akhilesh's blog

The Income Tax Act of 1961 (the "IT Act") offers a number of benefits to trusts that are registered under the IT Act and created for charitable or religious purposes. The substantive provisions for exemptions accessible to religious and charitable trusts are Sections 11 and 12 of the IT Act.

This provision of the Income Tax Act of 1961 outlines the situations in which a Trust would not be eligible for exemptions under Sections 11 and 12. The Income Tax Act's Section 11 addresses the exclusion of income from assets held in trust or from other contracts having a religious or philanthropic intent.

For the purposes of Section 11, any voluntary accomplishments received by a trust established exclusively for charitable or religious applications or by an institution established exclusively for such purposes (but not contributions made with the specific intent that they shall become part of the trust's or institution's corpus) shall be deemed to be revenue derived from assets owned under trust exclusively for charitable or religious purposes, and the provisions of Sectio

If any individual, without the consent of the owner or another person in control of the computer, computer system or computer network,

    (a) obtains or secures access to a computer resource, computer system, or computer network;

For income tax reasons, the income produced by taxpayers is divided into five categories which are- salary income, rental income from real estate, profits or gains from business or professions (PGBP), capital gains income, and other kinds of income. One can save his income by donating to an ngo which is registered under section 80g.

Subject to and in accordance with the requirements of this section, an exemption equal to the appropriate fraction of the amount of such expenditure shall be permitted for each of the relevant prior years with respect to any capital investment made after the 28th day of February, 1966, on the acquirement of patent rights or copyrights used for the company's purposes. The wait is over for section 80g.

The overall revenue of a political party for the preceding year does not include any income that falls under the headings "Income from house property," "Income from other sources," "Capital gains," or any income from voluntary donations received by the political party from any person.

In compensation terms, HRA stands for house rent allowance. It is a sum of money that an employer gives to a worker to cover the cost of living at the workplace. HRA may be fully or partially taxable, while being qualified for a deduction under Section 10(13A) of the Income Tax Act. Your salary, the HRA you got, the real rent you pay, the location of your work and dwelling, and other factors all play a role in calculating the HRA deduction.

Speculative loss: what is it?

A commercial transaction (i.e., the buying and selling of things) that is completed without regard for delivery of the items is referred to as a speculative transaction. Speculative loss is the loss resulting from a speculative commercial deal.

Every individual or organisation involved in business endeavours hopes to make money or turn a profit. They offer goods and/or services in return for a fee that will enable them to make a profit.