Income Tax Computation For Individuals: Rules And Rates

The calculation of tax liability depends on several factors, including an individual%u2019s residential status, sources of income, and the tax regime they choose. 

The income taxable in the hands of an individual and tax ...

Introduction: The Income Tax Appellate Tribunal (ITAT) Pune recently examined a case where the Income Tax department had categorized the remuneration received by a partner as salary income, leading to an addition of Rs. 78,064 to the partner%u2019s income. The case of Kiran Vasant Pawar vs. ...

Section 194R of the Income-tax Act, 1961

The Finance Act, 2022, introduced Section 194R, which pertains to the deduction of tax on benefits or perquisites in respect of businesses or professions.

Businesses, companies, or entities often extend multiple types of benefits and ...

Co-operative Societies Meaning And Taxation Under Income Tax Act

Co-operative societies are profit-oriented entities which aim to obtain marketability for the products produced by agricultural and other labour-intensive businesses. Based on the recommendations of the Mirdha Committee and ...

Delve into the significant amendments in Section 43B concerning payments to Micro & Small Enterprises (MSME) under the MSME Act. Applicable from April 2024, these changes impact the due dates, eligibility for deductions, and ...