Author name: Yash Naik

Earlier, the exact number of donations made to a charitable institution could not be known, and thus, there was no standard way of verifying the recorded figure. Form 10BD was introduced through a CBDT notification to ensure that the donors correctly record and easily claim every donation.

When earning foreign income, Indian taxpayers often face a challenge: double taxation. Fortunately, the Income Tax Act includes provisions such as Section 90, Section 90A, and Section 91, which provide relief from being taxed twice. Understanding these sections is crucial for international income earners, professionals, and business owners with overseas operations.

Depreciation allows businesses to account for the gradual wear and tear of assets. The Income Tax Act provides specific guidelines for calculating and claiming depreciation, making it one of the important income tax concepts.