Section 139AA was introduced in the Income Tax Act, 1961, with effect from July 1, 2017, to make it mandatory...
When a property is partly self-occupied (SOP) and partly let out (LOP), the Income Tax Act treats it...
Here’s a detailed breakdown of the collection and recovery of Equalisation Levy (EL) under Sections 166...
Section 64 of the Income Tax Act, 1961, mandates the clubbing of certain incomes earned by family members...
1. Legal Basis
Proviso to Section 206C(3): Requires sellers/collectorsto submit a statement of TCS collected...
Understanding of Section 54B
Agriculture plays a vital role in the economy of many countries, providing...
Start-ups in India can benefit from significant tax exemptions under Section 80-IAC of the Income-tax...
Trade unions play a crucial role in protecting the rights and interests of workers. They negotiate with...
Under the Income Tax Act, 1961, the Principal Chief Commissioner (PCCIT), Chief Commissioner (CCIT),...
Section 234B(4) of the Income Tax Act, 1961 provides for the adjustment of interest when there is a subsequent...
With the increasing concerns about climate change and the need to reduce pollution, there has been a...
Section 220(2) of the Income Tax Act, 1961, imposes interest @ 1% per month on unpaid tax demands if...
Under the Income Tax Act, 1961, certain expenses are expressly disallowed while computing taxable income...
Leave salary, or leave encashment, refers to the payment an employee receives for unused leave days....
Section 194K of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on income distributed...
Following Business are required to get their Accounts compulsory Tax Audited by a Chartered Accountant...
Understanding Section 10(8)
Section 10(8) provides tax exemption for income received by:
Foreign technicians/experts
Employees...
Purpose:
This section provides a full tax exemption on the income of local authorities, such as municipalities,...
Income tax laws can be complex and confusing, especially when it comes to understanding the various exemptions...
Applicable to: All Individual & HUF Taxpayers
This section caps the total deductions available under...