Section 194-I of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on rent payments exceeding...
Following Business are required to get their Accounts compulsory Tax Audited by a Chartered Accountant...
Notification No. 05/2025 [F. No. 300196/37/2019-ITA-I] Dated 3nd January, 2025
MINISTRY OF FINANCE
(Department...
1. Basic Concepts
Firm: Partnership firm registered under Partnership Act, 1932
LLP: Limited Liability...
1. Computation of Income under the head Income from “Salaries”
The first head of income is...
The Income Tax Act contains provisions to prevent tax avoidance by transferring income to other persons...
Overview of STCG under Section 111A
Short-term capital gains (STCG) arising from the transfer of equity...
Annual Value is the taxable value assigned to a property for calculating “Income from House Property”....
The Income Tax Act provides multiple exemptions to reduce or eliminate capital gains tax liability if...
Trade unions play a crucial role in protecting the rights and interests of workers. They negotiate with...
The Income Tax Act, 1961 provides detailed provisions under Sections 70 to 80 for setting off and carrying...
Section 54GA of the Income Tax Act, 1961, provides tax exemption on capital gains when a business relocates...
SCSS is a savings product available for senior citizens aged 60 or above. On the date of opening an SCSS...
As per Section 54D, the Capital Gain arising from the transfer, by way of compulsory acquisition under...
The Indian Income Tax Act, 1961 classifies taxable income under five distinct heads, with “Income...
A. Legislative Changes in Customs Laws
A.1 Amendments in the Customs Act, 1962
(i) Section 28 DA is being...
1. Scope of Total Income / Incidence of Tax [Section 5]
Total income of an assessee cannot be computed...
(1) Introduction to Section-71 (Inter-Head Adjustment)
Under the Indian Income Tax Act, 1961, taxpayers...
Zero-coupon bonds, also known as deep discount bonds, are fixed-income securities that do not pay periodic...
To avail tax exemption under Section 11, a charitable or religious trust must satisfy the following mandatory...