Furnishing of Accountant's Report Under Section 115JB (4) & Rule 40B
Section 115JB(4) of the Income Tax Act, 1961, mandates that companies liable for Minimum Alternate Tax...
Faceless Effect of Orders [Section 264B]
Section 264B of the Income Tax Act, 1961, pertains to the faceless effect of orders passed under the...
Speech on Indirect Taxes (Part-B) of Nirmala Sitharaman, Minister of Finance, July 23, 2024. (Budget 2024-2025)
I start with GST. It has decreased tax incidence on the common man; reduced compliance burden and logistics...
Exemption on Banking related Services under GST
Under the Goods and Services Tax (GST) regime in India, certain banking-related services are either exempt...
Section 10(23BBC)- Tax Exemption for the Income of the SAARC Fund for Regional Projects
Section 10(23BBC) of the Income Tax Act provides a tax exemption for the income of the SAARC Fund for...
[Section 56(2)]: List of Incomes included under ‘Income from Other Sources’
There are many incomes which are taxable under the head ‘Income from Other Sources’. However, section...
[Section 54]- Capital Gains Exemption on Sale of Residential House Property
Section 54 of the Income Tax Act, 1961 provides tax exemption on long-term capital gains (LTCG) arising...
Section 269ST: Mode of Undertaking Specified Transactions (Cash Limit)
Objective: To discourage large cash transactions and promote digital payments. 1. Key Provisions of Section...
Section 206C(6A)]: Penalty Under Section 221 for TCS Defaults
1. Legal Basis Section 206C(6A)empowers tax authorities to impose penalties under Section 221 on sellers...
Section 44ADA: Presumptive Taxation Scheme for Professionals
Section 44ADA of the Income Tax Act, 1961 provides a simplified presumptive taxation scheme for eligible...
Tax Treatment of Clubbed Income - Assessment Heads
When income is clubbed under Sections 60-65 of the Income Tax Act, it is taxed under the same head as...
Income Tax Implications on Gratuity: A Comprehensive Guide
Gratuity is a significant part of an employee’s remuneration package. It is a payment made by an employer...
Section 206C (4): Credit for Tax Collected at Source (TCS)
1. Legal Provision Section 206C(4)ensures that the buyer (collectee) receives credit for the TCS amount...
Section 115BAB for New Manufacturers to promote the "Make in India" initiative
Section 115BAB of the Income Tax Act, 1961, was introduced by the Finance Act, 2019, to provide a lower...
Comprehensive Analysis of Notification No. 12/2024–Central Tax
The Central Board of Indirect Taxes and Customs (CBIC) has released Notification No. 12/2024–Central...
Who Should Claim Refund Under the Income Tax Act?
Under the Income Tax Act, 1961, the right to claim a refund depends on who has paid the excess tax and...
When a Transfer is Considered Revocable [Section 63]
Section 63 defines what constitutes a revocable transfer for the purposes of Section 61. It clarifies...
Section 80EEB: Deduction for Interest on Electric Vehicle (EV) Loan
Applicable to: Individual taxpayers This section provides a deduction for interest paid on loans taken...
Tax on Dividends from Specified Foreign Companies [Section 115BBD]
1. Overview Section 115BBD provided a concessional tax rate of 15% (plus surcharge and cess) on dividends...
Section 197: General Provisions for Lower or Nil TDS Deduction
Section 197 of the Income Tax Act, 1961 provides a mechanism for taxpayers to obtain certificates for...
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