Deduction u/s 80G Section 80G of the Income Tax Act, 1961 allows a deduction from the total income of a taxpayer for donations made to certain funds, charitable institutions, or relief efforts. This encourages people to contribute to the welfare of society while receiving tax benefits. Eligibility for Deduction All individuals, Hindu Undivided Families (HUFs), […]
BCOC-136 Assignment Master Index with Questions and Links Below is the complete list of questions from the BCOC-136: Income Tax Law and Practice assignment for the 2025-26 session, along with direct links to their detailed answers. Each answer is prepared as per IGNOU guidelines in easy and clear language. “The income of the previous year
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Explain the Following: a) Bond Washing Transaction A bond washing transaction is a tax avoidance method where an investor sells securities just before the due date of interest payment and repurchases them after the interest is paid. This is done to avoid showing the interest as income and shifting the tax burden to someone with
Compute the Total Income and Tax Liability of Mr. X for A.Y. 2024-25 (Old Regime) Given: Mr. X, aged 60 years, is a professor. We will compute his total income and tax liability under the Old Tax Regime based on the given details. 1. Income from Salary Salary: ₹6,00,000 Dearness Allowance (DA): ₹3,00,000 Wardenship Allowance:
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Taxable Amount of Gratuity for Mr. Nagraj (A.Y. 2024-25) Question Summary: Mr. Nagraj retires on 25 December 2023 from ABC Ltd. He is not covered under the Payment of Gratuity Act. He served for 36 years and 9 months and received ₹5,00,000 as gratuity. His salary was ₹6,000 per month up to June 2023 and
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Encashment of Earned Leave on Retirement When an employee retires, they may receive money for the earned leave that was not used during their service. This is called Leave Encashment. It is considered as income, but the Income Tax Act provides exemptions under certain conditions. Leave Encashment under Section 10(10AA) There are two categories for
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Provisions for Calculating House Rent Allowance (HRA) House Rent Allowance (HRA) is a common component in the salary of employees and is given by employers to help employees meet their rental expenses. Under Section 10(13A) of the Income Tax Act, a portion of HRA can be exempt from tax if certain conditions are met. Conditions
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Partial Integration of Agricultural and Non-Agricultural Income In India, agricultural income is exempt from tax under Section 10(1) of the Income Tax Act. However, when a person has both agricultural and non-agricultural income, the concept of partial integration is applied to compute tax on non-agricultural income. Why Partial Integration is Done This is done to
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Explain the Procedure for E-Filing of ITR in India Income Tax Return (ITR) e-filing is the process of submitting your income tax return online on the official website of the Income Tax Department of India. It is a safe, fast, and convenient method of filing taxes. Steps for E-Filing of ITR in India 1. Register
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Define Annual Value and State the Deductions That Are Allowed from the Annual Value in Computing the Income from House Property Definition of Annual Value As per Section 23 of the Income Tax Act, 1961, the “Annual Value” of a house property is the amount for which the property might reasonably be expected to be
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