Introduction: Authors share in the profits publishers make from the sale of their books, which is royalty. The Tax Office taxes this royalty under the headings ‘profits and gains from trade or business’ or ‘income from other sources’. However, under Section 80QQB of the Income Tax Act, individuals can claim tax deductions on this income. […]
Introduction: At the beginning of your taxation journey, you may fear the complexity of the documentation and identification procedures that you must undergo. The Income Tax Act of 1961 contains many provisions on the authentication of individuals’ identities which are due to be used in tax-related purposes. This prerequisite not only applies to taxpayers themselves, but also […]
Introduction: Section 80IA of the Income Tax Act provides tax deductions for industrial undertakings and infrastructure development projects, encompassing the development, maintenance, and operation of such ventures. This section delineates the principles, requirements, and limitations governing tax deductions. Aimed at fostering India’s growth, the Government of India aims to incentivize eligible assesses with tax benefits, […]
Introduction: According to India’s Income Tax Act of 1961, income from housing property is one of the five categories of income. It is the money that a person makes from their own residential property. Any building or piece of land that is connected to a building , a store, office, factory, or other business establishment […]