Articles by Ritik Chopra

Allowable Deductions While Computing Business Or Professional Income

Posted by Ritik Chopra 14 July 2021 48722 Views

There are various types of expenses varying from business to business and according to the nature of the unit. The admissibility of an item of expenditure is governed by certain general principles.

Cases when Rental Income from Building is not treated as House Property Income

Posted by Ritik Chopra 07 July 2021 12123 Views

There are many instances where rental income from a building is not treated as house property income. Four of such instances have been discussed in this article.

Exempted Incomes From House Property

Posted by Ritik Chopra 07 July 2021 4392 Views

Under section 10 of the Income-tax Act, 1961 certain incomes from house property are exempted from tax. These incomes are not to be included in the total income of the assessee.

House Property Income

Posted by Ritik Chopra 03 July 2021 3659 Views

One of the common sources of income is rental income from house. The income from houses, buildings, godowns etc. is to be computed and assessed to tax under the head "Income from house property".

Section 10(15): Exempt Interest Incomes

Posted by Ritik Chopra 16 June 2021 8412 Views

Interest income is one of the most common sources of income for the general public. In this article, we will discuss all the exempt interest incomes under the Income Tax Act, 1961.

Taxability on Rent Free Accommodation

Posted by Ritik Chopra 16 June 2021 18035 Views

Discussing all about Rent Free Accommodation including its meaning, meaning of salary for this purpose, Hotel Accommodation, exempt cases and calculation for furnished and unfurnished accommodation.

Allowances [u/s 10(14)(i)] & Personal Allowances [u/s 10(14)(iii)]

Posted by Ritik Chopra 12 June 2021 59569 Views

What are Official Allowances and Personal Allowances under sections 10(14)(i) and 10(14)(iii) respectively of the Income Tax Act and what are its tax implications? Let us discuss.

How to Calculate House Rent Allowance under the Income Tax Act?

Posted by Ritik Chopra 07 June 2021 13502 Views

Sometimes the employer does not provide rent-free accommodation but instead helps the employee in paying rent by providing an allowance. The amount of cash paid is known as House Rent Allowance.

Section 10(5): Leave Travel Concession/Assistance

Posted by Ritik Chopra 07 June 2021 7725 Views

Employees are encouraged to travel anywhere in India along with their families and to help the employee the travel expenses are given by the employer which is exempt u/s 10(5).

Types of Provident Funds (PF)

Posted by Ritik Chopra 02 June 2021 20431 Views

Discussing the four kinds of Provident Funds i.e. Statutory Provident Fund, Recognised Provident Fund, Unrecognised Provident Fund and Public Provident Fund.