Chapter VI-A of the Income Tax Act, 1961, provides various deductions from Gross Total Income (GTI) to...
Exemption of amount received by an individual as Loan under Reverse Mortgage Scheme [Section 10(43)]
Reverse mortgage is a financial scheme that allows senior citizens to convert their home equity into...
Learn Who Qualifies As A “Person” Under Income Tax According To Section 2(31). Discover Rules...
Income tax laws in India provide various deductions and exemptions to taxpayers, helping them reduce...
Section 54D of the Income Tax Act, 1961, provides tax exemption on capital gains arising from the compulsory...
When it comes to retirement planning, superannuation funds play a crucial role in providing financial...
Section 194LBA of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on specific income...
Under the Employees’ Provident Fund (EPF) scheme, employers are required to contribute to a Recognised...
Section 194M of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on certain payments made...
1. Purpose of Rule 6G
Prescribes the forms and mannerfor submitting tax audit reports
Mandates the format...
Section 45(1) of the Income Tax Act, 1961 is the foundational provision that defines how and when capital...
Section 264A of the Income Tax Act, 1961, introduced by the Taxation Laws (Relaxation and Amendment)...
Here’s a detailed explanation of Section 173 (Penalty Not to Be Imposed in Certain Cases) under the Equalisation...
1. Legal Provision
Section 206C(6)imposes penalties on sellers/collectors who fail to collect Tax Collected...
Section 44AD provides a presumptive taxation scheme for small businesses, allowing them to declare income...
Section 65: Audit By Tax Authorities:
Understanding the intricate process of GST audits, as outlined...
1. Basic Concept of HUF
An HUF (Hindu Undivided Family) is a separate legal entity for tax purposes,...
Leave encashment refers to the amount received by an employee in exchange for unused leave balance at...
Understanding of Section 80D
Section 80D of the Income Tax Act provides individuals with a deduction...
Section 43B- Deductions Allowed only on Actual Payment -Profits and Gains of Business and Profession
Under Section 43B, some of the Expenses are allowed and can be claimed by the Assessee only in the year...