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“Are Unclaimed Lottery Prizes for Agents Taxable?” A Complete

Introduction In the lottery business, agents play a key role in selling tickets and distributing prizes. Sometimes, prizes remain unclaimed by winners, and the amounts may revert to the agents. This raises questions about the taxation of such unclaimed

“Is Insurance Compensation for Stock-in-Trade Loss Taxable?” A Complete

Introduction Insurance compensation received for the loss or damage of stock-in-trade is a significant aspect of business taxation. Stock-in-trade refers to the inventory held by a business for sale. When such stock is lost or damaged, businesses often receive

How to Treat Pre-Incorporation Profits for Tax Purposes”

Introduction When starting a company, certain profits or gains may be earned during the pre-incorporation period—before the company is formally registered or incorporated. These pre-incorporation profits need to be treated carefully under accounting and taxation laws to ensure compliance.

“How Are Gains from Commodity Trading Taxed?” A Complete

Introduction Commodity trading involves buying and selling goods such as gold, silver, crude oil, agricultural products, and other resources through commodity exchanges. A common question arises: Are the gains or losses from commodity trading classified as speculative income under

“Tax Complete Guide for Non-Speculative Income from Derivatives”

Introduction Derivatives trading has become a common form of investment, but its taxation often raises questions for traders. Under Section 43(5) of the Income Tax Act, 1961, derivatives transactions executed on recognized stock exchanges are classified as non-speculative transactions,

“Tax Complete Guide for Non-Speculative Income from Derivatives”

Introduction Speculative income refers to the profits or gains arising from speculative transactions. These are high-risk transactions, typically carried out without the intention of taking or giving delivery of goods or assets. The Income Tax Act, 1961, has specific

Complete “Section 40A(2): Disallowance of Excess Remuneration to Relatives”

Introduction Section 40A of the Income Tax Act, 1961, is a key provision designed to prevent tax evasion by regulating transactions with related parties, including relatives. Specifically, Section 40A(2) targets excessive payments for goods, services, or remuneration made to

A Complete Guidance Understanding Cash Payment Limits Under Section 40A(3)”

Introduction To curb the use of cash transactions and promote transparency, the Income Tax Act, 1961, imposes restrictions on the deductibility of cash payments exceeding ₹20,000 under Section 40A(3). This provision ensures that taxpayers use digital or non-cash methods

“A Complete Guide to Non-Deductible Expenses Under Section 40”

Introduction The Income Tax Act, 1961, aims to ensure that taxpayers claim only legitimate business expenses while computing their taxable income. To achieve this, Section 40 specifies certain expenses that are not allowed as deductions when calculating income under

“Tax Conditions for Goods Carriages Under Section 44AE Explained” Complete

Introduction Section 44AE of the Income Tax Act, 1961, provides a presumptive taxation scheme for individuals, HUFs, or firms engaged in the business of plying, hiring, or leasing goods carriages. This scheme simplifies tax compliance for small transport operators

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Our Blog

“Are Unclaimed Lottery Prizes for Agents Taxable?” A Complete

“Is Insurance Compensation for Stock-in-Trade Loss Taxable?” A Complete

“How Are Gains from Commodity Trading Taxed?” A Complete

“Tax Complete Guide for Non-Speculative Income from Derivatives”

“Tax Complete Guide for Non-Speculative Income from Derivatives”

A Complete Guidance Understanding Cash Payment Limits Under Section 40A(3)”

“Tax Conditions for Goods Carriages Under Section 44AE Explained” Complete

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