Section 10(23B) of the Income Tax Act provides a tax exemption for income earned by certain institutions...
To establish a legally valid charitable or religious trust, follow these key steps under Indian law:
1....
1. Key Features of Section 69
Objective: Targets unexplained investments(e.g., property, gold, shares)...
Applicable to: Individual taxpayers
This section provides a deduction for interest paid on loans taken...
Section 43CA of the Income Tax Act, 1961 addresses the taxation of undervalued transactions involving business...
Section 132A empowers the Income Tax Department to requisition (take custody of) books of account, documents,...
1. Perquisites [(Section 17(2)]- Income under the head Salaries
Section 17(2) of the Income-tax Act,...
When a disaster strikes, it can cause immense damage to life and property. In such difficult times, the...
Section 10(23BBD) of the Income Tax Act provides a tax exemption for the income of the ASOSAI-SECRETARIAT—that...
In the following Cases, Instances of Agricultural and Non-Agricultural Incomes are described in details...
According to Section 10(2A), any share of profit received by a partner from a firm is exempt from tax....
Overview of Section 112
Section 112 of the Income Tax Act, 1961 governs the taxation of long-term capital...
Here’s a detailed breakdown of tax-free perquisites applicable to all employees under the Income Tax...
Section 10(25A) of the Income Tax Act provides a complete tax exemption for any income of the Employees’...
1. Fundamental Principle
TDS Credit Mechanism: Any tax deducted at source (TDS) is treated as:
Payment...
Certain professionals and government employees receive special allowances that are fully or partially...
Section 43CB of the Income Tax Act, 1961 standardizes the computation of income from construction contracts and service...
The Equalisation Levy in India, governed by Chapter VIII of the Finance Act, 2016, imposes a tax on certain...
Section 206CC of the Income Tax Act, 1961 mandates a higher Tax Collected at Source (TCS) rate if the...
Under Section 237 of the Income Tax Act, 1961, the following persons are entitled to claim a refund of...