December, 2024 - My Tax Support

“How to Calculate Taxes on Royalty Income in India”

Royalty income is derived from allowing the use of intellectual property, patents, copyrights, trademarks, or other similar rights. Under the Income Tax Act, 1961, royalty income is generally taxed under the head 'Income from Other Sources,' unless it qualifies

“Simplified Tax Rules for Director’s Sitting Fees and Commissions”

Director’s sitting fees and commissions are common payments made to directors for their services. Under the Income Tax Act, 1961, these payments are categorized as 'Income from Other Sources' or 'Income from Salary,' depending on the nature of the

“Tax Rules for Family Pension Income: A Complete Guide”

Family pension is a payment received by the legal heirs of a deceased employee as a periodic income. Under the Income Tax Act, 1961, family pension is taxable under the head 'Income from Other Sources.' The Act provides specific

“How to Calculate Taxes on Sub-Letting Income in India”

Income from sub-letting is a unique category of income that arises when a tenant rents out a property (or part of it) to another party. Under the Income Tax Act, 1961, such income is not treated as income from

“How to Claim Deductions on Dividend Income Under Section 57”

Under the Income Tax Act, 1961, dividend income and the interest associated with it are taxable under the head 'Income from Other Sources.' Section 57 allows taxpayers to claim specific deductions related to expenses incurred for earning such income,

What Deductions Are Permissible from Income Under Section 57?

Under the Income Tax Act, 1961, Section 57 outlines the deductions allowed from income taxable under the head 'Income from Other Sources.' This section ensures taxpayers can offset certain expenses directly related to earning such income, thereby reducing their

“How to Handle Taxes on Employment Termination Compensation Under Section 56(2)(xi)”

In today’s dynamic professional landscape, employees may receive compensation for the termination of employment or modification of their terms of service. Such payments often raise questions about their taxability. Under the Income Tax Act, 1961, Section 56(2)(xi) governs the

“How to Handle Tax on Forfeited Advance Money in India”

The forfeiture of advance money received for the transfer of capital assets is a significant aspect of taxation under the Income Tax Act, 1961. Such forfeitures often occur when the intended transaction does not materialize, and the seller retains

“What You Need to Know About Taxing Interest on Compensation Under Section 56(2)(viii)”

Interest on compensation or enhanced compensation is a unique income category under the Income Tax Act, 1961. This type of income typically arises when a court or authority awards compensation for compulsory acquisition of property or increases the amount

“How to Identify Tax-Free Gifts Under Section 56(2)”

Under the Income Tax Act, 1961, gifts are taxable under Section 56(2), unless they qualify for specific exemptions. These exceptions are designed to ensure that genuine transfers, such as those arising out of family relationships or special occasions, are

Month: December 2024