Web14 apr. 2024 · Income Tax Return Income Tax Return (ITR) is a form used to report the details of an individual’s or a business’s income and taxes paid to the Income Tax Department of India. It is filed annually by taxpayers in India and is a mandatory requirement under the Income Tax Act, 1961. The Income Tax Return […]

Treatment of income from different sources

WebRental income letting of plant, machinery, furniture or building. Rent, rates, taxes, repairs, insurance and depreciation etc. 4. 57(iia) Family Pension. 1/3rd of family pension subject … Web13 jun. 2024 · Most of the interest incomes are chargeable to tax under head Income from Other Sources. But certain sections like 80TTA & 80TTB provide deduction on interest … bravo rudin

Income From Other Sources » Legal Window

Web14 apr. 2024 · On the other hand, senior citizens can claim a deduction under 80C on FD deposits and can avail of a deduction on interest earned from FD of up to Rs 50,000 under section 80TTB of the Income Tax Act. Catch the latest stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com. WebConsidering the lower value between Rs. 15,000 and 33.33% of the income, the exemption amount will be Rs. 15,000. Now, you have to deduct Rs. 15,000 from your family pension of Rs. 50,000 to get your taxable income, which is Rs. 50,000 - Rs. 15,000 = Rs. 35,000. Now, you have to add Rs. 35,000 of income from other sources to other income. Web8 apr. 2024 · All India Federation of Tax Practitioners v. Union of India, (2007) 293 ITR 63 (Bom): The Bombay High Court in this case imposed a fine of Rs. 10,000 on the Income Tax Department for not allowing the assessee to cross-examine the witness produced by the department during the assessment proceedings. bravo ruiz sa de cv