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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

“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

“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

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