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Expenses Can Be Claimed as Deductions Under Section 30? Complete

Introduction Section 30 of the Income Tax Act, 1961, specifies the deductions that taxpayers can claim for expenses related to the maintenance of buildings used for business or professional purposes. These deductions help reduce taxable income by accounting for

Are Subsidies or Grants Received by Businesses Taxable? Complete

Introduction Subsidies and grants are often provided by the government or other organizations to support businesses in various sectors, such as agriculture, manufacturing, or research and development. However, many business owners are unsure whether these financial aids are taxable.

When Is Compensation Received Under a Business Contract Taxable? Complete

Introduction In the course of business, contracts often include clauses for compensation due to breaches, cancellations, or modifications. The Income Tax Act, 1961, provides specific rules for taxing such compensation. Understanding the tax implications of compensation received under a

“How Are Speculative Transactions Taxed Under Income Tax Rules?” Complete

Introduction Speculative transactions, particularly in areas like stock trading, commodities, and financial derivatives, are often a source of confusion for taxpayers. The Income Tax Act, 1961, provides clear guidelines under the head "Profits and Gains of Business or Profession"

Tax on Profits and Gains from Business: Complete Guide

Introduction The Income Tax Act, 1961, specifies distinct heads of income to categorize various forms of earnings for tax purposes. One such head is "Profits and Gains of Business or Profession," which encompasses income from trade, commerce, or professional

What Sets Business, Profession, and Vocation Apart? Complete Guide”

Introduction In the realm of income tax and general taxation, the terms business, profession, and vocation are often used interchangeably. However, they represent distinct concepts, each with its own characteristics and implications under the Income Tax Act. Understanding the

“Income Tax Act Explained: Profession Under Section 2(36)” Complete Guidance

Introduction In the realm of taxation, the term "profession" holds significant importance under the Income Tax Act, especially when determining taxable income. Section 2(36) of the Act provides a foundation for understanding what constitutes a profession. It broadly encompasses

How is “Business” Defined Under Section 2(13) of the Income Tax Act?

Introduction The term "business" is fundamental to the Income Tax Act as it forms the basis for taxing profits and gains under the head Income from Business and Profession. Section 2(13) of the Income Tax Act provides a broad

“How to Calculate Income from Business and Profession”

Introduction Income from business and profession is a crucial category under the Indian Income Tax Act, encompassing earnings generated by individuals and entities through their business activities, professional practices, or vocational pursuits. This head of income is defined with

What Factors Influence the Calculation of the Annual Value of a Property?

The annual value of a property plays a significant role in determining the taxable income under the head "Income from House Property" as per the Indian Income Tax Act, 1961. It represents the potential income that a property can

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