Under Section 17(2) of the Income Tax Act, 1961, certain perquisites are taxable for all employees, regardless...
1. Legal Basis and Purpose
Section 203Amandates obtaining a 10-digit alphanumeric TAN for entities deducting/collecting...
Section 194C of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on payments made to resident...
1. Basic Framework
Companies are taxed on their total incomecomputed under the Income Tax Act, 1961.
Tax...
1. Basic Principle of Assessment
Clubbed income is assessed in the hands of the transferor (not the transferee)...
Tax Treatment of Partly Agricultural and Partly Non-Agricultural Income
Tax Treatment of on Composite...
Section 154 of the Income Tax Act, 1961, allows the Assessing Officer (AO), Commissioner (Appeals), or...
Section 144A of the Income Tax Act, 1961, empowers the Joint Commissioner (JCIT) to intervene in pending...
Order No. [F. No. 225/235/2024/ITA-II] Dated 31st January, 2025
MINISTRY OF FINANCE
(Department of Revenue)
Order...
1. Overview
Introduced: Finance Act, 2004.
Objective: Ensure tax compliance on income from leases/licenses...
Under Section 246A of the Income Tax Act, 1961, taxpayers can file an appeal before the Commissioner...
What are the Deemed Profits and how they chargeable to Tax as Business Income
1. Recovery against any...
The Goods and Services Tax (GST) Act, 2017, has laid down comprehensive guidelines for recovery proceedings...
1. Understanding of Section 80-IAC
The Income Tax Act, 1961 provides various deductions for taxpayers...
A scrutiny (regular) assessment under Section 143(3) is a comprehensive evaluation of a taxpayer’s return...
Section 234F of the Income Tax Act, 1961 imposes a late filing fee if an assessee fails to file their...
Notification No. 04/2025 [F. No. 196/1/2023-ITA-I] Dated 3nd January, 2025
MINISTRY OF FINANCE
(Department...
1. [Section 80C]: Deduction in respect of Life Insurance Premium, Deferred Annuity, Contributions to...
Section 142A of the Income Tax Act, 1961 empowers the Assessing Officer (AO) to refer matters of asset...
A recognized provident fund is a retirement savings scheme that is approved by the government. It is...