The Income Tax Law in India is a complex and ever-changing set of regulations that govern the taxation...
1. Scope of Total Income / Incidence of Tax [Section 5]
Total income of an assessee cannot be computed...
The Central Board of Indirect Taxes and Customs (CBIC) has released Notification No. 12/2024–Central...
The “Full Value of Consideration” (FVC) is the total amount received or receivable when a...
Under Section 240 of the Income Tax Act, 1961, refunds arising from appellate or other proceedings are...
When non-residents (NRIs/Foreign Investors) transfer shares/debentures of Indian companies, special tax...
Purpose:
This section provides a tax exemption on payments received as awards, rewards, or prizes from:
Central/State...
Section 283 of the Income Tax Act, 1961, provides special rules for serving notices when:
A Hindu Undivided...
Under the Income Tax Act, brought forward losses must be set off against eligible income in the immediately...
(1) Introduction to Section-71 (Inter-Head Adjustment)
Under the Indian Income Tax Act, 1961, taxpayers...
Section 10(6D) provides a tax exemption to non-residents (other than foreign companies) on income received...
Section 293D empowers the Central Government to implement a faceless (digital) scheme for granting approvals...
Section 281B of the Income Tax Act, 1961, deals with the Provisional Attachment of Property to Protect...
Section 10(32) of the Income Tax Act provides a modest exemption when a minor child’s income is clubbed...
Permanent Account Number (PAN) is a unique ten-digit alphanumeric code issued by the Income Tax Department...
Section 80GG of the Income Tax Act allows individuals to claim deductions for the rent paid when they...
Perquisites under Section 17(2) of the Income Tax Act, 1961, are additional benefits or amenities provided...
Section 158AA of the Income Tax Act, 1961 (inserted via Finance Act, 2015) provides a mechanism to prevent...
Indian Strategic Petroleum Reserves Limited (ISPRL) plays a crucial role in ensuring the energy security...
Under the Income Tax Act, 1961, certain expenses are expressly disallowed while computing taxable income...