[Section 80TTA]: Deduction in respect of interest on Deposits in Savings Account
Section 80TTA of the Income Tax Act, 1961 provides for a deduction in respect of interest on deposits...
Revision by Chief Commissioner/Commissioner [Sections 263 & 264]
Under the Income Tax Act, 1961, the Principal Chief Commissioner (PCCIT), Chief Commissioner (CCIT),...
Section 10(21)- Tax Exemption for Research Associations
Purpose: This section provides a full tax exemption on income earned by scientific research associations that...
Tax Treatment of Employee Welfare Fund Contributions under Section 56(2)(ic)
1. Applicability of Section 56(2)(ic) This provision covers any sum of money received by an employer from...
Section 132: Search and Seizure Under Income Tax Act, 1961
Section 132 of the Income Tax Act, 1961, empowers the Income Tax Department to conduct search and seizure...
Allowances Exempt for Certain Categories of Persons for Calculating Salary Income
Certain professionals and government employees receive special allowances that are fully or partially...
Share Premium Received in Excess of The Fair Market Value (FMV) By Closely Held Company [section 56(2) (viib)]
Here’s a comprehensive analysis of Section 56(2)(viib) of the Income Tax Act, 1961, which taxes share...
Income of Trade Union [Section 10(24)]
Trade unions play a crucial role in protecting the rights and interests of workers. They negotiate with...
Scholarships granted to meet the Cost of Education [Section 10(16)]
Section 10(16) of the Income Tax Act, 1961 provides exemption from income tax for scholarships granted...
Exemption for Compensation received or receivable on account of any Disaster [Section 10(10BC)]
When a disaster strikes, it can cause immense damage to life and property. In such difficult times, the...
Time Limit, Form, Fees & Timelines for Filing an Appeal
When it comes to dealing with various processes and procedures, understanding the time limits, forms,...
[Section 293B]: Condonation of Delay in Obtaining Approval
Section 293B of the Income Tax Act, 1961, empowers the Central Board of Direct Taxes (CBDT) to condone...
Section 80TTA: Deduction for Savings Account Interest
Applicable to: Individuals & HUFs (Non-Senior Citizens) This section provides tax relief on interest...
Capital Gain on Conversion of Stock-in-Trade into Capital Asset [Section 28(via)]
Introduction In the world of business and finance, it is not uncommon for companies to convert their...
Form Number and Documents Required for PAN Application as per Rule 114 of Income Tax Rules, 1962
1. Individual and HUF Applicants who are Citizens of India and Located Within and Outside India at the...
Tax Exemptions for Funds/Institutions of National Importance [Section 10(23C) & Rules 2C/2CA]
1. Covered Entities (Section 10(23C)) The following enjoy 100% tax exemption on their income: Funds/institutions...
Interest on Non-resident (External) Account [Section 10(4)]
Interest on Non-resident (External) Account (NRE) is exempt from income tax in India under Section 10(4)(ii)...
[Section 45(5)] : Capital Gain on Transfer by way of Compulsory Acquisition of an Asset
(1)        When an asset is acquired by the government through the process of compulsory acquisition,...
Section 80G: Deduction in respect of Donation to certain Funds, Charitable Institutions, etc.
Section 80G of the Income Tax Act, 1961 provides provisions for claiming deductions on donations made...
Commuted Value of Pension Received [Section 10(10A)]
The commuted value of pension refers to the lump sum amount received by an employee in lieu of a portion...
1 2 3 … 45
Scroll to Top