Taxable Income - My Tax Support

“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

“How to Claim Deductions on Dividend Income Under Section 57”

Under the Income Tax Act, 1961, dividend income and the interest associated with it are taxable under the head 'Income from Other Sources.' Section 57 allows taxpayers to claim specific deductions related to expenses incurred for earning such income,

“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

“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

“How Are Keyman Insurance Policy Proceeds Taxed?” Complete Guidance

Introduction A Keyman Insurance Policy is a life insurance policy taken by a business to cover the life of an employee who is crucial to its operations. This can include directors, executives, or other key personnel whose untimely demise

“Taxation of Export Incentives: A Complete Guide”

Introduction Export incentives play a vital role in encouraging businesses to expand into international markets. These incentives, provided by the government, include various forms of financial assistance such as duty drawbacks, export subsidies, and remission schemes. While these benefits

What is the Deduction for Bad Debts Under Section 36(1)(vii)? Complete

Introduction Bad debts are an inevitable part of any business that offers goods or services on credit. When a debt becomes irrecoverable, the Income Tax Act, 1961, provides relief by allowing businesses to claim a deduction under Section 36(1)(vii).

“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

Sections 145, 145A, and 145B of the Income Tax Act: A Complete Guidance

Understanding the nuances of income computation is essential for taxpayers and authorities alike. Sections 145, 145A, and 145B of the Income Tax Act, 1961 delineate the methodologies and standards for accounting practices. Let's explore each section in detail: Section

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