SAC Code
Services Accounting Code — a 6-digit code used to classify services for GST purposes.
GST & Indirect TaxSalary Structure
The breakdown of an employee's total compensation into components like basic salary, HRA, special allowances, and other benefits for tax and…
HR, Payroll & Labour LawSection 17 of Income Tax Act
The section of the Income Tax Act that defines 'salary' income and lists the components that constitute taxable salary, including perquisites,…
HR, Payroll & Labour LawSection 24(b)
Income Tax provision allowing a deduction of up to ₹2 lakh per year on interest paid on a self-occupied home loan.
Real Estate & RERASection 44AD
Section 44AD: presumptive taxation for businesses with turnover up to ₹3 crore (₹75 lakh if cash >5%). 8% deemed income (6% digital). Tax limit, advance tax, ITR-4, and applicability explained.
Income TaxSection 44AD vs 44ADA
44AD = business presumptive (turnover-based); 44ADA = professional presumptive (gross receipts-based).
Income TaxSection 44AD vs 44AE
44AD covers general small businesses at 6-8% of turnover; 44AE covers goods transport operators at ₹1,000/ton/month.
Income TaxSection 44ADA
Section 44ADA: presumptive taxation for professionals with gross receipts up to ₹75 lakh (₹50 lakh if cash >5%). 50% deemed income. ITR-4 and applicability explained.
Income TaxSection 8 Company
A company registered under Section 8 of the Companies Act, 2013 for promoting commerce, art, science, sports, education, research, social welfare,…
Compliance & RegistrationsSection 80C
Deduction of up to ₹1.5 lakh per year on specified investments and expenses such as EPF, PPF, ELSS, life insurance, home-loan principal, and tuition…
Income TaxSection 80D
Deduction on health-insurance premiums and preventive-health-checkup expenses for self, family, and parents.
Income TaxSGST
State Goods and Services Tax — the state government's share of GST levied on intra-state transactions.
GST & Indirect TaxShop and Establishment Act
A state-level labour law regulating the working conditions, hours of work, leave, and other conditions of employment in shops, commercial…
Compliance & RegistrationsStamp Duty
A state-level tax paid on the value of a property at the time of purchase or transfer, levied under the Indian Stamp Act, 1899.
Real Estate & RERASTCG
Capital gain on an asset sold within the short-term holding period for that asset type.
Income TaxSum Assured
The fixed amount that the insurance company agrees to pay to the nominee on the insured event (death or maturity) under a life-insurance policy.
Insurance