance Exemption

Transport Allowance Exemption | Meaning, Is Transport Allowance Taxable?

Transport Allowance Exemption: Employer offers transport allowance to its workers for commuting from home to workplace & vice-versa. If the amount crosses the exemption limit, then it is taxable. Many allowances are offered to their representatives by the Employers. One such allowance is provided for transportation. The allowance provided to the employees for commuting from …

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Speculative Income

Speculative Income | Meaning, Eligibile Transactions and Considerable Exceptions

Speculative Income: Under the Income Tax Act, one can categorize income earned under five significant heads. Hence, the proper classification of income is essential owing to the various methods of calculation. Among these types of income, one can be termed Speculative Income. What is Speculative Income? Understanding Speculative Transaction Considerable Exceptions Speculative Business Loss Loss …

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Section 64 Clubbing Income

Section 64 Clubbing Income | Specified Persons and Scenarios for Clubbing Income

Section 64 Clubbing Income: There are many occasions when an individual may need to club the income of someone else with the individual’s income. If one is planning to transfer any of the assets/income owned by an individual to another person as a means of tax planning for avoiding the income getting taxed in the …

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Agricultural Income Tax Calculation

Agricultural Income Tax Calculation | Types, Calculation and Factors of Agricultural Income Tax

Agricultural Income Tax Calculation: Agricultural income is the revenue earned from sources concerned with agricultural activities. These sources of income are inclusive of activities such as farming, activities related to building or use of agricultural or commercial yield from a horticultural land. What is meant my Agricultural Income in India? The types of Agricultural Income …

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Gross TotalIncome

Gross Total Income (GTI) | What is GTI? and Difference Between GTI and TI

Gross Total Income (GTI): Tax in itself is a tedious phenomenon, and the complexity increases when various terms are also included in the list. We all know that tax is charged levied on an individual’s income. However, the pay can further be classified and referred to by numerous names in India, such as Exempt Income …

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Standard Deduction from Salary & Pension Income

Standard Deduction from Salary & Pension Income

Standard Deduction from Salary & Pension Income: The Income Tax Act includes procedures for levying taxes on citizens’ incomes and consists of a combination of techniques for claiming deductions and tax refunds. Deductions are authorized dependent on how taxpayers utilize their own money. What is the Standard Deduction Under the Income Tax Act? What is …

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Total Income (TI)

Total Income (TI) | What is Total Income and How to Calculate Total Income?

Total Income (TI): Gross Total Income (GTI) or Total Income (TI) are the terms practised correspondently but vary in substance. Whereby summing up incomes earned as per all five sources of income, the Gross Total Income is calculated. As per under Section 80C to 80U (namely, Chapter VI A deductions) under the Income Tax Act …

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Taxability of Salary Income, Perquisites and Allowances

Taxability of Salary Income, Perquisites and Allowance: Salary is the reward received by an individual periodically for their service due to an express or implied contract. The actual receipt of salary in the former year is not substantial as far as its taxability is concerned. The presence of the employer-employee relationship is the sine-qua-non for …

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Factors Affecting Investment Under Section 80C

Factors Affecting Investment Under Section 80C | LIC, PPF, ELSS, NPS

Factors Affecting Investment Under Section 80C: One of the best ways when it comes to saving income tax is to declare all the investments under Section 80C. Any individual or HUF can save up to 1,50,000 just by declaring all the investments and expenses under section 80C of the Income Tax Act. In the process …

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