In the following Cases, Instances of Agricultural and Non-Agricultural Incomes are described in details...
In order to monitor high-value transactions conducted by taxpayers, a significant regulatory measure...
Ministry of Finance
HIGHLIGHTS OF THE UNION BUDGET 2024-25
Posted On: 23 JUL 2024 1:17PM by PIB Delhi
The...
Section 194-IB of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on rent payments exceeding ₹50,000/month by individuals...
Section 10(13A) of the Income Tax Act, 1961 provides an exemption for the House Rent Allowance (HRA) received...
1. Perquisites [(Section 17(2)]- Income under the head Salaries
Section 17(2) of the Income-tax Act,...
A Charitable and Religious Trust is a type of non-profit organization that is formed for the purpose...
Under the Income Tax Act, 1961, the following business/profession expenses are expressly allowed as deductions...
1. Automated Processing by CPC-TDS
Centralized Processing Center (CPC-TDS)processes all TDS returns
Auto-validationof...
Section 10(4G) of the Income Tax Act, 1961 in India provides an exemption for certain income earned by...
In the era of GST, the removal of check posts nationwide aimed to streamline the movement of goods within...
Under Section 139(4C) of the Income Tax Act, 1961, specific categories of non-profit entities must file...
Here’s a structured table summarizing the extension of time limits for filing Updated Tax Returns (ITR-U)...
Section 115JB(2) mandates that the Statement of Profit & Loss (P&L) for MAT computation must...
Applicable to: All taxpayers (Individuals, HUFs, Firms, etc.)
This section provides 100% deduction for...
Introduction-
The CBIC vide Notification No. 04/2024 – Central Tax dated January 05, 2024, notified the...
Voluntary Retirement Scheme (VRS) is a mechanism used by companies to reduce their workforce by offering...
Section 153 prescribes strict deadlines for completing assessments, reassessments, and recomputations under...
A Notified Institution refers to any entity or body corporate established by the Central Government or...
Under the Explanation to Section 139(9) of the Income Tax Act, 1961, a return is considered defective if...