December, 2024 - My Tax Support

“What You Need to Know About Tax on Property Gifts and Inadequate Transactions”

The taxation of property received without consideration or for inadequate consideration is governed by Section 56(2) of the Income Tax Act, 1961. This provision ensures that such transfers, which may otherwise escape taxation, are brought into the tax net

“Taxation of Gifts Under Sections 56(2)(vii) and 56(2)(x): Complete Guide”

Gifts are a common form of asset transfer, and their taxation is regulated under the Income Tax Act, 1961. The provisions of Section 56(2)(vii) and Section 56(2)(x) govern the taxation of gifts to ensure that certain gifts are brought

“How to Tax Income from Letting Out Assets Under Sections 56(2)(ii) & (ii)

Income from letting out machinery, furniture, and buildings is a unique category under the Income Tax Act, 1961, and is governed by Sections 56(2)(ii) and 56(2)(iii). These provisions ensure that such income is taxed appropriately under the head 'Income

“Keyman Insurance Policy Receipts and Taxation: Your Complete Guide”

A Keyman Insurance Policy is a life insurance policy taken by an organization on the life of its key employee(s). The objective is to safeguard the business against financial losses arising from the untimely demise or incapacity of the

How Are Contributions from Employees Treated Under Section 56(2)(ic)?

Under the Income Tax Act, 1961, the treatment of contributions from employees assumes significance, especially when such contributions are not deposited by the employer within the prescribed timelines. As per Section 56(2)(ic), such contributions become taxable under the head

How Is Interest on Securities Taxed Under Section 56(2)(id)?

Interest earned on securities is a significant source of income for many taxpayers. Under the Income Tax Act, 1961, such interest income is taxed under the head 'Income from Other Sources' as per Section 56(2)(id). This section ensures proper

“How Dividends Are Taxed Under Section 56(2)(i): Complete Guide”

Dividends are a form of income received by shareholders from companies as a return on their investments. Under the Income Tax Act, 1961, the taxation of dividends falls under Section 56(2)(i), which classifies dividends as taxable income under the

“Complete Guide to Tax on Lottery and Gambling Winnings Under Section 56(2)(ib)”

Winnings from lotteries, crossword puzzles, and gambling are among the specific incomes taxable under Section 56(2)(ib) of the Income Tax Act, 1961. These incomes are taxed under the head 'Income from Other Sources,' ensuring that such casual and windfall

“Taxation of Gifts, Winnings, and More Under Section 56(2)”

Section 56(2) of the Income Tax Act, 1961, lays down specific types of income that are taxable under the head 'Income from Other Sources.' These provisions ensure that diverse and residual income streams are brought into the tax net,

What Are the Conditions for Chargeability Under Section 56(1)?

Section 56(1) of the Income Tax Act, 1961, is part of the residuary head of income titled 'Income from Other Sources.' It mandates the taxation of income not chargeable under other specific heads of income. This ensures comprehensive tax

Month: December 2024