Section 74 of the Income Tax Act, 1961 governs the treatment of capital losses, providing specific rules...
Notification No. 07/2025 [F. No. 203/20/2024/ITA-II] Dated 14th January, 2025
MINISTRY OF FINANCE
(Department...
1. Definition of “Person” under Section 2(31)
Section 2(31) of the Income Tax Act, 1961...
The treatment of vouchers under GST has been a subject of debate due to their unique nature. This article...
1. Firm to be Assessed as Firm
Essential conditions prescribed under section 184 of the Income-tax Act,...
The Government of India’s Department of Posts, Ministry of Communications, offers fixed deposit accounts...
Section 54GB of the Income Tax Act, 1961, provides tax exemption on long-term capital gains (LTCG) from...
Key Rule
When an individual converts their self-acquired property into HUF (Joint Family) property, any...
1. Legal Status of Default
Deductor becomes “Assessee in Default”for:
Failure to deduct...
A Charitable and Religious Trust is a type of non-profit organization that is formed for the purpose...
Circular No. 07/2024 [F. No.173/25/2024-ITA-I] Dated 25th April, 2024: A Detailed Analysis
The Central...
1. Core Principle (Tax Credit Mechanism)
Shield for Taxpayers: When tax has been duly deducted at source...
The Goods and Services Tax (GST) Act, 2017, has laid down comprehensive guidelines for recovery proceedings...
Section 201(1A) of the Income Tax Act, 1961, imposes interest on a deductor (employer, company, etc.)...
Section 13 of the Income Tax Act, 1961 specifies situations where the tax exemptions under Section 11...
Applicable to: Indian Resident Individuals (Inventors/Patent Holders)
This section provides tax relief...
Here’s a detailed explanation of Section 170 (Interest on Delayed Payment of Equalisation Levy) under...
The treatment of business income for a charitable or religious trust under the Income Tax Act, 1961 is...
Confused About Blocked ITC Credits under GST Section 17(5) ? Learn The 6 Major Categories, Real Controversies,...
Here’s a detailed explanation of the penalty for failure to furnish the Equalisation Levy (EL)...