Income Tax

Agricultural Income is exempt from income tax as per Section 10 of Income Tax Act, 1961. However, for those people who have non-agricultural income (such as business or salary, etc.) the agricultural income is included for the purpose of computing the tax. Suppose, by including agricultural income, the aggregate income …

The Constitution of India allocates the power of levy of taxes between the Central Government and the State Governments. Article 246 of The Constitution of India, 1949 reads as under – “Subject matter of laws made by Parliament and by the Legislatures of States (1) Notwithstanding anything in clauses ( 2 …

Section 194 IA: Payment on transfer of certain Immovable Property other than Agricultural Land (with effect from 01.06.2013) Vide BUDGET 2013, read with Notification No.39/2013 dated 31st May, 2013, a new Section 194-IA was inserted to Income Tax Act, 1961 in the case of transfer of immovable property (situated in India or abroad/commercial or …

Introduction: As per section 80C (1), “In computing the total income of an assessee, being an individual or a Hindu undivided family, there shall be deducted, in accordance with and subject to the provisions of this section, the whole of the amount paid or deposited in the previous year, being …

Introduction: Section 80C of the Income Tax Act allows certain investments in many small savings like NSC, PPF, Pension plans and certain expenditure like payment of tuition fees, life insurance premiums, and payment of principal amount of home loan to be tax exempt. The aggregate amount of deduction permissible under …

Your health first! Introduction “Sharira Madhyam Khalu Dharma Sadhanam” (Physical body is the medium for the righteous action) This is one of the quotes taken from the Vedic text which elucidates that only if One’s Health is Sound, he/she can engage in their respective work efficiently. In general predictions about …

Introduction Your education loan can lower you tax payouts. Yes, an individual Tax payer who has taken an Educational Loan, can claim deduction under section 80E of the Income Tax Act towards the interest amounts paid. Extract from the Act “80E. Deduction in respect of interest on loan taken for higher …

Dr. Manmohan Singhji, this is just a gentle reminder to file your income tax return for the Financial Year ending 31st March, 2014 on or before 31st July, 2014. I know your secretaries will do this job for you. But, of late, they are busy in writing books about your failures. So, I …

M O R N I N G   P O S T      ..Read First, Work Next… Thought for the day  He who is contented is Rich Vitamin K  Salary Income | Leave Travel Allowance | Tax Benefits  LTA should form part of your Salary Structure You actually travel (how to …

Thought for the day  Let’s treat our parents with loving care. We will only know their value, when we see their empty chairs Vitamin K  Carrying Cash Beware! Carrying cash (say, over Rs.50,000/-) during election time, up to the date of polling is not advisable. If you have to carry …