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“Simplified Tax Guide for Composite Letting of Machinery and Property”

Composite letting of assets refers to a situation where an individual or entity lets out multiple assets together, such as a building along with machinery, furniture, or other equipment, as part of a single agreement. The Income Tax Act,

“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

“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 You Need to Know About Income from Other Sources in Taxes”

Under the Income Tax Act, 1961, 'Income from Other Sources' is defined under Sections 56 to 59 and serves as a residual head of income. It encompasses all income that is not specifically taxed under other heads such as

How to Apply Indexed one Cost of Acquisition When Calculating A Long-Term Capital Gains (LTCG)

When it comes to calculating long-term capital gains (LTCG), understanding the concept of indexed cost of acquisition and indexed cost of improvement is essential. These factors play a crucial role in reducing the taxable capital gain, thereby minimizing the

“How to Document Business Expenses for Maximum Tax Savings”

Introduction As a business owner, claiming deductions for business expenses is a crucial way to reduce taxable income and optimize your tax liability. However, to successfully claim these deductions under the Income Tax Act, 1961, you must maintain proper

Tax on Rental Income from Commercial Properties: Complete Guide”

Introduction Income earned from letting out commercial properties, such as office spaces, retail shops, or warehouses, is a common source of revenue. However, the taxation of this income depends on various factors, such as the nature of the property

“How to Deduct Scientific Research Expenses for Tax Savings”

Introduction Scientific research is a key driver of innovation and progress in any economy. Recognizing its importance, the Income Tax Act, 1961, provides deductions for expenses incurred on scientific research. These provisions incentivize businesses to invest in research and

Are Repairs and Maintenance of Machinery Deductible? A Complete

Introduction Machinery forms the backbone of many businesses, ensuring smooth production and operations. Over time, machinery may require repairs and maintenance to remain functional. The Income Tax Act, 1961, allows taxpayers to claim expenses incurred on repairs and maintenance

What is the Treatment of Unabsorbed Depreciation? Complete

Introduction Depreciation is a valuable deduction under the Income Tax Act, 1961, allowing taxpayers to account for the wear and tear of assets used in their business or profession. However, in some cases, the depreciation allowable exceeds the taxable

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