Indian Income Tax on Salary Income of Individual & HUF

Explore how the Income Tax Act 1961 governs direct taxes such as salary, house property, capital gains, and business income, and how indirect taxes affect consumption in India.

Tax on salary is charged on the due basis or receipt basis, whichever is earlier, including bonus due; this rule applies under both old and new regimes.

Explore how Indian non-residents are defined, with 60 days extended to 182 for certain employment or visit scenarios, and how the 15 lakh income threshold affects residency status.

Understand why tax deducted at source (tds) occurs and how government regulations ensure steady revenue. Learn how payment or accrual triggers deduction, and why advance tax matters for public expenditure.

Defines salary under section 17(1) and its components—basic pay, allowances, bonuses, commissions, perquisites, and profits in lieu of salary—within the Income Tax Act 1961 and Finance Act framework.

Determine salary taxability by the place of accrual when services are rendered in India, making such salary taxable under section 9(2). Residency status influences global salary taxation and DTAA implications.

Learn to claim house rent allowance (HRA) deductions under section 1013 A from salary, including metro vs non-metro, rent receipts, landlord pen number requirements, and rented vs owned home scenarios.

Learn TDS on rent above ₹50,000 per month in India, with 5% for resident landlords with PAN, 20% without PAN, or 30% for NRIs, plus Form 26QQ and Form 16C.

Understand leave encashment exemptions under section 10(10AA): taxable during service, and retirement exemptions for government and legal heirs, with partial exemption for non-government employees, based on four criteria.

Explain how PPF maturity, principal and interest are exempt under section 10(11), with government-backed returns and court-order protections.

Explore deductions under 80C, 80CCC, 80CCD(1), 80CCE, and 80CCD(1B) for salary tax planning, including a 1.5 lakh limit plus 50k extra for NPS, with eligible investments like PPF and ELSS.

learn about section 80 gg deduction for rent paid by individuals who do not receive hra, including salaried and self-employed, with a cap of rs 60,000 per year.

Claim section 80DDB deductions for resident individuals or HUF for medical treatment of self or dependents, with specialist certificates, considering reimbursements and age-based caps.

Explore sections 80E, 80EE, 80EEA, and 80EEB, detailing education loan interest deduction for higher education and deductions for home loans and electric vehicle loans for eligible taxpayers.

Explains sections 80GGB and 80GGC deductions for political donations by companies and individuals with non-cash payments, and outlines 80RRB and 80QQB royalties deductions for patent income.