It provides a solid foundation for a knowledge base on taxation, covering both theoretical and practical elements.
Gratuity is a payment made by the employer to an employee in appreciation of the past services rendered by the employee. Gratuity can either be received by: the employee himself at the time of his retirement; or the legal heir on the event of the death of the employee. Gratuity received by an employee on […]
Income from Gratuity [Section 10(10)] Read More »
The Companies Act, 2013 outlines various penalties and offences that can be imposed on companies and their officers for non-compliance with its provisions. Below is a summary of the penalties and offences up to Section 100. Sr. No. Section Description of section Penalty 1. 4(5) Name reservation by furnishing wrong information (5)(ii) Where after reservation
Penalties and Offences under Companies Act, 2013 till Section 100 of Companies Act. Read More »
The Tax Deduction and Collection Account Number (TAN) is a 10-digit alphanumeric number issued by the Income Tax Department of India. It is mandatory for entities responsible for deducting or collecting tax at source (TDS/TCS) to obtain a TAN. However, there may be situations where you no longer need a TAN (e.g., if your business has ceased
Surrender of TAN (Tax Deduction and Collection Account Number) Read More »
An Income Tax Survey is a legal procedure under Section 133A of the Income Tax Act, 1961, where tax authorities visit your business premises to gather information or verify the books of accounts to ensure compliance with tax laws. Objective of an Income Tax Survey– The primary objectives of conducting an income tax survey include: Verifying the
The Income Tax Bill 2025 will come into effect from April 1, 2026, after it is vetted by a Select Committee of the Lok Sabha and cleared by Parliament. The Income Tax Bill 2025 has been introduced in India as part of a comprehensive review of the Income Tax Act, 1961. The bill aims to simplify tax
The Income Tax Bill 2025 [Bill No. 24 of 2025]-Flip e-Book (PDF) Read More »
The Income Tax Bill 2025 will come into effect from April 1, 2026, after it is vetted by a Select Committee of the Lok Sabha and cleared by Parliament. If you are one among those who are a little worried about the new Income Tax Bill, here is good news for you. The authorities have
Income Tax Bill 2025: ‘Section to Section Mapping’ of I-T Act, 1961 Read More »
It was introduced under chapter VIII of Finance Act, 2016. This chapter came in to force from 1st June, 2016. The scope of EL has been enhanced by Finance Act, 2020. Section 163. [Extent, Commencement and Application] (1) This Chapter extends to the whole of India except the State of Jammu and Kashmir. (2)
Equalisation Levy (EL) Act, 2016 Read More »
S.O. 1905(E) – In exercise of the powers conferred by sub-section (1) and sub-section (2) of section 179 of the Finance Act, 2016 (28 of 2016), the Central Government hereby makes the following rules for carrying out the provisions of Chapter VIII of the said Act relating to Equalisation levy, namely:- Rule 1. Short title
Equalisation Levy (EL) Rules, 2016 Read More »
S.O. 614(E).-In exercise of the powers conferred by sub-section (2) of section 168 of Finance Act, 2016 (28 of 2016), the Central Board of Direct Taxes hereby makes the following scheme for processing of statement furnished under section 167 of the Act, namely:- 1. Short title and commencement.– (1) This Scheme may be called
Equalisation Levy (EL) Statement Scheme,2023 Read More »
