SS LAW CODES

Income From Other Sources Under Income Tax Income from other sources is a category of income that is taxed under the Income Tax Act, 1961. It includes income that does not fall under the categories of salary, house property, business or profession, and capital gains. This article will discuss the various types of income that […]

Inventory Under Income Tax: A Complete Guide When it comes to income tax in India, inventory plays a crucial role in determining the taxable income of businesses. Understanding how inventory is accounted for and valued under income tax laws is essential for businesses to comply with the regulations and properly report their income. In this

Capital employed is not income under Income Tax In the realm of income tax, it is important to understand the distinction between capital employed and income. The concept of capital employed is often misunderstood in the context of income tax, leading to confusion and potential legal issues for taxpayers. This article aims to clarify the

Non-compete Fees and Exclusive Rights Under Income Tax In India, the concept of non-compete fees and exclusive rights under income tax law is a crucial aspect for businesses and individuals to understand. Non-compete fees are payments made to an individual or entity in exchange for agreeing not to compete with the payer for a specified

Winnings from Lotteries, Crossword Puzzles, Card Games, and other Games of any Sort Under Income Tax Taxation of income from winnings is an important aspect of income tax laws in India. Winnings from lotteries, crossword puzzles, card games, and other games of any sort are treated as income under the Income Tax Act, 1961. This

Capital Gains Chargeable under Section 45 Under Income Tax Under the Indian Income Tax Act, 1961, capital gains are chargeable to tax under Section 45. This provision specifies the circumstances under which capital gains arise and the manner in which they are to be taxed. Understanding the nuances of Section 45 and its implications is

Cash Assistance receivable from Government Under Income Tax In India, individuals and businesses may receive cash assistance from the government for various reasons. This cash assistance, commonly referred to as government grants, may be provided to support specific projects, promote economic development, or alleviate financial burdens. However, it is essential to understand the tax implications

Interest Free Loan or Loan at Concessional Rate Under Income Tax Under the Income Tax Act of India, there are various provisions and regulations governing the taxation of interest-free loans or loans at concessional rates. These provisions are important for both individuals and entities engaged in financial transactions involving loans and advances. It is essential

Benefit or Perquisite Obtained from a Company Under Income Tax Under the Income Tax Act of India, any benefit or perquisite obtained from a company by an employee is subject to taxation. It is essential for employees and employers to understand the implications of such benefits or perquisites and ensure compliance with the tax laws

Special Allowance for Expenses Under Income Tax: Understanding the Legal Provisions in Indian Law Under the Indian Income Tax Act, certain expenses incurred in the course of earning income are eligible for a special allowance. This provision aims to provide relief to taxpayers by allowing them to claim deductions for specific expenses that are necessary