Applicable to: Salaried (without HRA) & Self-Employed Individuals
This section provides tax relief...
Section 164(2) of the Income Tax Act, 1961, deals with the taxation of discretionary trusts, including charitable...
Section 28 of the Income Tax Act, 1961, is a key provision that defines the types of income chargeable...
Section 10(34A) of the Income Tax Act provides a tax exemption for shareholders on income received from...
Section 72 of the Income Tax Act, 1961, governs the carry forward and set-off of business losses, allowing...
Here’s a detailed breakdown of the tax rates on long-term capital gains (LTCG) for assets not covered...
Section 245MA of the Income Tax Act, 1961, introduces a faceless dispute resolution mechanism for small...
Here’s a structured table summarizing the penal provisions related to Tax Collected at Source (TCS) under Sections...
Section 139(5) of the Income Tax Act, 1961, allows taxpayers to correct errors or omissions in their...
Here’s a detailed breakdown of Section 271AAD of the Income Tax Act, 1961, which imposes penalties for...
Section 10(23FCA) of the Income Tax Act provides a tax exemption for rental income earned by a Real Estate...
Chargeability/Scope/Meaning of Income under the head “Profits and Gains of Business and Profession” under...
Section 115JH of the Income Tax Act, 1961, provides transitional and computational rules for foreign...
Section 70 of the Income Tax Act, 1961, allows taxpayers to adjust losses from one source against income...
1. [Section 56(2)]: List of Incomes included under ‘Income from Other Sources’
There are many incomes...
Understanding Section 10(8A)
Section 10(8A) provides full tax exemption on remuneration received by:
Non-Indian...
Section 115BAC of the Income Tax Act, 1961, introduces a simplified tax regime with lower slab rates...
Term life insurance, also known as pure life insurance, is a type of life insurance that guarantees payment...
(1) When an asset is acquired by the government through the process of compulsory acquisition,...
Tax Audit Forms
The Incomes prescribed two types of forms for tax audit:
Audit Report:
The audit report...