Don't Skip😲 Direct Tax Basic Chapter All Tax Rate at one place ! Tax on Online Gaming Default Tax

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🚀 Deep Dive into Direct Tax Basic Concepts (CA/CMA Inter/Final)
Core Income Tax Fundamentals: We start with the bedrock – the significance of Income Tax, its constitutional genesis (Article 246, Union List), and the Components of Income Tax Law that govern it (Income Tax Act, Rules, Circulars, Judicial Decisions, Annual Finance Act).
Understanding 'Assessee' & 'Person': Clear definitions of 'Person' (Individual, HUF, Firm, Company, AOP/BOI, Local Authority, Artificial Juridical Person) and the concept of 'Assessee' – who is taxed on what.
Previous Year & Assessment Year: A detailed explanation of this fundamental timeline, including specific scenarios where income is taxed in the previous year itself (e.g., non-resident shipping business, persons avoiding tax, discontinued business).
Max Marginal Rate (MMR) & Accounting: Latest MMR for AY 2025-26 and the Cash/Mercantile system of accounting (Section 145) for Business & Profession or Other Sources.
New Default Tax Regime (Section 115BAC): Unpack the default regime, its beneficiaries (Individual/HUF/AOP/BOI/AJP), and the progressive tax slabs and rates ranging from Nil up to 30%.
Rebate u/s 87A (Default Regime): Step-by-step guide to calculating the ₹25,000 rebate for resident individuals with income up to ₹7,00,000, and how it adjusts for higher incomes.
Key Exemptions & Deductions: A categorized list of Exemptions and Deductions NOT ALLOWABLE (like 80TTA/80TTB, entertainment allowance, most Chapter VI-A deductions) and ALLOWABLE ones (e.g., transport allowance for specially-abled, conveyance allowance, certain compensations).
Optional Tax Regime & Rates: Comprehensive coverage of Optional Tax Regimes for different age groups of individuals and HUF, along with their distinct tax slabs (e.g., Upto ₹2,50,000 Nil for individuals below 60).
Rebate u/s 87A (Optional Regime): Rules for the ₹12,500 rebate in the optional regime and exceptions like LTCG u/s 112A.
Company & Co-operative Society Taxation: Detailed insights into tax rates and surcharges for Co-operative Societies (with/without 115BAD) and Companies (Domestic & Foreign, with/without 115BAA/115BAB options, including turnover-based rates).
Advanced Tax Concepts: Understand Casual Income (Section 115BB), Carbon Credit (Section 115BBG), Rounding Off (288A/288B), and the mandatory 4% Health & Education Cess.
Special Tax Rates (115BAA, 115BAB, 115BAE, 115BAD): A comparative study of these sections covering their specific applicability (e.g., manufacturing companies, co-op societies), tax rates, surcharge, MAT, and how they apply to HP, IFOS, and STCG.
Crucial Conditions for Special Regimes: Understand the rules for setup, commencement of manufacturing, option exercise, usage of Plant & Machinery, and business type restrictions under sections like 115BAA.
Undisclosed Sources of Income: An exhaustive explanation of Sections 68, 69, 69A, 69B, 69C, 69D – covering Cash Credits, Unexplained Investments, Money, etc., Unexplained Expenditure, and Borrowed/Repaid on Hundi.
Taxation of Undisclosed Income (Section 115BBE): Learn about the punitive 78% tax rate and the 10% penalty u/s 271AAC on such incomes, highlighting the disallowance of basic exemption, allowances, and losses.
New Online Gaming Taxation: The latest updates on Taxation of Online Games under Section 115BBJ (30% on net winning) and TDS u/s 194BA (30% on withdrawal). Detailed analysis of net winning calculation, treatment of multiple accounts, payments in kind, bonuses, withdrawal recognition, thresholds, and valuation.