(A) Valuation of Perquisites: Sweeper, Gardener, Watchman, or Personal Attendant [Rule 3(3)]
Under Rule...
Overview
Section 157A of the Income Tax Act, 1961, was introduced to empower the Central Government to...
The Tonnage Tax Scheme is a special taxation regime introduced under Chapter XII-G (Sections 115V to...
Section 10(10CC) provides a unique tax benefit where certain perquisites paid by employers are exempt...
Section 25A of the Income Tax Act, 1961, governs the tax treatment of arrears of rent (unpaid rent recovered...
1. Introduction to Section 70 –
The Indian Income Tax Act, 1961, provides various provisions for...
Ministry of Finance
HIGHLIGHTS OF UNION BUDGET 2025-26
Posted On: 01 FEB 2025 1:29PM by PIB Delhi
PART...
1. Legal Provision Overview
Section 206C(1B): Mandates that sellers(collectors of TCS) must submit buyer...
Here’s a detailed breakdown of the penalties for failure to deduct or pay Equalisation Levy (EL) under Section...
Provident Fund Scheme is a welfare scheme for the benefit of the employees. Under this scheme, certain...
Here’s a structured overview of Collection of Tax at Lower Rate under Section 206C(9), (10), (11)...
Purpose:
This section provides a tax exemption on family pension received by the widow or children of...
1. Set-Off Rules for Current Year Losses
Intra-head adjustment (Section 70):
Business losses can be...
Finance Bill 2025 Extends ITR-U Filing To 4 Years With 25%-70% Additional Tax. Learn Deadlines, Eligibility,...
Section 241A allows the Income Tax Department to withhold refunds in certain cases, even if a taxpayer...
1. Mandatory E-Filing Requirement
All tax deductorsmust electronically file quarterly TDS statements
Applies...
Section 10(12C) of the Income Tax Act, 1961 provides important tax benefits for individuals enrolled...
Chargeability/Scope/Meaning of Income under the head “Profits and Gains of Business and Profession” under...
Section 10(12A) of the Income Tax Act, 1961 provides that any amount received by an individual from the...
Section 242 of the Income Tax Act, 1961, clarifies that a refund claim cannot be used to challenge the...