Everything Income Tax

Income Exempted from Tax in India

by Vikram | 18 December 2013
In India, certain types of income do not attract taxes. In tax calculations, these types of income are not deducted but rather NOT added or included in the first place, to the gross total income. Mainly the Section 10 provides guidelines for exempt income. Primarily, the following kinds of income are exempted from taxation usually to the entire extent – Sr. No. Type of Income Under Section (u/s) 1. Agricultural Income 10 (1) 2. Income to a Member from Hindu Undivided Family (HUF) 10 (2) 3. Share of Profit from a Partnership Firm 10 (2A) 4. Leav... [More]

Everything Income Tax

Everything You Need to Know about Capital Gains Tax in India

by Team MMR | 14 November 2013
Capital gains tax is the tax levied on any kind of capital gains. Such gains are usually realized when assets or investments are sold or matured to yield a profit. The taxation varies on the following two factors: 1. Types of assets or asset classes 2. Duration of holding the assets [More]

Everything Income Tax

Gift Tax Act And Why Gifts Are Taxed!

by Varun Advani | 8 March 2013
The Gift Tax Act is one Act that is truly despised by many. This is because many of us believe that the action of gifting someone money, an object of desire, or even property, was a noble gesture and to tax such a gesture was truly appalling! [More]

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Collection And Recovery Under Expenditure Tax Act

by Varun Advani | 6 March 2013
The Expenditure Tax Act of 1987 states the collection of direct taxes for charges incurred at certain hotels, restaurants and similar establishment. There are certain rules that specify the collection and recovery of this Expenditure Tax and both the Assessees as well as the persons responsible for depositing this amount to into the coffers of the Income Tax Department of India are responsible for the correct payment as per laws laid down by the Income Tax Act of 1961. A series of Clauses, Sub Sections, and Sections of the Act deal with the recovery and collection of this tax amount.As per the... [More]

Everything Income Tax

What is an Entertainment Allowance?

by Varun Advani | 22 October 2012
This article discusses in depth the provisions regarding entertainment allowance and its deduction from salary for government and non-government employees as per section 16 of the Income Tax Act, 1961. [More]

Everything Income Tax